Purpose of Budget Review
The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the Town’s adopted budget for the 2021 fiscal year are reasonable.
The Town of Orange is located in Schuyler County.
- Our review took into consideration the potential impact the COVID-19 pandemic (pandemic) may have on the Town’s finances.
- General and highway fund revenues are overestimated by $25,000 potentially.
- Highway fund appropriations are underestimated by at least $17,900.
- The general fund’s 2020 ending fund balance is estimated at $64,000, which is sufficient to balance the 2021 budget. However, additional fund balance may be needed to replace revenue shortfalls and to supplement the highway fund.
- We estimate a deficit highway fund balance of $27,000 as of December 31, 2020.
- The Town’s 2021 adopted budget complies with the tax cap limit.
- Due to the continuous evolving circumstances caused by the pandemic, Town officials should carefully monitor revenues and expenditures and adjust the budget as needed throughout the year as more information becomes available.
- Identify additional highway fund resources or spending cuts as soon as possible.