New Fairfield posts $750,000 budget surplus
New Fairfield posts $750,000 budget surplus
Dirk Perrefort, Staff Writer
Published: 11:34 p.m., Friday, August 13, 2010
- New Fairfield First Selectman John Hodge Photo: Chris Ware / The News-Times | Buy This Photo
NEW FAIRFIELD -- First Selectman John Hodge announced a $750,000 budget surplus during his annual state of the town address this week.
Hodge said during the address, made Thursday night before the Board of Selectmen, that despite a tax decrease approved by the voters last year and the current national economic crisis, the town was still able to post a surplus for the 2009-10 fiscal year.
"As always, none of this could have happened without the hard work and dedication of our town employees and department heads," Hodge said told the board. "They are the true heroes in this success story."
He added that the town has posted surpluses in the past five years, including a more than $1 million surplus last year, and received an upgrade in its bond rating last year to AAA, the highest available. Town finance director Jay Waterman said Friday that the surplus came from several sources, including $88,000 in additional revenue from the town's portion of the real estate conveyance tax, as well as an increase of about $86,000 in tuition from out-of-town children attending New Fairfield schools.
On the expenditure side, Waterman said the town spent $200,000 less than budgeted on the police department because three state troopers were replaced by new troopers with lower salaries.
The town also saved about $80,000 on utility costs, he said, in part by renegotiating the generation rate the town pays for electricity.
Selectman Monika Thiel said the surplus is good news for the town.
"I'm very happy things are going well in the town, and I hope it stays that way," she said.
Thiel added, however, she is concerned about surpluses, since the town is supposed to be operating on a "bare bones" budget.
"It makes me wonder if we aren't maintaining our infrastructure," she said. "I would love to see some of the surplus be used for capital improvements."
Hodge said he hopes to use the surplus to pay part of the cost of upgrades to three bridges along East Lake Brook. New culverts have to be placed under the bridge to handle running rainwater during storms.
"We've established a tradition of reinvesting the surplus in infrastructure," Hodge said, "and I hope to continue that trend."
Contact Dirk Perrefort
or at 203-731-3358.
