Issued Date
November 09, 2020
Purpose of Budget Review
The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the Town’s tentative budget for the 2021 fiscal year are reasonable.
Background
The Town of East Hampton, located in Suffolk County, is authorized to issue debt not to exceed $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. New York State 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 2021 tentative budget includes a proposed tax levy of $60,177,065.
Key Recommendations
- The budget review did not contain recommendations.