One of the most important roles and responsibilities of the Board of Trustees is oversight of our Village budgets. Today I would like to update the community on our fund balance: I am pleased to report that the Village of Ossining has received the 2021 4th quarter Sales Tax revenue, which to my delight, exceeds our budget by more than $1.7 million. This is good news.
As a Village, we budget conservatively for items sensitive to swings in the economy. For some economists, this may signal an upturn in the economy, or it may be an aberration due to many fluctuations due to financial management during Covid. Most importantly, a healthy positive fund balance ensures that we remain financially stable and weather unanticipated changes. This positive outcome will help ensure an adequate fund balance is available to:
- Secure, efficient cash flow for daily needs
- Protect against unforeseen expenditures related to emergencies
- Offset economic downturns or revenue shortfalls
- Maintain investment‐grade bond rating.
Below is a comparison of Ossining Village revenues from 2020 to year-end 2021.