Purpose of Audit
The purpose of our budget review was to provide an independent evaluation of the Village’s proposed budget for the 2017-18 fiscal year.
Chapter 642 of the Laws of 2006 authorizes the Village of Hempstead (Village) to issue bonds not to exceed approximately $4.2 million to liquidate the accumulated deficit in the Village's general, special revenue and internal services funds as of May 31, 2005. New York State Local Finance Law Section 10.10 requires municipalities and school districts that have been authorized to issue obligations to fund operating deficits to submit to the State Comptroller each year, starting with the fiscal year during which the local government is authorized to issue obligations and for each subsequent fiscal year during which the deficit obligations are outstanding, their proposed budget for the next succeeding fiscal year.
- Based on the results of our review, we found that the significant revenue and expenditure projections in the proposed budget are reasonable.
- Based on the 2017-18 proposed budget, the Village will have exhausted 91.2 percent of its taxing authority. The Village's ability to rely on real property taxes as an increased revenue source in the future is limited.
- This budget review did not contain any recommendations.