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 2016 fiscal year are reasonable.

Background

The Town of Sidney, located in Delaware County, issued debt totaling $2.5 million to liquidate a portion of the cumulative deficit incurred by the Town due to expenses related to the Town-owned hospital for the fiscal year that ended December 31, 2005. New York State 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 took appropriate action to implement of resolve recommendations contained in the 2014 budget review letter.
• The Town’s preliminary budget complies with the property tax levy limit.

Key Recommendations

• There are no recommendations in this budget review letter.