Audits of Local Governments and School Districts
Town of Stony Point – Budget Review (B6-12-20)
Released: November 2, 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 Town’s tentative budget for the 2013 fiscal year are reasonable.
Background
The Town of Stony Point, located in Rockland County, issued debt totaling $1,500,000 to liquidate the accumulated deficit in the Town’s general, highway and enterprise funds as of December 31, 2003. Local Finance Law requires all local governments that have been authorized to issue obligations to fund operating deficits to submit their tentative budgets for the next fiscal year to the State Comptroller for review while the deficit obligations are outstanding.
Key Findings
- Based on the results of our review, we found that the significant revenue and expenditure projections in the tentative budget are reasonable.
- The Town’s tentative budget complies with the tax levy limit.
Key Recommendation
- There are no recommendations in this budget review letter.
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