Hamden to Finish Year with Budget Surplus: Officials

HAMDEN, CT — The town of Hamden is expected to finish the fiscal year with its fifth straight surplus, according to town officials.

Hamden ended Fiscal Year 2015-16 with an expected unaudited surplus of approximately $400,000, Mayor Curt Balzano Leng announced in a press release.

If the numbers hold, it will represent the fifth consecutive year that Hamden has ended with a balanced budget with small surplus to strengthen town's overall finances, according to Leng.

While the numbers won’t be confirmed until the town’s annual audit at the end of the year, officials say it is unusual for the audited numbers to be significantly different from projections, unless there are unexpected developments.

“Continuing forth with our efforts to stabilize Hamden’s finances with balanced budgets, along with smart, conservative budgeting, is improving key municipal finance foundations, from fund balance to pension restoration. These are without question critical steps that will allow us to realize legitimate, long term tax-relief,” Leng said in a statement. “I am proud that we have helped strengthen the town’s financial position and I remain committed to continue addressing our financial challenges now, which will soon allow our great town to reduce our residential tax burden."

Expenses for FY16 ended at $208,824.42, which translates to $2,711,513 less than budgeted, according to the press release.

Finance Director Salvatore A. DeCola notes that this will bring Hamden’s Fund Balance, also known as the “Rainy Day Fund,” to approximately $3,447,415.

“Our fund balance, while still in need of attention, increased from$557,564 in 2011 to approximately $3,447,415 at the end of fiscal year 2016,” DeCola said. “I am exceptionally pleased with the progress the town has made towards a more financially responsible position.”

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