Hamden Ends Fiscal Year 2018-19 With Budget Surplus

HAMDEN, CT — Hamden finished the 2018-19 fiscal year with a surplus of around $506,000, Mayor Curt Balzano Leng announced. The town audit confirmed the balanced budget and small surplus, according to Leng.

The Independent Audit, which is conducted by a firm hired by the Hamden Legislative Council confirmed the numbers and showed the result, an increase to the fund balance. The audit was completed on time for the first time in six years, according to Leng.

The balanced budget and surplus was accomplished without capital “sweeps,” as has been necessary in some previous fiscal years, especially fiscal year 2017-2018 when the state budget crisis hit and Hamden “lost millions in state revenue unexpectedly mid-year,” according to a news release from the mayor’s office.

Showing a balanced budget, not receiving any major “findings” and without capital sweeps, “illustrates clear incremental improvement that strengthens the town’s financial position overall,” the news release states.

“We are seeing the results of our multi-year efforts to stabilize Hamden’s finances,” Leng said. “By consistently working to implement strategic, impactful reforms that deliver long-term cost savings, we strengthen our finances. These many efforts are showing real results. Negotiated changes reached with our labor unions and administrative reform efforts are reducing health insurance and pension costs, two of the largest annual costs we face, and savings millions of dollars.

“Hamden’s financial position is stronger because of the work and stewardship of our finances that are central to nearly every decision we make. We still have a lot of work to do and I remain sternly committed to continuing to address our financial challenges, every day, while always keeping a close eye on how decisions effect our taxpayers’ wallets.”

Interim Finance Director Myron Hul said the town’s fund balance increased from $1,467,803 in 2018 to $1,974,640 at the end of fiscal year 2019.

“Hamden has moved towards strengthening our ‘rainy day’ fund with our audited surplus, and we will continue to work to ensure that the audit of FY19-20 produces continued improvements to the town’s financial position,” Hul said.