Guilford Reports Surplus of $947K for 2012-13 Fiscal Year

The follow press release was provided by the Selectmen’s Office of the Town of Guilford:

The First Selectman is pleased to announce that Finance Director Sheila Villano has reported to the Board of Selectmen and Board of Finance that based on the preliminary, unaudited results of the fiscal year 2012-13 budget, the Town should expect a surplus in excess of $947,000. Board of Education Business Manager Linda Trudeau also reported a surplus from the Board of Education budget in excess of $97,000. This results in a total anticipated surplus for both the Town and School budget of over $1,044,000.

The Town realized this surplus through savings in both personnel and non-personnel line items, by replacing retired staff with new personnel at lower rates, and with the cooperation of department heads, keeping routine expenses to a minimum in light of the unexpected costs incurred as a result of Hurricane Sandy and the February Blizzard. Further savings were realized since the budgeted transfer to the Land Acquisition Fund was not necessary, and only a small portion of the Contingency budget was needed. In addition, insurance costs were reduced due to an equity distribution from our carrier, CIRMA. Lastly, FEMA reimbursement to help defray the indirect costs associated with equipment use and administrative support during the two major storms also contributed to the surplus. These are just some of the factors which played a role in achieving such positive results of operations.

The First Selectman congratulates all department heads and staff for their cooperation in managing their budgets, particularly in light of costs associated with damages from Hurricane Sandy and the amount of snow removal and clean-up required during the February Blizzard.

“I am pleased to report that this is the fourth year in a row that the Town of Guilford has been able to produce a surplus which has helped rebuild the Undesignated Reserve from $2.2 million to almost $5.2 million,” said First Selectman Mazza. He added that “This has been achieved without any sacrifices to our excellent level of Town services.”