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Release Date: February 28, 2003

New York State Comptroller Alan Hevesi was the messenger of bad news from the state of NY. The Comptroller advises the 2003 Town obligation to the NY State Retirement System will far exceed the amounts budgeted for this purpose in 2003. This is due to the stock market conditions. The calculated estimates are as follows: Total Budgeted all funds: $l,273,249...total new estimates per NYS: $3,375,392. Town 2003 budget shortfall: $2,l02,l43. The results of this potential expenditure increase will have a significant impact on the 2004 budget and future town budgets. The fund balances in each of the seven applicable funds will be significantly reduced in 2003 to cover this unanticipated budget shortfall. In addition, insurance costs are rising dramatically.

THIS HIGHLIGHTS THE NEED FOR NY STATE LAWMAKERS TO BE HELPFUL TO LOCAL GOVERNMENTS. We still hope that Assemblyman Brodsky and Senator Spano will introduce legislation in Albany that would exempt the town from the Wicks Law-- a law that requires governments & school districts to overspend by as much as 30% when constructing new buildings. NY State mandates government waste. PAUL FEINER, Greenburgh Town Supervisor

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