Supervisor Vows To Stabilize Finances, Protect Taxpayers
SEPTEMBER 25, 2006, FARMINGVILLE, NY- Brookhaven Town Supervisor Brian X. Foley announced today that his finance department has discovered systematic structural deficiencies in four of the six major town funding categories that have resulted in budget deficits that threaten the town’s financial stability if not addressed. The Supervisor vowed to correct the budget mismanagement in his 2007 budget to be released Friday.
“This is the latest example of the fictitious budgeting that had been common practice in town, false budgeting that has put the financial future of the Town of Brookhaven in serious jeopardy,” said Supervisor Foley. “It will end now, with my first budget. No more smoke and mirrors. No more budget shell games. I promise the people of Brookhaven Town truth in budgeting, and I promise them a secure financial future.
“We will stabilize the town’s finances to ensure fiscal viability and protect the taxpayers of Brookhaven Town going into the future.”
The faulty budgeting has led to deficits in four of the six major funding categories as a result of under-funding expenditures and inflating revenues over the last two years. The funds and the deficits are: special refuse and recycling, deficit $5.7 million; streetlighting, deficit $1.6 million; highway, whole town, deficit $4 million; and highway, part-town, deficit $4 million. The total deficit that must be made up is $15.3 million.
When the Foley administration took office, it was assured that these funds were solvent. Now that the audit figures are rolling in, it is clear that the funds are not solvent but rather are deeply in deficit. When Supervisor Foley’s 2007 budget is released Friday, it will include a plan to correct the structural deficiencies in these budget funds and end the deficits.
“This is a budget mismanagement snowball rolling down the hill that will grow into an avalanche that will bury our town unless it is stopped right now,” said Supervisor Foley. “I will stop that avalanche.”