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Comptroller Says Yorktown In Good Financial Shape

YORKTOWN, N.Y. - Halfway through 2012, the Town of Yorktown is in good financial shape.

That was the report Town Comptroller Joan Goldberg presented to the town board Tuesday night, while also revealing some trends that differ from earlier projections.

"We're in good shape," said council member Nick Bianco. "I think we're flush. We haven't been spending a lot of money."

Goldberg said Yorktown has approximately $3.7 million in unreserved fund balance, plus an additional $1 million that has been set aside for any potential employee retirements. She noted $3 million was "a safe number" to have as a fund balance.

Supervisor Michael Grace said it was important for the town to establish a fund balance policy. This year, the board utilized $290,000 from the fund balance to balance the budget.

"If you have a policy, you take the politics out of the line items," Grace said. "It keeps the discussion on the reasons why, and it lends credibility to what you do and helps with stability."

Goldberg told the board it would have to make up a $650,000 shortfall this year, which she said could be accomplished through finding more revenue, lowering expenses, using the fund balance or exceeding the state recommended 2 percent tax cap.

Through the first six months, Goldberg said recreation fees were 17 percent lower than anticipated, but fines and bail money was up 20 percent. Meanwhile, police overtime was 23 percent more than projected.

Besides a fund balance policy, Grace said the board needed to focus on planning for projects to give Yorktown an opportunity to apply for grants.

"Right now, we've got nothing," Grace said. "If grant money comes along we won't be eligible for anything. We need to set aside some money to get engineers started on long-term capital projects."

Goldberg noted auditors would be doing their annual review of the town's books July 24.

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