Madison Ends The Budget Year With A Sizable Surplus

Whenever a community ends the budget year with a hefty surplus the news can be taken as both good and bad news. It’s always good news to end the year with a surplus, but some can view a sizable surplus as overtaxing residents during the course of the year.

Madison was projected to end the 2013-14 fiscal year with a budget surplus of $1.75 million, according to Finance Board meeting minutes.

Part of the reason for the increase is due to increased fees and unexpended expenses in departments of $500,000, meeting minutes state.

First Selectman Fillmore McPherson noted that the large areas where there were under expenditures were legal, payroll and utilities. In response to a question by Mr. McKissick, Ms. Nobitz noted that the target for fund balance is $900,000, according to meeting minutes. Mr. MacDougald commented that it would be good to do an analysis of the unexpended areas during the budget process.