Some highlights (the power point summary can be found in the attachment)

·         General fund (A budget): a $740,000 positive variance compared to final budget in revenues. Budget to actual expenditures: overall positive budget variance of $4.8 million. Total budget, revenues & expenditures: positive budgetary variance of $5.5 million.

·         Town outside villages (B budget- only unincorporated): Overall negative variance of $2.5 million in revenues.  Sales tax and hotel tax: Positive: $1.4 million: Building permits: $3.5 million negative.   EXPENDITURES: a positive variance of $4.1 million.  Overall the negative variance from over estimating building permit fees was offset by expenditure savings in public safety ($674,000), culture and recreation $427,000) and home and community services: $481,000. A positive variance of $3.7 million. 

We were praised for achieving the Certificate of Achievement for Excellence in Financial Reporting for 25 consecutive years.  The town has maintained a Aaa rating from Moody’s since 2010  “Obligations are judged to be of the highest quality, subject to the lowest level of credit risk.”  AAA rating from Standard & Poor’s since 2008. “Has the highest rating assigned by S & P Global Ratings. Obligor’s capacity to meet its financial commitments on the obligation is extremely strong.”

Received a “No designation” fiscal stress rating from the NYS Comptroller’s Office.

Issued Report to Those Charged With Governance: Management Letter, no material weaknesses noted.

PAUL FEINER

http://greenburghny.swagit.com/play/10092018-1608