Treasurer's Report: Sandy Reimbursements a 'Bright Spot'

The following treasurer's report was provided by finance chair and village trustee Richard Silver, and was read aloud at the July 18 board meeting:

"Since our last treasurer’s report, our 2012-2013 fiscal year concluded and we have finished our first month of the new fiscal year which began on June 1.  We have begun our year-end audit work for 2012-13, work which we expect will continue into the fall.

"Based on our internal closing, I can report that for the 2012-2013 fiscal year, revenues came in just slightly under budget, at just under 99 percent of budget, with the small shortfall being driven largely by non-tax-related revenue items.  The shortfall was more than offset by the fact that expenses came in more than 5 percent below budget, helped in part by overtime expenses that were 8 percent below budget.

"We finished the year with a strong liquidity position, though our cash balances continue to generate very little in the way of interest income due to the very low interest rates available on the types of instruments that we are permitted to utilize to hold cash. For the period, we earned just over 6 bps or .06 percent. A bright spot on the fiscal side for the year continues to be Sandy reimbursements where, as we have previously reported, reimbursements from FEMA have been set at 90 percent, above our initial expectations. The level of NY State contribution has yet to be determined.

"With regard to our first month of operations in our new fiscal year, revenues and liquidity reflect the first half tax collections which are in line with expectations and the receipt of FEMA reimbursements. It is very difficult to draw any conclusions from one month’s operating expenses, given the seasonality among other factors, but it is worthy of note that our final 2013-14 budget made significant cuts to overtime budgets across the various operating areas of the village – and while one month does not a year make – it is good to see that overtime for the month was well within budget on an aggregate basis.

"Trustee Cavanaugh noted at our last meeting the steps taken in the Police Dept, under Commissioner Jackson to closely manage overtime; I would also highlight similar efforts at the FD under Chief Castoro – Police and Fire have the largest overtime budgets and actions taken there to manage those costs can have a very significant impact on village finances – so thank you, and thanks also to the other areas of village operations that have shown favorable results on overtime while meeting service level expectations. Both are areas of critical focus for this board."