Rockland County officials aren't properly planning for the county's $31.3 million deficit, according to a review of the county's 2014 budget by New York State Comptroller Thomas P. DiNapoli.
A report from the comptroller's office on Monday, which was issued as a requirement for Rockland County being allowed to borrow $96 million, says that county officials might need to pass a local law to override the tax cap before adopting the budget. For the most part, though, DiNapoli found that the projected revenues and expenditures in the proposed 2014 budget were reasonable.
Read the full report below.
According to the review, the county ended its 2012 fiscal year with a deficit of about $127 million. The state approved borrowing to cover $96 million of that deficit, but there is still a hole of $31.3 million. "The County Legislature plans to adopt a local law to pay down this remaining deficit; however, no provisions for a pay-down are included in the 2014 budget," says the report.
"The County Legislature is considering two options, one which reduces the deficit by $10 million per year until it is eliminated, and the other which reduces the deficit by 10 percent or $3 million annually, whichever is greater. Because the proposed budget does not include provisions for either option, the County will not be able to begin reducing the remaining deficit in the 2014 year," reads the report. "The County should consider taking steps to address the $31.3 million deficit that remains and include provisions for such steps in the 2014 budget."
DiNapoli's review also notes that the county should have avoided this mess by not using debt to pay for operating costs.
Follow @poozer87 on Twitter.
No comments:
Post a Comment