Audit Shows Village of Mamaroneck In 'Excellent Financial Condition'

VILLAGE OF MAMARONECK, NY — Officials said that the financial state of the village is excellent, despite economic challenges, including a pandemic, a bout with near record inflation and deadly flooding that threatened to derail growth.

The Village of Mamaroneck announced on Friday that a preliminary audit of 2022-2023 finances shows the village to be in "excellent financial condition, and in many cases exceeding expectations." The welcome news runs counter to other municipalities in the region that have had to tighten belts and propose tax increases in the face of budget shortfalls.

"The Village’s positive financial condition has exceeded all expectations," Village of Mamaroneck Mayor Tom Murphy said. "Recently, the Village has concentrated on both enacting cost saving and raising revenue through fees rather than relying on property taxes. I am grateful to staff for their prudence and to my colleagues on the Board of Trustees for their diligence."

On Wednesday of last week, village officials held a phone call with PKF O’Connor Davies, a provider of accounting, auditing, and advisory services for public sector organizations.

The Village of Mamaroneck came in $3.7 million under expenditures and exceeded revenue projections by $2.8 million. The following were especially noteworthy:

• Sales tax revenue exceeded estimations by $800,000.
• Permit fees exceeded projections by $400,000.
• Liquidating older purchase orders realized $252,000.

General expenses across most departments amounted to $1.25 million less than budgeted. Of note were the following:

• Legal expenses came to $172,000 less.
• Engineering costs were $206,000 under budget.
• Public safety, after transfers, was $860,000 less than planned.

Insurance premiums were also reduced by $170,000.

The village noted also noted that instead of issuing additional debt, several large projects were appropriated out of general funds.

"Based on our positive fiscal position during the year, Village administration decided to use general fund appropriation to fund the expenditures instead of issuing debt service," Village of Mamaroneck Clerk/Treasurer Agostino A. Fusco explained.

The positive report is owed in part to the creativity and cooperation displayed by local officials and the private sector. Last summer, representatives from the Mamaroneck Chamber of Commerce stood with elected officials and local small business leaders to acknowledge the remarkable recovery of the village's business community after the challenges of the COVID-19 pandemic and the devastation of Hurricane Ida flooding.

"After the devastating floods from the remnants of Hurricane Ida in September 2021, the Village continues to demonstrate that a strong and thoughtful administration has the ability to anticipate new and innovative organizational approaches to improve services, reduces costs, and increase revenue," Village of Mamaroneck Village Manager Jerry Barberio said. "My deepest thanks to all the department heads and staff for their hard work, and for the strong support from the Village’s Board of Trustees."