East Hampton - The East Hampton Republican slate, led by GOP nominee for Town Supervisor Bill Wilkinson, has issued a Comprehensive Financial Plan for the town that illustrates how the Republican candidates plan to rectify East Hampton's critical fiscal state if elected.

"The financial condition of the Town of East Hampton is in crisis," the plan reads, "The once simple and secure rural lives and livelihoods of our fellow residents now hang in the balance, environmental and social progress is threatened and taxpayers rightfully demand an honest accounting. The solution rests in a Comprehensive Financial Plan which not only challenges current organizational structure and dynamics but also contemporary municipal thinking."

Assemblyman Fred Thiele (R-Sag Harbor), pictured here in his role as Sag Harbor Village Attorney, acknowledged that getting bond approval from the state would be difficult, though the GOP's plan addresses their concerns.

"We have been in the trenches calling for reform since early 2007," Wilkinson stated, calling back to his 2007 campaign against incumbent Supervisor William McGintee, "With the help of Assemblyman Fred Thiele, we have constructed a financial strategy for saving our town."

The plan begins by establishing the town's deficit at $28 million, with a certified $10 million deficit in 2007, a projected $5 million deficit carried over from 2008 and an estimated $7 million shortfall in 2009 added to an estimated $6 million deficit expected when all of the inter-fund reconciliations are completed. The New York State Legislature authorized a $15 million bond to fill the town's deficit in 2008, which at the time was expected to adequately cover the shortfall. The legislature approved an extension on the bond issuance to June 2010 while the 2008 audit is completed and certified, however with the deficit continuing to grow through 2009, the Republican slate is suggesting returning to the legislature for a larger bond allowance to avoid another property tax increase in 2010.

"I sat down with Wilkinson and [Town Board candidate Dominick] Stanzione to look at what role the state can have to help East Hampton with their financial problem," Assemblyman Thiele (R-Sag Harbor) explained during a phone interview, "To avoid a major tax increase the state could approve more than the $15 million," however the town "needs to demonstrate that this isn't going to be a recurring problem."

Getting the state legislature to approve any large-scale municipal bonding is difficult, according to Thiele, let alone getting it approved twice. To get approval from the state, the town will have to "reorganize and modernize the structure of the town finances and show that they've gotten control over the spending side of the budget," Thiele said, adding that "this plan attempts to do both of those things."

Town Board candidate Dominick Stanzione was one of the plan's primary authors.

Among the plan's goals are to "right size the cost of East Hampton government" from a $70 million annual budget down to $60 million, institute increased transparency and accountability controls by assigning a financial impact to every resolution passed and improving the town's website to better disseminate information to the public. The plan also includes institutionalizing annual Short Range and Capital Plans and a Long Range Strategic Plan that presents a three to five year vision of the town, which the annual plans will be measured against.

Through this financial plan, the GOP vows to reduce spending in 2010 and actually lower taxes by 2011.

The Republican candidates delivered their Comprehensive Financial Plan to Supervisor McGintee, the Town Board members and Town Comptroller Janet Verneuille on September 25 in the hopes that the supervisor will "incorporate the recommendations before the submission of his 2010 budget," according to GOP spokesperson Vanessa Petruccelli. With State Comptroller and Legislative approval, the plan claims to ensure no new property taxes in 2010.

As of Tuesday, September 29, the supervisor's office had not received a copy of the financial plan and had no comment on how it may affect the supervisor's preparation of the tentative budget.