Mamaroneck Town Reports Good Financial Standing

MAMARONECK, N.Y. – The Town of Mamaroneck is in good fiscal standing thus far this year, Town Administrator Steven Altieri announced Wednesday night.

Altieri updated the Town Board on the 2012 budget from January until June. In December 2011, the town approved a full-year budget of $31.2 million in total expenses. The town balances its budget each year, so it expects at least $31.2 million in revenue at the end of the year.

“It’s really a helpful tool to look and see how we are doing at the six month mark,” said Town Supervisor Nancy Seligson.

As of June 30 the town has received $26.5 million in revenue, compared to last year’s $25.6 million at this time. Altieri attributed this to a few different things such as tax season in April, full enrollment in summer and youth programs in town and building permit fee revenue.  He also said that the town has collected almost 99 percent of property taxes owed and sales tax revenue, which is about $23,000 more than last year.

Town expenditures are lower as well this year compared to last year, $14.3 million compared to last year’s $14.8 million. Altieri said every town department has been conscious about monitoring employee overtime and decreasing energy consumption in town municipal buildings, but he attributed most of the savings to the weather.

“The largest portion of the decrease is attributable to the fact that we had a very mild winter,” he said.

Although the town is in a good position financially a few areas of revenue are falling behind drastically.  The town’s interest income is $22,000, while in past years it has been as much as $64,000 around this time. Mortgage tax revenue has also fallen by $100,000 compared to last year.

Altieri mentioned that state, county and federal aid figures aren’t added to the budget until the second half of the year, so that’s why they weren’t showing up on this six month update.

“We are generally pleased with our expenditures to date,” said Altieri. “We are going to continue to monitor the budgets, as we do all the time, and we will initiate the 2013 budget process with the board starting October 17.”

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