continued The town finished 2011 with a $700,000 fund balance, the first positive fund balance since 2005, Mahan said. This past month, the administration learned that in 2012, the town now has a $1.46 million fund balance.
“That was very good news for us because the analysis that the comptroller’s office did focused on fund balance,” Mahan said. “We were very pleased that our fund balance increased.”
DiNapoli also looked at demographic and environmental factors that are working in the town’s favor, including the town’s revenue growing 3.6 percent on average annually from 2002 through 2012. The report also highlighted the fact Colonie’s population grew by 18 percent in the past 30 years and less than 10 percent of the children in the town were living in poverty in 2011.
“Supervisor Mahan is aware of the challenges facing her town and has made difficult, but necessary financial decisions to align spending with revenues and eliminate budget deficits,” DiNapoli said in a statement. “Careful budget planning and an honest conversation about the numbers will continue to be vital to turning around the town’s finances.”
With an election approaching, Mahan’s GOP opponent Todd Drake seized on the town’s fiscal situation to argue “the people of Colonie deserve better.”
“The fact is the Mahan administration’s use of fiscal one-shot gimmicks - like her landfill deal that promised to eliminate the deficit - and her overall mismanagement of town finances, has resulted in a failure to eliminate $2.5 million in new debt and Colonie being placed on a list of communities in ‘significant fiscal stress’ and that’s simply unacceptable,” Drake said in a statement.
To view the new fiscal profile, visit spotlightnews.com.