DiNapoli's Office Completes Audit of City of Yonkers
New York State Comptroller Thomas P. DiNapoli today announced his office completed the audit: City of Yonkers - Budget Review.
“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. Officials from the City of Yonkers have very few options available to deal with any unforeseen occurrences or deviations from the budget. They must implement stringent fiscal oversight and controls to prevent further financial problems this year.”
DiNapoli’s auditors found that the city’s budget was in technical compliance with the Fiscal Agent Act. However, during the review, auditors identified a number of risks with the city’s budget.
DiNapoli’s auditors noted that the city’s 2010-11 budget relied on non-recurring funding, and relied on the enactment of state legislation that would continue the city’s authorization to accrue certain revenue. Auditors also believe city officials may have over-budgeted revenue from income tax surcharges by as much as $5.2 million and under-budgeted police overtime by more than $2 million.
Further, the city’s long-term fiscal health is threatened by its growing debt burden. The city’s debt burden has increased substantially over the past 10 years, with its debt service costs rising 84 percent over that period. Adding to the threat, the city plans to continue paying the cost of tax certiorari refunds by issuing an additional $12 million in debt.
Click here for a full copy of the audit.
If you have any questions, or would like a comment from the Comptroller’s press office regarding this audit, please call 518-474-4015, or send an email to email@example.com.