An audit of the Village of Croton-on-Hudson’s finances confirmed that, during fiscal year 2025, revenues exceeded budgeted amounts by $1,205,091, expenditures were $293,659 less than budgeted, and other financing sources were $227,374 higher than budgeted, leading to a positive variance with the final budget in the amount of $1,726,124.
Revenues during fiscal year 2025 were approximately 5.2% higher than budgeted due to higher than budgeted interest earned and parking lot fees, among other items. Expenditures were 1.4% less than budgeted due to staffing changes during fiscal year 2025, among other items.
The Village made good use of these excess funds by spending $3,656,513 to pay down debt and fund various capital projects, such as the renovation of the Harmon Firehouse. Using cash to fund capital projects such as the firehouse saves considerable money as the Village will not need to pay interest costs on long-term bonds.
The Village’s audit for the fiscal year beginning on June 1, 2024, and ending on May 31, 2025, was prepared by PKF O’Connor Davies and was published on the Village website on Tuesday, January 27. The firm issued an “unmodified opinion” for fiscal year 2025, which is the best opinion a municipality can receive by its auditing firm.
Alan Kassay, a partner at PKF O’Connor Davies, an accounting and advisory firm based in Harrison, New York will present the audit at a public meeting of the Board on January 28, 2026.
Village Manager Bryan Healy said, “Our positive 2025 audit reflects the Village’s fiscal health and the hard work of our dedicated team. I want to thank the department heads for their fiscal prudence while continuing to deliver exceptional service to our residents.”
Village Mayor Brian Pugh said, “Our Board’s goal is to maintain high-quality services while controlling property taxes despite inflationary pressures. We are committed to fiscal stability by controlling costs and growing our tax base through strategic development.”
To review the full audit report, please click here.