Despite spending $2.4 million toward a $3.2 million Town Hall, Town of Elma finances have been declared structurally sound.
As of Dec. 31, the town posted a fund balance of $1.16 million -- $200,000 of that amount designated for capital improvements, a representative of the accounting firm of Drescher & Malecki told Town Board members Wednesday night.
This is separate from the $200,000 that is budgeted for the annual bond payment for the Town Hall. Accountant Wayne Drescher suggested the town make a double payment of $400,000 to bring its mortgage down to $900,000.
To deal with a Highway Fund deficit of $13,695, the accountant recommended transferring sales tax income to shore up this budget. Supervisor Michael Nolan said this would allow a priority list of roads to be repaired over the next three years.