Southampton Town has $1.3 billion in assets, audit shows

Southampton Town has $1.3 billion in assets, mostly properties it owns, including preserved land, according to an audit of town finances by a private accounting firm.

Nawrocki Smith LLP presented a report to the town board during a work session on Thursday stating that the town holds $270 million in liabilities such as bonds, making its net worth about $1 billion.

Town Supervisor Jay Schneiderman estimated that about $600 million of that is in preserved land, which would require an act of the State Legislature to sell. An additional $300 million is in development and access rights, according to the firm.

“It has some value, if you were ever in a fiscal bind, but nobody would ever consider I don’t think selling any of those things,” Schneiderman said.

Much of that land was likely purchased with town community preservation fund money, which is generated through a 2 percent tax on real estate transfers.

The report found no internal weakness or deficiencies in control of town finances, according to the firm.

By Vera Chinese

vera.chinese@newsday.com@VeraChinese

Vera Chinese joined Newsday in 2017 after working as an editor for the East End lifestyle publication northforker and a general assignment reporter for the New York Daily News.