An audit of the Village of Croton-on-Hudson’s finances confirmed a budget surplus of $442,673 at the end of fiscal year 2024. The 2024 surplus marks the 3rd consecutive budget surplus since the COVID-19 pandemic.The Village ended the 2024 fiscal year with a fund balance in the general fund totaling $13,124,413. The general fund unassigned fund balance, signifying the amount available for any general Village purpose, was found to be $6,280,011.
The Village’s audit for the fiscal year beginning on June 1, 2023 and ending on May 31, 2024 was prepared by PKF O’Connor Davies and was published on the Village website on Monday, December 16. The firm issued an “unmodified opinion” for fiscal year 2024, which is the best opinion a municipality can receive by its auditing firm.
Alan Kassay, a partner at PKF O’Connor Davies, an accounting and advisory firm based in Harrison, New York will present the audit at a public meeting of the Board on December 18, 2024.
The surplus will allow the Village to fund items in its capital program. This will bring substantial savings to the Village for years to come as interest payments will not need to be made. A portion of the surplus will also be available to be appropriated in the 2025-2026 Village Budget to offset any potential tax increase.
Village Manager Bryan Healy said, “I want to thank the auditors who worked onsite in October 2024 to review the financial condition of the Village. Seeing such positive news in our annual audit report affirms the Village’s continued fiscal strength. Thank you to the entire Village team, not only for the strong results we’re turning in for 2024, but for their service to our community every day.”
Village Mayor Brian Pugh said, “Our Village Board and staff are keenly aware of our duty to be good fiscal stewards of public funds. Ensuring the fiscal stability of the Village while continuing to hold the line on property taxes, despite the pandemic and despite inflation, will require careful control of expenditures, the cultivation of new revenue sources and the managed growth of the tax base with properly planned new development.”
Earlier this year, the Moody’s rating agency assigned Aa2 rating to the Village of Croton-on Hudson, NY’s GOLT Bonds.
To review the full audit report, please visit: https://www.crotononhudson-ny.gov/finance-department/pages/independent-auditors-reports.
For more information, please contact the Village Manager’s office at 914-271-4848.
