TOWN OF COHOCTON
November 17, 2009
PRESS RELEASE
The Town of Cohocton is sending out this release because the anti-wind group (Cohocton Wind Watch) headed by Steve Trude, the unsuccessful candidate for Town Board, issued a statement that the Town of Cohocton was missing $600,000 out of its budget. Even after the budget was explained, they continue to insist that there are missing monies. It is their mission, since the beginning of their existence, to discredit officials of the Town of Cohocton and the work that they do for the Town.
The Town of Cohoctons’ budget is developed by the fiscal officer of the Town (Supervisor Jack Zigenfus) with the assistance of an independent financial consultant (Baldwin Financial Services) who does work for over 25 Towns and Villages in Western New York. The Supervisor presents his budget proposal to the Town Board and the Board holds public workshop meetings on it to discuss and make changes. After this is done, there is a public hearing on the budget and after the public hearing, the Board Votes on the budget. It then becomes the adopted budget for the following year.
One must remember that a budget for the upcoming year is really a best estimate as to what the Town expects will be the expenditures and revenues. In our Town most, not all, revenues come from the Host Payment to the Town from the Wind Project, property taxes (which were reduced 60% over the past 2 years) and Steuben County Sales Tax. There are other miscellaneous revenues (see attached budget sheet).
Revenues and Expenditures balance the budget. This, as said earlier, is the best guess estimate for the ensuing year. Monies that are not spent from the current years budget, at the end of the year and not appropriated for in the 2010 budget goes into fund balance. This fund balance is again a best guess estimate of what will be left at the end of the year. I estimated that there would be approximately $600,000. To make it clear, think of our budget as you would your home accounts.
Our Budget is like your checking account, you make deposits (revenues) and you pay the bills (expenditures). Our Fund Balance is like your savings account, where you put money away for some type of unforeseen purchase that might come up (for example you need a new roof or new furnace).
As you are aware the State of New York and The Federal Government are in serious financial trouble. If you talk to any County Administrator they will tell you that the next few years will be a financial disaster for many Counties, Towns, and Villages. It is prudent at this time to make sure this Town is prepared for such a disaster. Huge increases are headed to every municipality in New York State. Fortunately, for our Town we will be in good financial condition to meet these challenging times. This Town Board is using its revenues and fund balance to ensure our Towns taxes remain stable, remain debt free and that we are prepared for what lies ahead.
Submitted by: Jack Zigenfus, Supervisor and Budget Officer
November 17, 2009
PRESS RELEASE
The Town of Cohocton is sending out this release because the anti-wind group (Cohocton Wind Watch) headed by Steve Trude, the unsuccessful candidate for Town Board, issued a statement that the Town of Cohocton was missing $600,000 out of its budget. Even after the budget was explained, they continue to insist that there are missing monies. It is their mission, since the beginning of their existence, to discredit officials of the Town of Cohocton and the work that they do for the Town.
The Town of Cohoctons’ budget is developed by the fiscal officer of the Town (Supervisor Jack Zigenfus) with the assistance of an independent financial consultant (Baldwin Financial Services) who does work for over 25 Towns and Villages in Western New York. The Supervisor presents his budget proposal to the Town Board and the Board holds public workshop meetings on it to discuss and make changes. After this is done, there is a public hearing on the budget and after the public hearing, the Board Votes on the budget. It then becomes the adopted budget for the following year.
One must remember that a budget for the upcoming year is really a best estimate as to what the Town expects will be the expenditures and revenues. In our Town most, not all, revenues come from the Host Payment to the Town from the Wind Project, property taxes (which were reduced 60% over the past 2 years) and Steuben County Sales Tax. There are other miscellaneous revenues (see attached budget sheet).
Revenues and Expenditures balance the budget. This, as said earlier, is the best guess estimate for the ensuing year. Monies that are not spent from the current years budget, at the end of the year and not appropriated for in the 2010 budget goes into fund balance. This fund balance is again a best guess estimate of what will be left at the end of the year. I estimated that there would be approximately $600,000. To make it clear, think of our budget as you would your home accounts.
Our Budget is like your checking account, you make deposits (revenues) and you pay the bills (expenditures). Our Fund Balance is like your savings account, where you put money away for some type of unforeseen purchase that might come up (for example you need a new roof or new furnace).
As you are aware the State of New York and The Federal Government are in serious financial trouble. If you talk to any County Administrator they will tell you that the next few years will be a financial disaster for many Counties, Towns, and Villages. It is prudent at this time to make sure this Town is prepared for such a disaster. Huge increases are headed to every municipality in New York State. Fortunately, for our Town we will be in good financial condition to meet these challenging times. This Town Board is using its revenues and fund balance to ensure our Towns taxes remain stable, remain debt free and that we are prepared for what lies ahead.
Submitted by: Jack Zigenfus, Supervisor and Budget Officer
posted by Yes! Wind Power for Cohocton at
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