Despite climbing costs and steeply reduced revenues from mortgage taxes and state and federal aid, Southampton Town finished the 2009 fiscal year on relatively sound footing and reduced or eliminated deficits in its police and highway department accounts, according to an independent audit of town books released this week.
Revenues taken in by the town fell short of expectations by more than $2.2 million, or about 6.4 percent, primarily because of steep reductions in the amount of mortgage tax collected during a slump in the real estate sales market. Mortgage tax income was $3.4 million less than had been anticipated in the adopted 2009 budget. The town also received $317,000 less in state aid and $510,000 less in federal aid than had been anticipated.
The town rased its tax rate by the... more
Revenues taken in by the town fell short of expectations by more than $2.2 million, or about 6.4 percent, primarily because of steep reductions in the amount of mortgage tax collected during a slump in the real estate sales market. Mortgage tax income was $3.4 million less than had been anticipated in the adopted 2009 budget. The town also received $317,000 less in state aid and $510,000 less in federal aid than had been anticipated.
The town rased its tax rate by the... more
It was also Linda who presented roughly a $5 Million expense reduction for 2010 that Throne Holst fought and watered down by $1.8 Million last November/December. It's all in past Press articles. Moody's is praising the Town ...more for the necessary personnel cuts as we all know Town Hall is bloated and it was again Throne Holst last year who watered down the personnel cuts.
No one should be taking credit for rosy results that one opposed strongly. The facts are incontrovertible!