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For Immediate Release: February 10, 2010Contact: Angie BerghelaEmail:coloniegop@gmail.com

COLONIE TOWN BOARD MEMBER DUSTIN CALLS FOR MORETRANSPARENCY IN TOWN BUDGET

Colonie Town Board member Dan Dustin is calling on Town Supervisor Paula Mahanand the Colonie Town Board to adopt a resolution requiring the Town Comptroller to provide comprehensive quarterly updates of the Town’s financial status to the TownBoard and the public. Dustin will discuss the resolution at the Colonie Town Boardmeeting, Thursday, February 11, 2010 at Colonie Memorial Town Hall.The proposed resolution aims to create more transparency in the Town’s budgetimplementation process to ensure that decisions made by the Town Board today are well-informed and will protect the financial health of the Town. “The Town Board andtaxpayers have a right to be provided with timely and accurate information about theTown’s finances in order to have a better understanding of the issues and their financialimpacts,” said Dustin. "Ideally, the Town Board should receive monthly financialstatements but this is a first step in the right direction" Dustin added. Dustin’s proposed resolution is especially timely given that Supervisor Mahan is proposing $26 million in new debt for the Town. Resolutions authorizing the Town toissue this increased debt are slated to be considered by the Town Board at their meetingThursday night. “I am concerned that Supervisor Mahan is effectively using the Town’s “credit card” to balance the Town’s financial books. As consumers, we all know that this approach in theshort-term seems like a solution, but in reality, it is recipe for long-term financial disaster.Without detailed information on the Town’s overall financial position, a new up-to-datereview by Moody’s and a clear capital and debt service plan, the Town Board cannotcarry out its fiduciary responsibility to Town taxpayers and I would strongly urge theTown Board not to approve any new debt issuances. The strategy being forwarded by theSupervisor is short-sighted and will impose an unnecessary financial burden on our children.”Dustin’s calls for more transparency also come at a time when the Town has experienceda significant drop in sales tax revenue, is bracing for a State budget that would reduceState aid, and needs to prepare for large increases in pension costs.“My proposal would ensure that the Town Board has timely, accurate and comprehensiveinformation about the Town’s finances when they are making decisions about spendingand hiring,” said Dustin. “In addition, the Town Board and Town taxpayers need to knowhow the Supervisor and Comptroller are proposing to manage theses issues now and inthe future. The information currently provided by the Comptroller and the Supervisor is