Money Shifts Explained at Preliminary Deerpark Budget Hearing
Sales tax revenue was less than expected, so fund balance use is up.
By David Ofshinsky
A public hearing on Deerpark’s preliminary 2024 budget was held on November 9. Three residents were in attendance, and Town Supervisor Gary Spears responded to their questions.
Regarding the $200,000 drop in sales tax revenue, Spears said that this was an adjustment to the estimate in the prior budget. Asked about doubling of fund balance use, where expenditures increased by $617,000, from $608,000 to $1,255,000, Spears explained that the town’s fund balance results from savings from prior year surpluses. The funds are used to offset increased expenses and decreased revenues in an effort to avoid tax increases.
As for contractual expenses, which amount to about $1,000,000, Spears noted that this includes expenses such as supplies and utilities, in addition to the cost of contracted vendors. The budget was scheduled to be adopted at the November 14 Town Board meeting. As of this writing, no updated information has been posted on the town website.
For more information, see previous story on the 2024 Deerpark budget.
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