HAMDEN – Mayor Curt Balzano Leng is very pleased to report that the Town of Hamden ended Fiscal Year 2018-2019 with surplus of approximately $506k. This balanced budget and small surplus was confirmed in the Town Audit. The Independent Audit, which is conducted by a firm hired by the Hamden Legislative Council confirmed these numbers and showed the result, an increase to the Fund Balance. The Town is also very pleased to report that the audit was completed on-time for the first time in 6 years.
The balanced budget and surplus was accomplished without capital “sweeps”, as have been necessary in some previous fiscal years, especially Fiscal Year 2017-2018 when the State budget crisis hit and Hamden lost millions in State revenue unexpectedly mid-year. Showing a balanced budget, not receiving any major “findings” and without capital sweeps, illustrates clear incremental improvement that strengthens the Town’s financial position overall.
Mayor Curt Balzano Leng commented, “We are seeing the results of our multi-year efforts to stabilize Hamden’s finances. By consistently working to implement strategic, impactful reforms that deliver long-term cost savings, we strengthen our finances. These many efforts are showing real results. Negotiated changes reached with our labor unions and administrative reform efforts are reducing health insurance and pension costs, two of the largest annual costs we face, and savings millions of dollars,” Leng said. “Hamden’s financial position is stronger because of the work and stewardship of our finances that are central to nearly every decision we make. We still have a lot of work to do and I remain sternly committed to continuing to address our financial challenges, every day, while always keeping a close eye on how decisions effect our taxpayers’ wallets.”
Interim Finance Director Myron Hul commented, “Our fund balance, which is steadily improving, increased from $1,467,803 in 2018 to $1,974,640 at the end of fiscal year 2019. Hamden has moved towards strengthening our “rainy day” fund with our audited surplus, and we will continue to work to ensure that the audit of FY19-20 produces continued improvements to the Town’s financial position.”
For further information, please contact Deputy Chief of Staff, Patrick J. Donnelly at (203) 287-7009 or by email at firstname.lastname@example.org.
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