DEERPARK UPDATES THREE YEAR FINANCIAL PLAN

For Immediate Release – January 10, 2011

(HUGUENOT, NY) – In keeping with a campaign pledge, the Deerpark Town Board has proposed updates to its three year financial plan which was established a year ago. The plan predicts future expenses and helps the current, and potentially future town boards, to properly plan for upcoming financial liabilities. The plan was put together by Councilman David Hoovler and Accountant Robert Schultz.

“We are one of the few municipalities in the county that plans their financial future,” said Councilman Hoovler. “This plan aims to help us prepare for future liabilities and gives our residents a clear picture of the impending economic storm.”

The summary of the plan states that one of the biggest hurdles for Deerpark will be the funding of future retirement health benefits and annual increases in contributions to the State pension system. In addition, it states that the Town Board must start to place money in reserve accounts to fund these liabilities now or the taxpayers may face huge tax increases in future years.

“This is a growing problem with many towns and cities across the State of New York,” said Supervisor Karl Brabenec. “These promised retirement benefits are not sustainable and we, as managers of the town, must find creative ways to maximize our revenue, find cost savings opportunities, and properly fund our reserve accounts to pay for these unfunded promises.”

The town board plans to adopt the changes at their next regular meeting on January 24, 2011.

2011-2013 Multi-Year Financial Plan