(HUGUENOT, NY) For Immediate Release – May 6, 2011 – The Deerpark Town Board released their first quarter financial report at Monday night’s board meeting and are reporting serious signs of improvement in the town’s finances. The report is based on an independent review by the town’s accountant and is submitted every quarter to the New York State Comptroller’s office.
The report shows that revenues and expenditures are exceeding or meeting all projected goals and that the town is on track to repay all of it’s debt on an on-time basis. The town incurred an $859,000 debt in 2007 due to budget mismanagement from previous administrations. According to the accountant’s estimates, at the end of fiscal year 2004, the town had a $1.1 million dollar surplus in its fund balance and by the end of fiscal year 2008, the town was $859,000 in debt. The current town board took office in January 2010.
“This town board has been very proactive in finding cost cutting and saving measures through energy efficiency projects, restructuring town operations, reviewing various contracts and policies and renegotiating prices from current and new vendors,” said Supervisor Karl A. Brabenec. “I am very proud of this report and we will continue to make the appropriate decisions to find the best value for the taxpayers.”
Within the past year, the current administration has put strict budgetary controls in place and has made the Budget Officer position more accountable by requiring monthly progress reports to the board and public, monitoring quarterly financial reports and submitting all information to the state Comptroller’s office.
“These positive numbers are certainly a result of our multi-year planning initiatives,” said Councilman David Hoovler. “While these numbers are very encouraging and the town is doing much better financially, we still have a long way to go and must implement more changes to reach our financial goals.”
In the next few months, the town will be looking to convert to an encumbrance-based accounting system, which will assist the town’s financial leaders to properly allocate funds for future expenditures and will help to make long term financial planning easier. The quarterly report is available to the public at the Town Clerk’s office or online at www.townofdeerpark.org.
