Wednesday, May 28, 2008

Town To End Fiscal Year With 4-5 Million Dollar Deficit

"It appears that we will be ending the 07/08 fiscal year with a deficit of between four and five million dollars," said Ray Jankowski, Town Treasurer and Director of Finance. "We're not exempt from what's going on out there."

"This results from a number of factors," Ray explained, among them the Town's yield on investments is down $500,000, conveyance fees are down $200,000 and the State ECS (Education Cost Sharing) is down $566,000.

"We need to contain costs," he said.

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