TOO MUCH SURPLUS?

Comptroller Wants to See Realistic Fund Balance in Haverstraw.

NYS Comptroller Thomas DiNapoli released a report on the Town of Haverstraw’s audit, reporting that the municipality’s fund balance has increased from $8.6 million in 2013 to nearly $21 million in calendar 2018.

DiNapoli’s auditors recommended that Haverstraw create a realistic budget allowing for current revenues to fund current expenditures to avoid excessive budget surpluses; to develop a plan to reduce the amounts of fund balance in a manner benefitting the Town’s taxpayers; and to establish a comprehensive fund balance policy as a guideline for the level of fund balance to be maintained.

According to DiNapoli’s office, Haverstraw has agreed and said it planned to initiate corrective action.