Southington Pads Its Surplus

SOUTHINGTON, CT — The town's finance board recently went over some numbers from the recently completed 2021-22 fiscal year and, for now, the town has added nicely to its surplus.

The Southington Board of Finance met July 27 and members discussed the current financial state of the town based on the latest fiscal year, which ended June 30.

According to meeting minutes, the town operated budgetary-wise, with a surplus last fiscal year, spending about $155 million while taking in some $161 million in revenue.

The town is still crunching numbers from 2021-22, but finance board members said they are project a surplus of about $4.3 million.

According to the meeting minutes, about $1.9 million will be carried forward in the town's surplus, with $2.3 million going to the Southington Board of Education's non-lapsing accounts for 2-19, 2020 and 2021.

Fueling the surplus for the recently completed fiscal year was the fact property tax revenues, according to the finance board, came in $1.9 million more than budgeted.

Other areas of the town's revenue stream also came in more than budgeted, including license and permit fees ($103,000); investment revenue ($103,000); and state grants ($764,000).

Overall, revenue sources that are not tied to taxes came in at $1.3 million more than anticipated.

For the minutes of the Southington Board of Finance meeting July 27, click on this link.