[read complete report – pdf] 

Background

The Village, located in Rockland County, is authorized to issue debt not to exceed $5 million to liquidate the accumulated deficits in the Village’s general, water, sewer and capital projects funds as of May 31, 2015. New York State Local Finance Law Section 10.10 requires 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

• The Village’s tentative budget includes a tax levy of $12,533,658, which is within the limit established by law.

Key Recommendation

• Be mindful of the legal requirement to maintain the tax levy increase to no more than the tax levy limit as permitted by law unless the Village Board properly overrides the tax levy limit prior to adopting the budget.