Village auditors presented the financial report for the fiscal year ending May 31, 2025, awarding Croton a "clean" opinion despite a net deficit largely driven by accounting rules for future retiree health benefits. The Village's actual revenues outperformed the budget by over $1.1 million, though rising health insurance costs contributed to a 5% increase in expenditures.
●**Financial Audit Accepted:** The Board received the FY2025 audit report from PFK O'Connor Davies, resulting in an "unmodified (clean) opinion"—the highest possible rating.
●**Revenue Performance:** The Village generated nearly $23 million in actual revenues, about $1.1 million more than budgeted and a 4% increase over the prior year.
●**Expenditure Increase:** Spending rose approximately 5% to $20.3 million, driven primarily by a $400,000 increase in health insurance costs and rising retirement benefits.
●**Debt Strategy:** The Village transferred nearly $4 million from the fund balance to the Capital Projects Fund to pay for improvements upfront rather than issuing debt, saving on interest and issuance fees.
●**OPEB Liability:** Auditors highlighted a $39 million liability for Other Post-Employment Benefits (OPEB), a non-cash accounting figure that does not impact the day-to-day budget or bond rating due to state legal restrictions.