The town of Oyster Bay board has approved an additional $23,000 for the preparation of its 2015 audited financial statement. The board last week increased the authorization to pay accounting firm Cullen and Danowski LLP of Port Jefferson Station to $124,000, a 22.7 percent increase over what it approved for the statement in December.
The increased cost is due in part to a focus on capital spending which is expected to decrease, according to the town board resolution.
The increase is not as large as the $40,000 increase for the 2014 audited financial statement.
The town lost its credit rating from Moody’s Investors Service in January after it failed to file its 2014 audited financial report by the end of 2015. Town officials blamed the late filing on computer problems. The report was finished in April. Town officials said they expect to finish the 2015 audited financial statement later this year.