An auditor's report for the year 2020 pronounced East Hampton Town's financial statements fairly presented and in accordance with the applicable financial reporting framework, the town board was told this week, with no instances of noncompliance, nor deficiencies or material weaknesses disclosed during an audit that was conducted in the spring.
During the board's meeting on Tuesday, David Tellier and Craig Hauser of the Nawrocki Smith accounting firm gave the board high marks for assisting the auditors in their work.
As of Dec. 31, the town's total assets stood at $764.9 million, an increase of approximately $81.3 million over 2019. Of that total, $577.5 million is in the form of various capital assets.
Liabilities totaled $319 million, primarily consisting of $89.1 million in bonds payable, $161.2 million in benefits to retired employees, and $28.3 million in pension liabilities, for a net $445.9 million, up from $407 million in 2019.
"The town is current with all payments," Mr. Tellier said. "When bills come in, payments are paid."
The town experienced a total governmental funds surplus of $25.8 million, according to the auditor's report, primarily related to the increase in real estate transfer tax in the community preservation fund and surpluses in the general fund, the town outside village fund, and the highway fund.
Total 2020 revenues for the town's governmental funds were $134.2 million, of which $58.4 million, or 43.5 percent, was from property taxes. The total fund balance for the governmental funds at the end of 2020 was $119.8 million, an increase of 27.5 percent over the 2019 fund balance. The total 2020 debt service for the town's governmental funds was $17 million, or 12.7 percent of total governmental revenues, compared to $17 million and 15.3 percent in 2019. This, the auditor's report said, will assist in stabilizing and/or reducing overall town debt and debt service.
Total 2020 expenditures for the town's governmental funds were $122.2 million, a decrease of $3 million, or 2.4 percent, from 2019.
The general fund's total fund balance, as reflected in the fund financial statements, was $17.97 million, an increase of $3.5 million compared to the previous year's increase of $675,302. "The town was able to maintain its large general fund balance in 2020 through conservative budgeting and close monitoring of revenues and expenditures through the fiscal year," according to the report.
The C.P.F. had a positive change in balance of $22.83 million, leading to a total fund balance at the end of 2020 of $58.2 million. The town spent $17.5 million in 2020 for the acquisition of open space.
The town had $89.06 million in bonds outstanding as of the end of 2020, compared with $90.41 million the year before, a decrease of 1.5 percent.
