F
OR
I
MMEDIATE
R
ELEASE
J
ULY
7, 2011C
ONTACT
: D
ENISE
S
HEEHAN
, 518-429-6924 |
SHEEHAN: TOWN’S FINANCES DON’T ADD UP
Supervisor Candidate concerned taxpayers are not getting the real story on the Town’s finances
Denise Sheehan, candidate for Colonie Town Supervisor, today took the Mahanadministration to task over the Town of Colonie’s growing deficit and her administration’s lack of fiscal transparency.Sheehan noted that the data compiled by the Town Comptroller’s office andsubmitted to the NYS Comptroller shows that Colonie is currently facing over a $21million deficit. In addition to the growing deficit, the Mahan administration has alsofailed to disclose any reports of the Town’s financial condition to residents for the 2010fiscal year, which concluded over six months ago.“It’s outrageous that we’re half-way through the 2011 fiscal year and we stillhaven’t received a report from the Supervisor on the Town’s performance last year.Other municipalities shared their year-end reports with taxpayers weeks ago and we’restill waiting. Taxpayers of Colonie have a right to know where their money is going andour elected leaders need to be held accountable.” said Sheehan. “The hard-workingfamilies of Colonie should be receiving regular quarterly updates on the Town’s financialcondition.” According to Town’s reports, the Town’s deficit has grown from $16 million in2009 to over $21 million in 2010. Sheehan stated that this is the result of continuingfinancial mismanagement on the part of the current Town supervisor and her administration.“The fact that the town is facing a $21 million deficit, even after Supervisor Mahan imposed her one-time-deficit reduction tax, is a clear indication of the currentadministration’s fiscal mismanagement and lack of executive management experience.This problem cannot be blamed on economic conditions alone. Supervisor Mahancontinues to over-spend, relies too heavily on rosy revenue projections and one-timequick fix asset sell offs,” said Sheehan. “This is threatening the Town’s financial healthand jeopardizing the stability of our future.” Sheehan noted that when the Mahan administration took office, the town deficitwas approximately $19.7 million. In 2009, after imposing her now infamous “one-time”deficit reduction tax, Supervisor Mahan, as part of her re-election campaign, claimed shehad reduced the deficit to $10 million and stated that “Colonie was on the road tofinancial recovery”.Since then, despite the “one-time” $6 million tax increase, which was passedunder the premise that it would dramatically reduce the deficit, as well as the $2.7 million
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