Greenport’s general fund, water fund and electric funds are doing well, according to an audit of the village, but its sewer fund operated at a loss in the fiscal year ending May 31, 2015.
Auditor Bill Freitag of SaxBST, which the village hired to conduct its annual audit, said the general fund raised $240,000 more in revenue than the village budget anticipated and spent about $135,000 less than expected. The village had a $3 million overall fund balance, of which $1 million has not been earmarked for specific projects and can be transferred for other uses, Mr. Freitag said.
The village water fund generated income of $6,000 income during the last fiscal year, he said, and it currently has $660,000 in operating cash.
“You’re basically sitting on about 17 months of operating cash,” Mr. Freitag said.
The electric fund gained about $570,000 in net income in the last fiscal year from about $4 million in total revenue, Mr. Freitag said. Overall, that fund is sitting on about $700,000, he said, or about three months of operating cash.
The sewer fund recorded an operating loss of about $300,000 in the year ending May 31, 2015, according to the audit. The main reason was a depreciation expense of about $330,000 per year on the fund’s plant and infrastructure, he said.
Mr. Freitag said the general fund’s unrestricted fund balance has been “trending up.” He suggested that the village create a tax stabilization fund or an infrastructure replacement reserve to hold some of that surplus, because the state comptroller does not like to see municipalities with too much unspent money.