Cold Spring Budget in Good Shape at Year End
The Village of Cold Spring is in comparatively strong financial shape after completing its 2011-12 fiscal year.
Village Accountant Ellen Mageean presented the May 31, 2012 unaudited financial report at last Tuesday night’s meeting of the Village Board. Mageean came in just under the wire, since the report is required to be filed by the end of July.
The General Fund had May 31 balances of $189,724 Unassigned, and $79,089 Assigned. Assigned items include $10,000 for the Main Street project, $4,089 in Fire Service Awards, and $65,000 in other items that have been budgeted but not yet expended
Mayor Seth Gallagher reviewed his budget letter “Village in Excellent Fiscal Shape at the Close of 2011/12 Fiscal Year.” Among the key items are:
-- A budget surplus of $105,000, representing the excess of revenues over expenditures coupled with unused Fund Balance appropriation at the end of the fiscal year;
-- The General Fund Unassigned fund balance has increased by $46,000 to a total of just under $190,000;
-- For the first time in seven years, the Village has exceeded the NY State Comptroller’s recommended fund balance amount of at least 10 percent of the annual recurring budget.
-- A healthy fund balance ensures that when unforeseen needs arise, the Village is able to address them
-- Additional savings were achieved both through increased revenues and decreased expenditures. A revenue increase of more than $12,000 resulted from higher than anticipated Justice Court fees; a building department fee payment from a previous year; and a police car insurance recovery. Expenditures were lower than budgeted for attorney fees ($9,000); highway-related costs ($8,500); lawn care ($1,400); fire siren ($1,500) and Justice Court ($1,000).
The Mayor also offered a pie chart illustrating how the Village’s annual recurring budget breaks down in 12 key expense categories.
The board unanimously approved a lengthy budget resolution to make appropriate transfers to and from various line items.