Brian Pugh: Latest Audit Finds Village With Less Debt & More Money

Dear Neighbors:

At Monday’s work session, the Board of Trustees of the Village of Croton-on-Hudson reviewed our 2022 Audit Report by PKF O’Connor Davies.

The audit report covered the financial statements for the fiscal year that ended on May 31, 2022. We received a “clean” audit. Our independent auditor found that “the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities.”

Despite the pandemic and its economic consequences, the Village ended the fiscal year with more money and less debt.  The audit found a decrease in serial bonds of $2,134,990 from the prior year.  The Village ended the year with an unassigned general fund balance of $5,862,360–an increase from the prior year of $2,054,982.

The Village  reaped the benefit of refinancing some of its debt at lower interest rates – shortly before those interest rates began their climb. Finally, our auditor told us that Croton’s “rainy day fund,” the unassigned fund balance, was strong and a high percentage of overall expenditures.

As we look ahead to 2023, we must use this fiscal strength wisely. We have received our final infusion of federal aid under the American Rescue Plan Act. Borrowing costs have increased significantly due to rising interest rates. Our Village government has not been immune to the rising prices, especially in energy, that have burdened so many households.

Based on our experience to date, I’m confident that our Board, with the leadership of our Village Manager & the guidance of our Village Treasurer, can navigate these challenges.  

Sincerely,

Brian Pugh, Mayor

December 15, 2022

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