Milford Ends Fiscal Year With a Multi-Million Dollar Surplus: Mayor Blake

For the fourth consecutive year, the City of Milford has ended the fiscal year with a multi-million dollar surplus.

While official numbers will not be available until the end of the calendar year, the unaudited budgetary surplus for the 2014-15 fiscal year is expected to be $4.3 million, according to Finance Director Peter Erodici.

“Our enviable total fund balance now stands at $24 million following four consecutive budget surpluses,” continued Erodici in a prepared statement released by the Mayor’s office. “I am very pleased with the progress the City has made to reach this superior level fiscal responsibility.”

Each year, the City of Milford develops a budget which protects our community’s core values by ensuring our public safety departments operate at optimal levels, our public infrastructure is properly maintained, and our social safety network is robust, officials said.

At the same time, each of our department heads has been challenged to hold the line on spending and streamline the approach by which services are delivered – guaranteeing that Milford City Government will be more efficient and productive than ever before, officials said in a statement.

According to Mayor Ben Blake in a statement, “we have reduced the costs of operations through thrift. In spite of health care expenses, pension contributions, debt service, and contractual wage obligations, Milford has worked hard to mitigate our liabilities while expanding the funding side of the budget with new, non-taxpayer sources of revenue. I am happy to report that we continue to identify new income streams which help to ease the burden on Milford’s taxpayers.”