Stamford Reports $18M Budget Surplus For Fiscal Year '20-'21

STAMFORD, CT — According to a news release from Mayor David Martin's office, the city of Stamford is reporting an $18 million surplus for the 2020-2021 fiscal year.

"Despite the uncertain economic times we are living in as a result of the ongoing COVID-19 pandemic, Stamford’s economy continues to grow faster and stronger than ever," said Mayor David Martin in a news release. "I am proud that Stamford has ended the fiscal year with such a substantial surplus that we can utilize to further improve our city."

Martin said the city has submitted a request to the Board of Representatives and Board of Finance to approve the allocation of these funds for a variety of purposes including an increase in Stamford’s "Rainy Day Fund" to increase and initiate Risk Management funds for future storm related costs and workers compensation costs, funding for Board of Education facilities, and city non-recurring capital projects.

"The city of Stamford has substantially outperformed budgetary predictions for the 2020-2021 fiscal year," added Director of Administration Sandy Dennies in a news release. "This is in large part due to city departments, particularly the Department of Public Safety and Public Health, employing alternate business models to contribute significantly to the city’s savings."

The news release from Martin's office stated that "in addition to Stamford’s cost-effective economic strategy, one of the most significant reasons for the excess of revenue is due to the current year’s property tax levy being collected at a 97.5 percent rate, far higher than the anticipated 93.9 percent."

Building permit revenue was also $5.7 million more than budgeted, and conveyance tax revenue was $6.3 million more than budgeted, the news release pointed out.

"The $18 million surplus defies original budgetary plans that incorporated $33 million cash loss for the fiscal year, a figure that was based upon the potential impacts of the COVID-19 pandemic," the news release said. :This cash shortfall was originally to be covered by the use of rainy day funds and short-term borrowing. Instead, expenses were less than the budget plan and revenues were higher, resulting in the $18 million surplus."