Annual Audit of Village Finances Confirms 2023 Surplus of More Than $3.7 Million

CROTON-ON-HUDSON, N.Y. – The Village completed the 2023 fiscal year with a fund balance in the general fund totaling $12,681,740, which was an increase year-over-year of $3,756,816. While $2 million of this fund balance resulted from the sale of Village-owned property located on Maple Street, the operating budget saw a surplus of $1,756,816, due in part to an increase in non-property tax revenues, such as sales tax and court fines and forfeitures.

 

The results of the Village’s audit for the fiscal year beginning on June 1, 2022 and ending on May 31, 2023 were presented to the Village Board of Trustees by Alan Kassay, a partner at PKF O’Connor Davies, an accounting and advisory firm based in Harrison, New York on December 20, 2023. Mr. Kassay noted that an “unmodified opinion” has been issued for fiscal year 2023, which is the best opinion a municipality can receive by its auditing firm.

 

Village Manager Bryan Healy applauded the findings of the audit, saying, “The surplus will allow the Village to fund items in its capital program, such as the purchase of a new ladder truck for the Croton-on-Hudson Fire Department and a new addition to the Harmon Fire House for Croton EMS operations, using cash on hand. This will bring substantial savings to the Village for years to come as interest payments will not need to be made. A portion of the surplus will also be available to be appropriated in the 2024-2025 Village Budget to offset any potential tax increase.”

 

Village Treasurer Daniel Tucker said of the audit findings, “I want to thank the auditors who worked onsite in October 2023 to review the financial condition of the Village. Seeing such positive news in our annual audit report affirms the fact that the Village is recovering nicely from the revenue loss which occurred during the COVID-19 pandemic.”

 

Village Mayor Brian Pugh said, “I am proud of the Village Board and Village staff working together to accomplish this historic achievement. Village staff at all levels are mindful of our duty to be good fiscal of public funds. I want to thank the entire Village team, not only for the strong results we’re turning in for 2023, but for their service to our community every day.”

 

To review the full audit report, please visit: https://ecode360.com/CR0035/document/753003990.pdf

 

For more information, please contact the Village Manager’s office at 914-271-4848.