Purpose of Audit

The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the Town’s tentative budget for the 2014 fiscal year are reasonable.

Background

The Town of East Hampton, located in Suffolk County, issued debt totaling $30 million to liquidate the accumulated deficit in the District’s general fund as of December 31, 2007, December 31, 2008, and December 31, 2009. Local Finance Law requires all local governments that have been authorized to issue obligations to fund operating deficits to submit their tentative budgets for the next fiscal year to the State Comptroller for review while the deficit obligations are outstanding.

Key Findings

• Based on the results of our review, we found that the significant revenue and expenditure projections in the tentative budget are reasonable.
• The Town’s tentative budget complies with the tax levy limit.

Key Recommendation

• There are no recommendations for this report.