Hempstead Town Receives Budgeting Award

(Editor's Note: The following was submitted by the Town of Hempstead regarding their Government Finance Officers Association of the United States and Canada (GFOA) Excellence in Financial Reporting Award.)

Hempstead Town's 2010 tax-freeze budget as well as its forthright and honest approach to governmental finances has won the trust of neighbors across the township. At the same time, Supervisor Kate Murray's administration is proud to announce that it has earned the highest award in municipal budgeting from the independent Government Finance Officers Association of the United States and Canada (GFOA). The GFOA has bestowed its Excellence in Financial Reporting Award for the sixth consecutive year on Hempstead Town's administration.  The award is presented to governments that produce financial reports/budgets that adhere to rigorous accounting standards and meet a high level of fidelity to industry guidelines. 

"While governments at all levels are struggling to balance their budgets, resorting to fiscal gimmicks and slashing programs, Hempstead Town offers a refreshing alternative," said Murray. "We've demonstrated that you can produce a tax-freeze budget without relying on financial games or cutting services. I am very pleased that the independent GFOA has again recognized our commitment to transparency, accountability and honesty in financial reporting." 

In keeping with the town's policy of full disclosure concerning its finances, Hempstead was the first municipality to post its entire budget document on the Internet (www.TOH.LI). "Neighbors across our town expect government accountability and deserve to be able to see government budgets online," says Hempstead Town Senior Councilman Anthony Santino. "I invite taxpayers to visit our Web site and see how Hempstead has frozen all town taxes across every fund." 

In addition to the Excellence in Financial Reporting Award, Supervisor Kate Murray's administration has further distinguished itself from a pack of governments at various levels that are financially floundering by earning the highest Wall Street credit ratings available. In fact, the town's superior bond rating has resulted in Hempstead receiving lower interest rate costs on municipal borrowings. The township estimates taxpayer savings of $2 million on one 2009 debt refinancing alone. 

Part of providing responsible budgets rests upon aggressive spending control. Just as families must live within their means and adjust expenditures during tough economic times, Hempstead Town has done its part to tighten its belt. At $386.1 million, the town's 2010 budget not only freezes taxes but also reduces spending by $11.4 million from the 2009 spending plan. Savings stem from cost-reducing initiatives including "rightsizing" the town's workforce, the implementation of an early retirement incentive and the aggressive negotiation of a new contract with the company that converts the town's garbage into energy.   

"At the same time, our government is both financially responsible and committed to providing life-enhancing government services and programs," Supervisor Murray said. "From top-notch parks with great programs to full service senior centers, Hempstead Town continues to demonstrate that you can serve residents well while being a model of fiscal integrity.

"Earning both the respect of Wall Street credit rating agencies and the recognition of independent accounting professionals enables us to provide the services that make Hempstead Town one of the greatest places to live, work and raise a family," Murray concluded.