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October 21, 2011

COMPTROLLER DiNAPOLI RELEASES MUNICIPAL AUDIT


New York State Comptroller Thomas P. DiNapoli today announced his office completed the audit for the City of Glen Cove.

"My office's audits of local governments improve their financial management practices," DiNapoli said. "These audits are tools for local officials to make sure proper policies and procedures are in place to protect taxpayer dollars and provide the best possible service these taxpayer dollars can deliver."

City of Glen Cove - Budget Review (Nassau County)
City officials have taken many positive steps over the past few years to address the city’s long-term structural budget problems. However, these efforts have not yet corrected the city’s long-term structural budgetary problems. The city’s general fund deficit grew in 2010 and 2011 and will likely exceed $5 million by the end of this year. In addition, the city’s 2012 proposed budget calls for borrowing for termination payments estimated at $1.8 million and for most tax certiorari judgments, rather than appropriating sufficient monies in the budget to pay for these ongoing operating expenses. The estimated revenue for building permits is also overly optimistic.

City officials partially implemented the recommendations in a prior budget review letter, issued on October 18, 2010. At that time, auditors recommended that city officials develop a more realistic revenue estimate for building permit fees, appropriate funds for tax certiorari payments, permanently eliminate the sewer fund deficit, and make the city’s golf and recreation operations self-sufficient. Auditors also cautioned city officials regarding the optimistic revenue estimates for the sale of real property included in the 2011 proposed budget.

 

 

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