I am a concerned resident of Riverhead, NY, and for the past three fiscal years, our town has consistently overridden the tax cap, leading to financial instability and burdening taxpayers. Annually, from 2018 to 2022, Riverhead pierced the tax cap - once without even adopting a local law to authorize it due to an error in calculating the 2018 fiscal year's tax cap, as revealed in the 2021 independent auditor's report. Despite having a revised fund balance policy, our town has failed to adhere to it, further exacerbating our fiscal challenges.

Currently, Riverhead's fund balance policy, which was adopted back in 2006, is obsolete and in dire need of revision. The proposed amendments to establish minimum fund balances - General Fund at 25%, Town Outside Village at 20%, Highway Fund at 10%, and Special Districts at 7% of total budgeted expenditures - were put forward in 2011 but have since been tabled. Such measures would align Riverhead with the more stable financial practices of neighboring towns like Brookhaven, ensuring fiscal health and transparency. Presently, the fund balance is: 41% (28,403,924/69,113,159) of general fund appropriations and could be used in appropriate manner to fully keep the town’s tax levies flat while drawing down up to $12 million in reserves over four years or sooner. Did you know the 2011 Fund Balance policy update was never adopted by only tabled? 

Amending Riverhead’s fiscal policy to adopt these minimum fund balance requirements is vital. It would safeguard against future fiscal mismanagement, promote transparency, and build trust between the town administration and its residents. It is time for our local government to prioritize fiscal responsibility, stabilize our finances, and uphold integrity with its taxpayers. 

I urge the Riverhead Town Council to reconsider and modernize its fund balance policy with urgency. Let us work together to create a financially resilient Riverhead for current and future generations. Please join me in signing this petition to demand necessary fiscal change.