Halfmoon's budgeting knocked by comptroller
Halfmoon's rainy day fund have been used too often to cover up poor sales tax projections, alleges an audit by New York State Comptroller Thomas P. DiNapoli's office.
The audit, which is available below, says the town board overestimated sales tax revenues by almost $2 million from 2009 to 2011. To replace the missing revenues, auditors say the town tapped more of its fund balance in the budgets that was available for both general and highway funds.
A full story, including Halfmoon Supervisor Mindy Wormuth's angry rebuttal, can be found HERE.
“The use of rainy day funds to regularly finance day-to-day operations is cause for concern,” said DiNapoli in a statement. “These reserves are meant to offset sudden economic difficulties, not to cover poor budget planning. Moving forward, town officials need a better handle on the town’s books and need to adopt budgets with realistic revenue estimates that are based on historical and current economic information"
The 2012 sales tax projections were closer to the amount collected, says the audit, but there was still a $9,000 gap.
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