As the town closed the books on the 2010-11 fiscal year, it had an $18.9 million surplus.
First Selectman Peter Tesei said the $18,973,812 fund balance or surplus for the 2010-11 fiscal year is evidence the town has a solid financial footing.
The town had approved a $334,996,798 budget for schools and municipal government but an increase in revenues such as the real estate conveyance tax and building permit fees, and the cost of some projects being lower than budgeted, all contributed to the the $18.9 million fund balance. The Board of Education returned to the town $1.8 million in money it did not spend in the 2010-11 budget.
If officials include the $7 million carried over and used to offset the 2011 mill rate increase, the town actually had a $25 million surplus.
[For a discussion of the fund balance, please see the accompanying video with First Selectman Tesei.]
Tesei said, "We exceedingly lived well within our means. The revenue was driven by building permits and conveyance taxes. There was an increase in construction activity." He said a fund balance of $16 to $18 million was "typical for the town before the economic downturn. With the $18 million (for the 2010-11 budget year) we are on good financial footing."