Purpose of Budget Review
The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the City’s proposed budget for the 2023-24 fiscal year are reasonable, and whether the City took appropriate action to implement or resolve recommendations from our budget review issued in May 2022.
Background
The City of Long Beach, located in Nassau County, has been authorized to issue debt not to exceed $12 million to liquidate the accumulated deficit in the City’s general fund and certain other funds as of June 30, 2012. Local Finance Law requires all municipalities that have been authorized to issue obligations to fund operating deficits to submit their proposed budgets for the next fiscal year to the State Comptroller for review while the deficit obligations are outstanding.
Key Findings
- The City’s proposed budget includes a tax levy of $59.9 million, which is $5.5 million above the legal limit. The City Council has adopted a local law authorizing an override of the tax levy limit.
- City officials partially implemented the recommendations provided in our May 2022 budget review letter.
Key Recommendation
- Review our recommendations before the budget is adopted.