State audit faults city of Rensselaer’s financial recordkeeping

A state audit has faulted the city of Rensselaer for its financial record-keeping.

A report from the New York State Comptroller’s Office found that the city did not enter its transactions or file financial documents with the state in a timely manner.

The audit found that since July 3, 2018, the city has not kept accurate accounting records to determine its financial condition.

From fiscal year 2017-2018 through 2021-2022, there was a discrepancy on the books of $266,560 to as high as $2.2 million between money revenues coming in and payments going on.

“Without reliable accounting records, the Council’s ability to manage the city’s financial condition and make sound financial decisions is limited. As a result, the transparency of the city’s financial operations is compromised, and city taxpayers lack assurance that the Council is effectively monitoring City operations and financial condition,” auditors wrote.

The city attributed this to the comptroller having left office. They agreed with the auditors’ findings.

Common Council President John DeFrancesco wrote a letter to the auditor in July 2023 stating that a new person with significant municipal finance experience has been appointed to the comptroller’s position.