Yorktown 2021 Audit: Spending Down, Savings Up

(May 25, 2022) – Yorktown’s financial auditors who reviewed 2021’s financial records found that the Town’s revenues were $3 million above projections, leading to a $2.8-million increase in the Town’s savings.

“You rebounded very well from COVID,” said Alan Kassay of O’Connor Davies, the Town’s auditor. “You’re in a good financial position.”

The reduced spending and higher revenues led to a slight decrease in the 2022 tax levy. Supervisor Matt Slater said the Town Board was conservative in its budgeting for last year as the region recovered from the pandemic lockdowns.

“Despite 2021’s booming housing market and stock markets, the Town Board was restrained in its spending because we knew that the economy was fragile,” said Super Matt Slater. “The current price shocks from energy, food and other essentials underscore the economic uncertainty we face and our need to protect our taxpayers as they struggle with unexpected expenses.”

The increase in Town revenues came from several sources. O’Connor Davies noted that mortgage transfer taxes—the fees paid to a municipality when a property sells—were much higher than normal. Sales tax revenues were also higher than expected in 2021 as stores and business resumed normal operations after the pandemic lockdowns.

The auditors also praised the Highway Department, which under highway Superintendent Dave Paganelli had a $506,000 increase in its savings.

In December, the Town Board adopted a $63 million 2022 budget with no increase in the Town’s general operations. The adopted 2022 budget makes important investments to grow the economy, protect the environment, and improve residents’ quality of life while maintaining services, increasing the paving budget, and making new investments in local youth and the environment.

A copy of the auditors’ report is posted on the Town’s website.

Contact:  Yorktown Supervisor Matt Slater, 914-962-5722 x201 or mslater@yorktownny.org