Here's Why Oxford's Finances Are Expected To Get Even Better

OXFORD, CT — Some important updates on the town's financial situation via the February Board of Selectmen meeting. The annual report addendum was approved and this showed that there was $11 million in the fund balance as of June 30, 2018 with $3 million to $4 million used to finance the current year, which leaves approximately $7 million to $8 million in surplus.

A total of $5 million is required to be held in surplus and the town is over that amount, officials reported at the meeting.

It is also expected that the town will have better financial news going forward, according to board of selectmen meeting minutes. The town owns 18 lots by the power plant that will be marketed for sale. The lots range in price from $500,000 to $700,000. Once buildings are placed on the lots, the town will receive taxes for the life of the buildings. Currently, the sale of the properties is being delayed due to road acceptance, officials said.

The road has sunk by East Commerce Drive and the town is working to have the power plant fix the road, officials reported at the meeting.