Auditors Declare Yorktown in Solid Financial Shape
Auditors who recently reviewed Yorktown’s 2021’s financial records found that the town is in solid fiscal shape.
O’Connor Davies representatives informed the Town Board at a work session revenues were $3 million above projections, leading to a $2.8 million increase in the town’s savings.
“You rebounded very well from COVID,” said Alan Kassay of O’Connor Davies. “You’re in a good financial position.”
The reduced spending and higher revenues led to a slight decrease in the 2022 tax levy. Supervisor Matt Slater said the Town Board was conservative in its budgeting for last year as the region recovered from the pandemic lockdowns.
“Despite 2021’s booming housing market and stock markets, the Town Board was restrained in its spending because we knew that the economy was fragile,” Slater explained. “The current price shocks from energy, food and other essentials underscore the economic uncertainty we face and our need to protect our taxpayers as they struggle with unexpected expenses.”
The increase in town revenues came from several sources. Kassay noted that mortgage transfer taxes—the fees paid to a municipality when a property sells—were much higher than normal. Sales tax revenues were also higher than expected in 2021 as stores and business resumed normal operations after the pandemic lockdowns.
The auditors also praised the Highway Department, which under Highway Superintendent Dave Paganelli had a $506,000 increase in its savings.
In December, the Town Board adopted a $63 million 2022 budget with no increase in the town’s general operations.
Rick has more than 40 years’ experience covering local news in Westchester and Putnam counties, running the gamut from politics and crime to sports and human interest. He has been an editor at Examiner Media since 2012. Read more from Rick’s editor-author bio here. Read Rick’s work here: https://www.theexaminernews.com/author/pezzullo_rick-writer/
