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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

City of Olean – Budget Review (B1-12-2)


Released: March 16, 2012 -- [read complete report - pdf]

Purpose of Audit

The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the City’s tentative budget for the 2012-13 fiscal year are reasonable.

Background

The City of Olean, which is located in Cattaraugus County, issued debt totaling $4,300,000 to liquidate the accumulated deficit in the City’s general, water and sewer funds as of May 31, 2007. Local Finance Law requires that all local governments that have been authorized to issue obligations to fund operating deficits submit their tentative budgets for the next fiscal year to the State Comptroller for review while the deficit obligations are outstanding.

Key Findings

  • We found that the significant revenue and expenditure projections in the proposed budget are generally reasonable.
  • The City has made good progress in improving its financial condition and implemented or resolved recommendations contained in our budget review report letter issued in March 2011.
  • The City’s proposed budget complies with the 2 percent tax levy limit set by statute.

Key Recommendations

  • We recommend that City officials reduce the estimates for sales tax revenue, water fund revenue, and sewer fund revenue by a total of $217,000.
  • We recommend that the City increase its appropriation for police department expenditures by $55,000.

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email: localgov@osc.state.ny.us
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236