Suffern Treasurer Raising Concerns About Village Deficit

According to Suffern Treasurer Michael Genito who spoke at a recent village board meeting, the deficit is larger than originally stated by the Comptroller’s Office last year. Genito was appointed in July of 2014 and has since been investigating the reasons behind the village’s shortfalls, reporting at the meeting that the deficit is now closer to $2.5 million rather than the Comptroller’s calculated $1.3 million and much of the problems have been presnt since 2010 when Suffern officials borrowed money on a revenue anticipation note, and the new treasurer blames his predecessor Thomas Zordan’s monthly reports and accounting. The village has yet to find a solution, with the board voting no on Mayor Patricia Abato’s proposal to borrow $1.5 million in short term notes, and Abato shutting down Trustee’s proposals to receive help from the state Financial Restructuring Board. Genito stated that recently approved bank notes will be used only for necessary spending and taxes will most likely go up next year while the village restructures their financial patterns.

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