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Maturo: East Haven Ends Fiscal Year 2012 with Budget Surplus

The East Haven Mayor's Office reports that the ongoing spending freeze has allowed the town's coffers to finish the 2011-12 fiscal year with a surplus of more than $439,000.

The following is a press release from the East Haven Mayor's Office.

Mayor Joseph Maturo, Jr. announced today that, despite several line-item shortages inherited from the prior administration, the Town of East Haven ended the 2011-2012 fiscal year with a budget surplus of $439,068.00.

Maturo explained, “Upon coming into office, my team and I uncovered several budget irregularities and quickly concluded that serious spending cuts needed to be implemented to ensure that this budget closed with a surplus.  Thanks to the spending freeze which we initiated just eleven days after taking office, and which continued for seven months through June of 2012, I am happy to report that my team and I closed this budget with a surplus.”

In addition to the budget problems uncovered late in 2011, Paul Rizza, the Town’s Finance Director, discovered in March of 2012 that expenses in certain accounts had been grossly underestimated during the last budget process.  Specifically, accounts for water, natural gas, sewer use, unemployment, and retirement payouts were shorted approximately $556,000.00 during the last budget process.  Despite those shortages, the Town still managed to produce a budget surplus.

Maturo continued, “The spending freeze, along with increased delinquent tax collection efforts, were significant factors which allowed us to overcome the shortages in several accounts and balance this budget.”

According to the Town’s Finance Department, the Town took in $85,546,817.00 in revenue and spent $85,107,749.00.  The difference, $439,068.00, is the excess of revenue over expenditures – more commonly known as the surplus.  Rizza explained, “Depending on the final audit numbers which come out in December, the surplus could rise as high as $480,000.00 or $500,000.000 dollars.”

The $439,068.00 surplus from this budget will be added to the Town’s fund balance, raising it to approximately $640,000.00.  Bonding agencies recommend that municipalities maintain a fund balance equal to 5% of yearly expenditures.  In East Haven’s case, the recommended fund balance is approximately $4.25 million. 

Maturo explained, “In my previous 10 years as Mayor, we fought to get East Haven off of the State’s distressed municipalities list and restored the fund balance to over $8 million dollars at one point.  I’m proud to have ended the ugly cycle of deficit spending that the Town had engaged in during the past four years and promise that we will continue to utilize common sense budget practices to ensure that our Town continues to grow its savings.”

cheryl October 15, 2012 at 06:32 PM
im sure ppl will have crap to say about this,,i think he did a good job but ppl will find some kind of fault,,so im going to sit back and wait for the ppl that hate maturo no matter what he does.
katie brown October 15, 2012 at 06:53 PM
Thanks Mayor Maturo!
Lou October 15, 2012 at 07:24 PM
Awesome!
Flowers October 15, 2012 at 07:46 PM
Bless you Mayor Maturo. First a traffic light on Mansfield and Short Beach and now this. Can it get any better? East Haven is truly fortunate to have you.
CAjones October 15, 2012 at 07:51 PM
All I can say is we's don't take kindly to a suplus in dis here burg. Unlessin it come from a clamroll. I'm a thinkin sure enough some AS(s)mith is a gonna tells yuz why. What we need in this town is Mark Twang and the posse of unhappy fools......We'll be "A" hearin from um soon enough. Oh and I got some charmin so they could wipe their mouths after they done squealing.
Paul October 15, 2012 at 08:11 PM
well duh, my takes went up 17% last year - and didn't come back down even with a home reassessment.
CAjones October 15, 2012 at 08:26 PM
well DAH.......your "takes" went up? Genius. why don't you "give" us a break..... for a little give and take.
Anne October 15, 2012 at 08:41 PM
Taxes went up 17% under April and it was 2 years ago.
Taxes may have went up under the prior Adminastration to help resolve a financial mess that was left by the prior Maturo Adminastration however; as many readers may remember during the Campaign Mayor Maturo promised to repeal the 17% tax increase and his adminastration has yet to fullfill this promise. But he did increase the Mill rate which gave residents another tax increase.
Patrick Madley October 15, 2012 at 11:54 PM
So happy that the surplus of approximately $200,000 from November of last year is now over $439,000!!!!!
Anne October 16, 2012 at 12:42 AM
April raised taxes in her 4th term 17%--hardly pointing to financial problems from previous administration--3 years later. She spent out of control and had to raise taxes--and only basically broke even! Joe may have promised to repeal, but he quickly realized the town was in such a financial crisis, he couldn't lower the taxes.
Anne, Not only did he not lower them but he hit residents in the wallet with a tax increase that made many families who were struggling to put a roof over their head lose that roof,..the foreclosure and unemployment rate under the current Mayor both continued to escalate not decline.
Anne October 16, 2012 at 10:47 AM
But why aren't you upset at the person who originated a 17% tax increase? YOUR MAYOR increased it in her 4th term to help cover her gross overspending!! Foreclosures and unemployment rates may continue under this Mayor but look at YOUR govenor and YOUR president for not doing more to combat these issues! They're national issues, not just in East Haven!
Paul October 16, 2012 at 04:52 PM
Exactly! Maturo was supposed to bring rates back down from the 17% increase - instead, he ALSO raised the Mill Rate. Republicans - they are all the same.
Paul October 16, 2012 at 04:57 PM
Well if we're talking national - then once again we have to look at Republicans. Want to talk about unemployment, rising deficits, and increased local taxes? Look no further than years of obstruction from the GOP...and Linda McMahon wants to be our Senator, and meanwhile you blame the President? In the words of Biden: hahahahahaha
CAjones October 16, 2012 at 05:04 PM
Certainly Liberal drones such as yourself feel "entitled" to think so absurdly. It does little to change the fact that you are a liberal drone or an arrogant twit. You and your masters would give away the store if we let you, apropos you quote Biden who is one of your parties biggest laughing stocks.
Anne, straight out of the shoot you have your facts twisted as Mayor Capone only served two terms not four as you state she did. When you get your facts straightened out then perhaps we can have a conversation that will benefical to all readers.
Anne October 16, 2012 at 07:55 PM
Oh sorry, Hoff....I meant 4th year.....like you never made a "mistake" on here.....
Anne October 16, 2012 at 07:56 PM
The rest of my comment still stand and are FACTS!

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