Rye Brook in Good Financial Shape Says Feinstein

Mayor Joan Feinstein's Tuesday night State of the Village address finds Rye Brook financially fit after tightening its spending belt.

Despite the economic turmoil of recent years, Mayor Joan Feinstein says Rye Brook “is in good, sound financial shape.” In her fourth State of the Village address Tuesday night, Feinstein described a financially fit Rye Brook on steady footing after effective belt-tightening in recent years.

While the City of Rye is likely considering a possible bond referendum to pay for public safety and flood mitigation projects, Rye Brook has managed to keep an even keel. 

According to Feinstein, by May 31, the village anticipates having a total of $3,193,000 its unrestricted fund balance. That represents 18 percent of the total village operating budget and includes an unanticipated infusion of cash from the first collection of village hotel taxes and a 2009 FEMA reimbursement. Feinstein said the approximately $700,000 would be used to pay for capital projects and infrastructure improvements- including road resurfacing and other smaller projects. The village also managed to decrease its current debt by approximately $930,000 according to Mayor Feinstein, bringing the current outstanding long-term debt of the village to about 5 million dollars.

Feinstein also reported the village will press ahead on drafting a comprehensive budget projecting future benchmarks for village services and infrastructure projects by partnering with the county planning department instead of the previous plan to hire consultants for the project.

The mayor said she hopes more Rye Brook residents will participate in upcoming budget workshops to determine the village's financial priorities.

Perhaps there was something to those after all.


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