Supervisor to Unveil Tentative 2014 Budget Monday

Riverhead's tentative budget for 2014 will call for using almost $3.6 million out of the town's fund balance.

So said Supervisor Sean Walter Monday, before his budget message session, scheduled for 10 a.m. on Monday.

Reflecting on the tentative 2014 town budget, Walter said, "Everything is trending in the right direction. Assessed valuations are up, our debt service is starting to drop up, mortgage tax receipts are up, and administrative chargebacks are down."

He aded, "We still have a way to go with reliance on the fund balance, but I think when we finish the environmental impact statement for Enterprise Park at Calverton next year, we'll be poised to sell land and create and infusion into the budget."

That, combined with added assessed valuation on Route 58 next year, which "looks to be more promising this year," will mean good news, Walter said.

During the presentation, Walter is expected to discuss fund balance, 2010 to 2014 general fund spending, which is down, landfill debt, which comprises a large portion of the town's debt, compared to total general fund debt history, future landfill debt compared to general fund debt, debt refunding savings, and administrative chargebacks.

in addition, Walter will discuss fund balance savings of almost $4.8 million, and expenditures, as well as a fund balance revenue for 2013 of almost $1 million. Charts will reflect a growth in assessed values in town.

In March, New York State Comptroller Thomas P. DiNapoli announced a completed audit for Riverhead Town that questioned chargebacks. Walter said results could leave Riverhead $1 million behind in a structural deficit.

One hundred percent of the town's $4 million structural deficit, Walter said at the time, can be attributed to landfill debt service.

Stay tuned to Patch for further details about the budget after Walter's presentation.

What questions do you have for the supervisor about Riverhead's 2014 tentative budget? Share the with Patch.