EAST HAVEN, Conn. (WTNH)- East Haven Mayor Joseph Maturo, Jr. announced today that the Town is projecting an $840,000 surplus for the 2013-2014 fiscal year.
Maturo explained, “Thanks in large part to the cautionary spending freeze I instituted in December and due to aggressive tax collections by the Town Attorneys and the Tax Department, the Town is projecting a surplus of $840,000 dollars for the ’13-’14 fiscal year.”
Specifically, according to the Finance Department’s latest projections, revenue for the ’13-’14 fiscal year totaled $86.47 million and total expenditures, including the Board of Education, totaled $85.63 million.
Maturo continued, “The projected $840,000 dollar surplus will be added to the Town’s rainy day fund, raising that fund from $1.60 million to $2.44 million dollars – its highest level since 2007. This increase is particularly noteworthy given the fact that just four years ago, the Town’s rainy day fund had spiraled into a $5.19 million dollar deficit under the previous administration.”
Maturo’s announcement comes ahead of a Board of Education meeting scheduled for September 9th at which Board of Education officials are expected to announce that the Board over-expended its allotted funding for the ’13-’14 fiscal year by approximately $182,000 dollars.
Maturo explained, “For 2013-2014, the Town’s actual budget surplus is projected to be $1.02 million dollars. However, because it appears the Board over-expended its appropriation by about $182,000, that over-expenditure is required to be deducted from the Town’s $1.02 million dollar surplus. Nevertheless, despite this over-expenditure, the net effect is a healthy budget surplus of $843,000 dollars.”
Maturo continued, “Although I am not pleased with the Board’s failure to work within its budget, I am happy that the spending freeze I instituted in December and the Town’s strong revenue collections have carried the Town to another healthy budget surplus.”
On December 13, 2013, Maturo initiated a town-wide spending freeze halting spending on “all non-emergency purchase orders and overtime” which required that department heads obtain prior approval from the Mayor for all discretionary and non-essential expenses in excess of $20.00. Additionally, the Town collected a record-breaking $995,000 dollars in delinquent tax revenue, exceeding the anticipated collection figure of $750,000 dollars by an unprecedented 32 percent.