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East Hampton Town won permission from the state legislature on Thursday to borrow up to $15 million through bonding to close its budget deficit, which Supervisor Bill McGintee says is between $9 and $10 million accrued over three years. The state comptroller’s office, which is conducting a review of the town’s books, puts the deficit at about $12 million, according to Assemblyman Fred W. Thiele Jr.
The four town council members recently asked Mr. Thiele and Senator Kenneth P. LaValle to sponsor bills that would give the town special permission to pay off its deficit through borrowing. Normally, bond issues may not be used to cover deficit spending.
Supervisor McGintee argued that it was too early to seek bonding authority to cover the deficit; he asserted that it might not be... more
The four town council members recently asked Mr. Thiele and Senator Kenneth P. LaValle to sponsor bills that would give the town special permission to pay off its deficit through borrowing. Normally, bond issues may not be used to cover deficit spending.
Supervisor McGintee argued that it was too early to seek bonding authority to cover the deficit; he asserted that it might not be... more
