BABYLON, N.Y. (AP) - The Babylon Town Board has adopted rules that will give it more oversight of loans being moved from one town fund to another.
Newsday (https://bit.ly/1bB4K2o ) says the action follows a state audit that criticized the town’s financial management.
Spokesman Kevin Bonner says moving loans between funds is a standard practice for local governments. He says it’s useful during crises such as Superstorm Sandy.
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The town previously had no written policy for the practice.
Now, loans greater than $2 million will require town board approval. Smaller loans can be authorized by the comptroller or another designated official.
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