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State Comptroller Uncovers "Areas of Concern" in Yonkers' Budget
New York State Comptroller Thomas DiNapoli announced today that his office has completed an audit of the City of Yonkers' budget.
DiNapoli's auditors found that the city's budget was in technical compliance with the Fiscal Agent Act. However, during the review, auditors identified a number of risks with the city's spending plan.
Auditors say the city's 2020-2011 budget relies on non-recurring funding such as the enactment of State legislation that will allow the City to accrue certain revenue.
In addition, they suggest City officials may have over-budgeted revenue from income tax surcharges by as much as $5.2 million and under-budgeted police overtime by more than $2 million.
Auditors also expressed concern over Yonkers' long-term fiscal health, saying it is threatened by its growing debt burden, with debt service costs rising 84% over the past 10 years.They also say unless City officials identify additional measures to reduce police overtime costs, overtime expenditures will exceed budget projections by $2 million.
The report concluded that City officials have very few options available to deal with unforseen circumstances or deviations from the budget. Auditors are urging Yonkers officials to immplement "stringent fiscal oversight and controls to prevent further financial problems this year."
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