stonypoint_br by chrstphr

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									                                      STATE OF NEW YORK
THOMAS P. DiNAPOLI                                                                  STEVEN J. HANCOX
                           OFFICE OF THE STATE COMPTROLLER                        DEPUTY COMPTROLLER
   COMPTROLLER                          110 STATE STREET                    DIVISION OF LOCAL GOVERNMENT
                                     ALBANY, NEW YORK 12236                   AND SCHOOL ACCOUNTABILITY
                                                                           Tel: (518) 474-4037 Fax: (518) 486-6479



                                                     November 5, 2007


Philip Marino, Supervisor
Members of the Town Board
Town of Stony Point
74 East Main Street
Stony Point, New York 10980

Report Number: B8-7-21

Dear Supervisor Marino and Members of the Town Board:

Chapter 608 of the Laws of 2004 authorized the Town of Stony Point (Town) to issue debt
totaling approximately $1,150,000 with a stated period of probable usefulness of ten years, to
liquidate the accumulated deficit in the Town’s general, highway and enterprise funds at
December 31, 2003. Chapter 608 requires the Town’s chief fiscal officer to submit the Town’s
preliminary budget to the State Comptroller. The State Comptroller must examine the
preliminary budget and make recommendations for any changes that are needed to bring the
proposed budget into balance. Such recommendations are made after the examination into the
estimates of revenues and expenditures of the Town.

Our office has recently completed an audit of the Town’s budget for the 2008 fiscal year. The
objective of the audit was to provide an independent evaluation of the preliminary budget. Our
audit addressed the following question related to the Town’s budget for the 2008 fiscal year:

    •   Are the significant revenue and expenditure projections in the Town’s preliminary budget
        reasonable?

We conducted this performance audit in accordance with generally accepted government
auditing standards (GAGAS), with the exception of reporting views of responsible officials.
Officials’ views were not solicited for this report due to the necessity of providing the Town with
this time-sensitive information. However, the results of this audit have been discussed with
Town officials and their comments have been considered in preparing this report. GAGAS
requires that we plan and perform the audit to obtain sufficient, appropriate evidence to provide a
reasonable basis for our findings and conclusions based on our audit objectives. We believe that
the evidence obtained provides a reasonable basis for our findings and conclusions regarding the
estimates in the preliminary budget.
To accomplish our objectives in this audit, we requested your preliminary budget along with
other pertinent information. We analyzed the composition of revenues and expenditures in order
to determine if the revenue and expenditure estimates are reasonable. We do not offer comments
on public policy decisions, such as the type and level of services to be provided.

The preliminary budget package submitted for audit for the fiscal year ended 2008 consisted of
the following:

         •   Cover Letter
         •   2008 Preliminary Budget
         •   Supplementary Information

The preliminary budget submitted to our office is summarized as follows:

            Appropriation and       Estimated      Appropriated     Real Property
             Provisions for         Revenues       Fund Balance        Taxes
   Fund       Other Uses
  General      $ 15,656,138        $ 4,341,407     $     300,000    $ 11,014,731
 Highway      $    1,882,032       $    87,000     $      30,000    $  1,765,032
 Enterprise   $    3,490,581       $ 3,490,581     $           -    $          -

We have reviewed the 2008 preliminary budget for the Town and found that the budgeted
estimated revenues and appropriations appear reasonable.

We request that you provide us with a copy of the adopted budget.

We hope this information is useful as you adopt a budget for the Town. If you have any
questions on the scope of our work, please feel free to contact Christopher J. Ellis at (845) 567-
0858.

                                                    Very truly yours,



                                                    Steven J. Hancox
                                                    Deputy Comptroller


cc:   Jennifer Sciscente, Director of Finance
      Frances Mullin, Town Clerk
      Hon. Owen H. Johnson, Chair, Senate Finance Committee
      Hon. Herman D. Farrell, Jr., Chair, Assembly Ways and Means Committee
      Hon. Nancy Calhoun, Assemblywoman
      Hon. Thomas P. Morahan, Senator
      Paul E. Francis, Director, Division of the Budget
      Christopher J. Ellis, Newburgh Regional Chief Examiner

								
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