The Village of Saranac Lake has completed its Annual Financial Report for the fiscal year ending May 31, 2026, and filed it with the New York State Office of the State Comptroller. The filing marks a significant milestone in the financial review and systems correction effort the Village announced in September.

A Clean Set of Books

The Village has completed the accounting corrections undertaken with BST Gallagher Flynn LLP. The Village's accounting software, Springbrook, is 100% in balance, and the May 31, 2026 accounting records reconcile to the filed report.

"For the first time in my 8+ years working with the Village of Saranac Lake, your accounting software is 100% in balance and your May 31, 2026, accounting records will perfectly reconcile to the AFR. The mayor and her administration have a fresh start heading into fiscal 2027 from an accounting perspective." -- Brendan K. Kennedy, CPA, Government Niche Leader, Partner, BST Gallagher Flynn LLP

Work Continuing Through the Fall

Filing the AFR is not the end of the work, it is the foundation for what comes next. The Village is continuing to advance financial priorities, establishing sustainable financial tracking, and strengthening internal financial controls.

Entering Budget Season on Solid Ground

The Village will begin its 2027-28 budget process in December with corrected accounting records, a filed AFR, and financial systems that are functioning as they should. The General Fund unrestricted balance as of May 31, 2026, equal to 7.9% of annual expenditures and remains below the 15% threshold recommended by BST, and addressing that gap will be a central focus of the budget process.

"Getting the AFR filed and the books in balance was the first job. Now the work is making sure we stay there. Building the systems and the habits that will close the gap for a sustainable future. That's what we're focused on heading into budget season." -- Brandee Reiley, Village Manager

Both the Water and Sewer Funds continue to maintain positive fund balances.