Alan Kassay and Nick DeSantis -the town's auditors (PKF O'Connor Davies) met with the Town Board yesterday about the financial health of the town. The link is below and a summary of their findings is attached. They said that the financial health of the town is excellent and provided us with an analysis and recommendations.
Some highlights (the power point summary can be found in the attachment)
· General fund (A budget): a $740,000 positive variance compared to final budget in revenues. Budget to actual expenditures: overall positive budget variance of $4.8 million. Total budget, revenues & expenditures: positive budgetary variance of $5.5 million.
· Town outside villages (B budget- only unincorporated): Overall negative variance of $2.5 million in revenues. Sales tax and hotel tax: Positive: $1.4 million: Building permits: $3.5 million negative. EXPENDITURES: a positive variance of $4.1 million. Overall the negative variance from over estimating building permit fees was offset by expenditure savings in public safety ($674,000), culture and recreation $427,000) and home and community services: $481,000. A positive variance of $3.7 million.
We were praised for achieving the Certificate of Achievement for Excellence in Financial Reporting for 25 consecutive years. The town has maintained a Aaa rating from Moody’s since 2010 “Obligations are judged to be of the highest quality, subject to the lowest level of credit risk.” AAA rating from Standard & Poor’s since 2008. “Has the highest rating assigned by S & P Global Ratings. Obligor’s capacity to meet its financial commitments on the obligation is extremely strong.”
Received a “No designation” fiscal stress rating from the NYS Comptroller’s Office.
Issued Report to Those Charged With Governance: Management Letter, no material weaknesses noted.