Solid fiscal management in Goshen is being credited with producing an expected budget surplus of about $380,000 for 2009-10.

The estimated surplus is due to higher than anticipated revenue and savings in operational costs, according to First Selectman Robert P. Valentine. Valentine reported the news to the Board of Finance on Thursday.

The surplus was $398,955 last week, but after some bills are paid will likely be about $380,000 when the books close on the fiscal year, which ended June 30, this week, according to Valentine.

Valentine credited town employees for working hard to hold the line on spending and the said the town's practice of not spending its budget down at the end of the year helped result in the surplus.

The 2009-10 budget was $9.8 million. The surplus will be added to fund balance, which currently stands at $1,502,742, and is used by the Board of Finance to offset tax increases.

Finance board Chairman Allan D. Walker Sr. and the board praised Valentine and town employees for their fiscal austerity.

"That is indeed good news, but it's not entirely surprising," Walker said of the surplus. "We've had similar results the past few years."

Revenue from property taxes, interest and lien fees, and building fees was $95,864 higher than projected. Operational savings totaling $315,216 came in several areas of the budget including public works ($126,677), employee benefits ($33,897), waste removal ($32,897), and insurance ($10,471).

Back to News