CITY ANNOUNCES $1 MILLION SURPLUS FOR FY ’06-‘07
(8/1/2007) NEW HAVEN- The City’s Office of Management and Budget reported an operating general fund budget surplus of approximately $1,061,000 as of June 30, 2007. The City estimates having received revenues of $422,070,000 in fiscal year 2006-2007 and expenditures of $421,009,000.
The Office of Management and Budget developed an action plan earlier during the fiscal year 2006-2007 to balance the budget when they thought increased costs associated with operating the Transfer Station, Overtime for the Police and Fire Departments, and costs associated with Education and Worker’s Compensation would create a deficit. The plan called for selling-off certain City-owned properties to private individuals and developers, maximizing tax and tag collections and procuring energy at locked-in rates in the retail marketplace to avoid rate increases.
“I applaud they great work of the Office of Management and Budget and their foresight to avoid a deficit and achieve our current surplus,” said Mayor John DeStefano, Jr. “Working together with the budget team, the Board of Aldermen, the Finance Committee and City staff we were able to cut costs and ensure the economic viability of the City.”
“This surplus validates the hard-work and strong collaboration between the finance committee, city administration and office of management and budget to uphold the cost savings plan we outlined last year,” said Alderman Sergio Rodriguez (D-26), Chair of the Finance Committee. “Our ability to achieve this surplus demonstrates the commitment of the finance committee and city administration to be fiscally responsible and accountable to our citizens.”
On a monthly basis, Lawrence D. Rusconi, Director of Management and Budget, and his team shared reports on the progress of the action plan with the Mayor and the Board of Aldermen as well as maintained monthly communication with the various credit rating agencies. “Strong financial management is a priority in New Haven,” said Rusconi. “We were diligently analyzed our expenditures and revenues from the very beginning and throughout the fiscal year to identify needs in our budget and implement timely solutions in the best interest of the City and its residents.
The City’s independent auditor is currently conducting its review of the fiscal year 2006-07 financial operations.
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