Wednesday, August 01, 2012
Fiscal Year Ends on Positive Note, $2.3 Million Up
Higher than anticipated revenues and cost cuts in general government, public safety, and reductions in debt service and insurance expenses netted Westport a $2.3 million favorable balnce for the fiscal year ending June 30, Gary Conrad, Westport?s finance director and acting personnel director, announced today.
He said the money that will be rolled back into the town?s fund balance.
Conrad, who submitted the unaudited results to Board of Finance members in advance of tonight?s meeting, said the savings make good on First Selectman Gordon Joseloff?s pledge last fall to reduce budgeted town expenditures by at least $500,000 in the 2011-12 fiscal year. Expenses were estimated to be $950,000 under budget, Conrad said.
In addition, he said revenues are expected to be $1.3 million favorable due mainly to higher tax collections, interest on past due taxes, parking violations payments and Emergency Medical Services reimbursements.
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Source: http://www.westportnow.com/index.php?/v2/39352/
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