Purpose of Audit

The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the Town’s preliminary budget for the 2015 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 Town’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 preliminary 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 revenue and expenditure projections in the proposed budget are reasonable.
• The Town’s preliminary budget complies with the property tax levy limit.

Key Recommendations

• The budget review did not contain recommendations.