News & Announcements
TOWN OF NEWBURGH RECEIVES EXCELLENT FINANCIAL AUDIT
NEWS
For Immediate Release
Contact Gil Piaquadio, Town Supervisor
Town of Newburgh
P (845) 564-4552 supervisor@townofnewburgh.org
TOWN OF NEWBURGH RECEIVES EXCELLENT FINANCIAL AUDIT
Newburgh, New York: The Town of Newburgh recently received an unqualified opinion (clean opinion) from the public accounting firm Nugent & Haeussler, PC, for the calendar year ended December 31, 2023.
The audit was conducted on a test basis and analyzed evidence to validate the amounts and disclosures of the town’s financial statements for the year. After investigating financial records, the independent auditors concluded that the financial statements presented fairly, in all material respects, the respective financial position of the governmental activities as of December 31, 2023, in accordance with generally accepted accounting principles generally accepted in the United States of America, and for the year then ended.
“This audit should give residents peace of mind that an outside firm has thoroughly reviewed our financials, internal control measures, and other related items and found that we have a solid financial position and conform to the highest standards,” said Gil Piaquadio. “We take financial matters very seriously and are pleased to have our work validated by an outside accounting firm. I want to thank my accounting staff for their hard work throughout the year and during this audit.”
Among the significant points referenced in the financials are General Fund revenues amounting to $29.3 million and expenditures of $23.1 million. The net of these helped the General Fund’s fund balance increase to $28.7 million. Significant revenues that increased over last year were Interest Income, Hotel Tax, Sales Tax, and the Casino License Fee. Total Governmental Funds at December 31, 2023, amounted to $57.4 million, an increase of $8.7 million.
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