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Mamaroneck Village's Finances In 'Strong' Position

MAMARONECK, N.Y. -- The Village of Mamaroneck is in a strong financial position going into the next fiscal year, said Scott Oling, a partner with O'Connor, Davies, Munns and Dobbins (ODMD) who presented the 2010-2011 audit report to the Board of Trustees.For the fiscal year ended May 31, 2011, the village has a $6.2 million fund balance, an increase of approximately $1 million from the beginning of the year. About $1 million of that has been appropriated, leaving $5.2 million in the unreserved fund balance, which represents 16 percent of the 2011-2012 budget. "Given the flatness of certain revenues and levels of expenses that are mostly out of your control, this puts you in a good position to deal with them within your 2011-2012 budget," Oling said.In 2010-2011, the village took in $982,000 more than they spent, partly because they borrowed about $5.3 million from bond anticipation notes. As a result, the village, Oling Said, didn't have to dip into their savings. The total expenditures came in at $32.7 million, $600,000 less than they planned for in the budget.

Going into the 2011-2012 budget, the village is on the hook for $1.1 million in obligations. The two main obligations are to the employee retirement system, which will jump from $420,000 in 2010-2011 to $750,000 in 2011-2012, and the police retirement system, which will jump from $675,000 to $1.1 million. Both rates are set by the NYS retirement boards.

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