News From the Town of Colonie

Paula A. Mahan
Town Supervisor

Town Seal

 

AUDITORS CONFIRM COLONIE'S DEFICIT ELIMINATED

Bollam, Sheedy, and Torani, the independent financial auditor for the Town of Colonie, confirmed at last evening's Town Board meeting that the Town's deficit is eliminated as a result of the landfill operating agreement.  In addition, they advised the Town Board that the 2010 year-end financial results show a positive fund balance for all three governmental funds.

Supervisor Paula Mahan stated, “The town's independent auditors have presented a very positive update about the town's financial picture and I am pleased to announce that our analysis of the town's fiscal situation has been verified. These results reflect the hard work on the part of town managers to rein in spending, redesign our operations and work more efficiently.”

Mahan stated that, while the town continues to own the landfill, the operating agreement not only helped to eliminate our town's deficit situation, but will provide ongoing income and financial stability for the town well into the future.   “We must continue to strengthen our finances, cut spending, and provide  our residents and businesses with a strong and stable community in which to live and work”, she said.

Colonie Town Comptroller added, “These results are consistent with our Ten-Year Financial Management Plan to eliminate deficit spending that the town has endured over many years.  We believe that changes in operation, along with better oversight of spending, will allow us to continue this trend and deliver services without burdening our taxpayers.”

The town recently announced that the proposed 2012 budget will include a decrease in annual spending as well as a tax reduction for Colonie residents.

Mahan went on to say “We have taken these steps to strengthen our town and emerge from the fiscal abyss we have inherited.”