Surplus of $1.57 Million Coming Back to Fund Balance

After achieving a $1 million surplus in 2011-12, the town upped the ante in 2013 by returning a total of $1.57 million to the unassigned fund balance -- including $250,000 to be used to offset the mill rate.

Credit: Jason Vallee.
Credit: Jason Vallee.
The town’s coffers, and perhaps the wallets of taxpayers, just got a little bit heavier.

Berlin announced that after closing out the 2012-13 fiscal year, the community garnered a $1.57 surplus that will help fill the unassigned fund balance and aid in lowering the mill rate. According to tow officials, Berlin has designated $1.32 million to the fund balance while members of the Berlin Town Council designated the remaining $250,000 to offset the mill rate.

“The financial report from the last fiscal year came in better than what we had anticipated,” Berlin Town Manager Denise McNair said.

The boost comes a year after the town saw a $1 million surplus and with the new funds helping fill the undesignated fund, also known as the rainy day fund, Berlin is in a great position financially as they move forward.

The new funds serve to increase the balance to approximately $11.3 million – a total of more than 14 percent of annual expenditures on the town side – and puts the community in great position to receive a strong review from financial institutions including Standard & Poor’s and Moody’s.

McNair told the Berlin Citizen that the efforts are due to strong department budgeting and an increase in returns from the town clerk’s office, who saw an increase in property transfers help lead to a $68,000 revenue.

“I really do have to applaud the department heads, as well as all of the staff, for really looking at what the needs for their departments were and not spending money even when they had it in their budget,” McNair told the Berlin Citizen.

Make sure to like Berlin Patch on 
Facebook and follow on Twitter for breaking news, daily updates and more!


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »