Senator Kenneth P. LaValle today announced that the Senate has passed a measure he sponsored that would allow the Town of East Hampton to authorize an additional $15 million in serial bonds to address deficits which occurred in the 2007, 2008, and 2009 fiscal years.
According to Senator LaValle, this measure is necessary to allow the town to address a 2009 budget shortfall which was identified in an audit conducted by the State Comptroller. This legislation will help the town to bond the general fund deficits and, coupled with oversight measures going forward, allow the Town of East Hampton to return to fiscal stability.
“The Town of East Hampton has found itself in a situation that is worse than originally anticipated,” said Senator LaValle. “This measure will provide for sufficient funds necessary to cover the deficit and extend the time to issue the bonds until December 31, 2011. Its sole purpose is to allow the town to recover from these operating fund deficits and chart a course back to financial solvency.”
This measure recently passed in the Assembly and now awaits delivery to the Governor.