The Times
  • NY auditors fault Amsterdam’s accounting

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  • ALBANY — New York state auditors say Amsterdam officials can’t properly assess the upstate city’s financial condition because of inaccurate and incomplete accounting records.
    They say Amsterdam’s fund balance dropped from $3.4 million in 2007 to $620,000 in 2011. Short-term borrowing to cover expenses rose 250 percent in the last three years.
    State Comptroller Thomas DiNapoli says the city needs better planning and “an honest conversation about the numbers.”
    Auditors say city officials lacked basic accounting records for Amsterdam’s cash, assets, outstanding debt and available funds.
    City officials say Amsterdam changed accounting systems in 2011.
    They say they’ve begun taking corrective steps to fix the problems.
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