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Taxes and Fees
Reporting on the town’s financial audit, Fox & Company informed the Town Board that no difficulties were encountered while conducting the 2007 audit. Reviewing a condensed version of the 110 page financial statement Richard Ertel, a partner with Amato, Fox & Company, told the board “the report was as good as you can get.”
There was a significant increase in revenues over last year. Sales tax revenues were up $400,000. Interest on savings was up $161,000.
"If you look at what was predicted in the budget, you will find that total revenues went up $35,000 ($25.55 in 2006, $25.58 in 2007) declared Ertel. “That’s pretty good budgeting,” said Ertel. “You can’t get any closer than that.”
On expenditures, police spending increased, transportation went up $250,000 – equipment purchases (snow removal and highway) and that employee benefits went up, but not significantly. Decrease in expenditures was about $109,000 ($24.72 in 2006, $24.61 in 2006).
Coupled with the $35,000 made in revenue increase, the town was $144,000 on the plus side.
Ertel went on to say that the fund balance (reserves) increased by $972,000 and now stands at $6.16 million.
He then referred to bar charts that showed that the revenues taken in for the year was higher than predicted and that since the expenditures were lower than predicted, he again stated, “You can’t get any better than that.”
Looking at the actual numbers, the town had budgeted $25 million for 2007 and spent $24 million. “You budgeted to lose a million and actually made a million in spending less.”
Looking at capitol projects, the town spent $800,000. As to debt load, after considering the new water project ($7.2 million), it stands at $13 million. “That’s very low,” Ertel pointed out. “Your constitutional debt limit is somewhere around $140 million.”
“The fund balances are all positive, your reserves are great and overall your financial position is strong. Your operations are sound, your records are in good order and overall you are in a good healthy position,” Ertel told the board.
Supervisor Robert Giza remarked that he was pleased with the audit and that Financial Director Dave Brown “ran a tight ship.” “These guys keep us in check.”
Giza went on to say that when he took office in 1996 that there was no fund balance. “We were $75,000 in arrears, Giza declared.” A lot of this is due to Dave (Brown).
Comment
While in today’s world of economic morass and/or decline some will say it’s good to see such healthy reserves, others would remark that the reserves are too high and that taxpayers need a break.
Approaching 25% of the total budget, taxpayers will be looking to see a fiscally responsible budget this year that will not include a tax increase.
© Copyright 2008 by Speakupwny.com
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