Purpose of Audit
The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the County’s preliminary budget for the 2015 fiscal year are reasonable.
The County of Rockland is located in the downstate area and is bordered by Orange, Putnam and Westchester counties. Our Office completed a review of the County’s preliminary budget for the 2015 fiscal year. The objective of the review was to provide an independent evaluation of the preliminary budget.
- Based on the results of our review, we found that the significant revenue and expenditure projections in the proposed budget are reasonable, except for the possible revenue shortfall related to the expiration of the County mortgage recording tax law.
- At the end of the 2014 fiscal year, the County’s outstanding deficit will be approximately $41 million. The 2015 proposed budget has appropriately included an appropriation of $10 million to be applied against the outstanding deficit.
- The County may have a $2.9 million revenue shortage if it does not renew its law establishing a County mortgage recording tax. If the Legislature does not renew the law, County officials will have to find another source of revenue to cover this shortfall.
- The County’s proposed 2015 budget complies with the tax levy limit because it includes a tax levy of $108,078,380, which increases the 2015 tax levy within the limits established by law.
- The Legislature must either renew the County mortgage recording tax, find another source of revenue or reduce appropriations to cover revenue shortfalls.