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Hamden News & Updates

Posted on: September 8, 2021

Hamden Ends FY20-21 with Balanced Budget & $10million Surplus

Hamden Ends FY20-21 with
Balanced Budget & $10million Surplus
  
HAMDEN – Mayor Curt Balzano Leng and Finance Director Scott Jackson are very pleased to report that the Town of Hamden ended Fiscal Year 2020-2021 with a balanced budget and a preliminary surplus of approximately $10,000,000, increasing Hamden’s fund balance (emergency savings account) to approximately $7M.

Hamden expended approximately $238.53M in FY20-21 with revenues of $248.98M. The balanced budget and surplus will be fully reviewed by independent auditors who review the Town books annually in the upcoming year-end audit. This is typically conducted by a firm hired by the Hamden Legislative Council. 

Commenting, Finance Director Scott Jackson said, “It is reasonable to say that we expect about $10M in revenues over expenditures, bringing our fund balance to about $7M. The diligence of Hamden’s taxpayers in staying current even in a pandemic year, the diligence of our staff in providing fee-based services in very challenging times, and expenditure control by all of our leadership team contributed to this extraordinary outcome.”

Mayor Curt Balzano Leng commented, “Hamden is making steady progress as we seek to further strengthen our overall financial position. Balanced budgets matter, and a healthy surplus goes a long way in shoring up our Town finances, which secures and ensures the services we depend on. I’m proud and thankful for the work of our Finance Department, Director Jackson and our team of outside financial professionals who together allow us to complete the hard work we’ve done to stabilize and strengthen our Town finances. This improved financial position is a strong foundation from which we can ensure that residents receive the essential services they deserve and sets us up for more success in the future.”

It’s important to note that the balanced budget and surplus was accomplished without any capital “sweeps” or reductions to any required financial obligations, as have been necessary in some of our most challenging previous fiscal years. This demonstrates that the Town is on a clear path of consistent, incremental improvement, further strengthening Hamden’s overall financial position.

(Consistent with every municipal fiscal year, the projected surplus total remains subject to successful completion of any outstanding expenditures, anticipated year-end transfers and the annual independent audit.)

For more information please contact the Office of the Mayor at 203-287-7100.
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