Editorial: Sound financial moves

Thursday, 09 February 2012 01:00

More good news came last week when Town Supervisor Peter Parsons and Director of Finance Leo Masterson said the town would be releasing monthly financial reports at future Town Board meetings. This move was undoubtedly welcomed by Town Board member Dan Welsh, who had been requesting such reports for a year but to no avail. Town Board member John Pappalardo joined in that request earlier this month, as well.

These reports will mean improved tracking of the town's finances as the year progresses, allowing town officials — and the public — the ability to compare year-to-date expenses and revenues to the board's adopted budget, with Mr. Masterson highlighting items of importance and possible concern.

In addition, the board will hold a more formal discussion of the town's finances every quarter, and will ask department heads to also develop monthly financial reports. In essence, this will jump-start the budget process in April — much earlier than before — and will help prevent the last-minute budget woes that at times plagued the previous two town supervisors.

It wasn't all about present day finances, though. It was also decided last week that Mr. Masterson will produce a three-year financial plan to look beyond just this year's money matters.

These decisions may be overdue but it's good to see them finally made so that the town can continue to shed its shaky financial past, while also promoting transparency and good government.