Finance
Dawn Donovan
Director of Finance
Herta Smorol
Deputy Director of Finance/Bookkeeper
Donna Daley
Payroll Clerk
Margaret Gorman
Office Assistant-Financial Support
Town of North Castle
15 Bedford Road
Armonk, NY 10504
Telephone: 914-273-3322
Fax: 914-273-2433
E-mail: finance@northcastleny.com
2008 Adopted Budget:
2007 Adopted Budget:
2007 Audited Financial Statement: Click here.
The Finance Department is responsible for processing payments for all purchases and for contractual obligations of the Town, for preparing and maintaining payroll records and for administering Town trust funds and debt service.
The Finance Department invests all available funds to meet the cash flow needs of the Town. As the interest earned on these investments is a major source of revenue for the Town, timeliness in investing available funds is imperative.
The P.I.L.O.T. (Payments in Lieu of Taxes) for the Town, School District, and Westchester County are billed and collected by the Finance Department in January, April and September. The Town then pays the School District and Westchester County their portions of the P.I.L.O.T. payments collected.
The Town of North Castle occasionally must issue debt obligations for capital purposes and formation of Special Districts. The Finance Department is responsible for working with the bonding attorneys to prepare legal papers for public hearings and bond resolutions and for soliciting banking institutions for rates for the issuance of the funds. The Town received an upgraded bond rating from Moody’s Investors Service of AAA in 2001, which has been reconfirmed in 2004, 2006 and again in 2007, reflecting sound financial management. Future debt anticipated within the next five years will be financed through a combination of bonds and notes as market conditions warrant.
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement of Excellence in Financial Reporting to the Director of Finance and the Town of North Castle for the comprehensive annual report for the fiscal years ending December 31, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005 and 2006. The Certificate of Achievement is a prestigious award recognizing conformance with the highest standards for preparation of state and local government financial reports that satisfy both generally accepted accounting principles and applicable legal requirements.
The Town Board has followed a practice of having an independent audit by a certified public accounting firm though it is not required by New York State Law. The annual reports prepared by these auditors are available in the Finance Department.
