We are hard at work on an excellent grant funding opportunity for serious reimbursement from FEMA for the last blizzard. If successful, Hamdn could see reimbursement of 75% of our expenses!
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Thursday, January 20, 2011
Tuesday, January 04, 2011
Despite difficulties, upbeat audit for Hamden
Despite difficulties, upbeat audit for Hamden (video)
Published: Tuesday, January 04, 2011
By Ann DeMatteo, Assistant Metro Editor
adematteo@nhregister.com
HAMDEN — When it comes to last year’s $8.3 million operating deficit, the town is in recovery mode.
The town had a lot of financial pressures in the fiscal year that ended June 30, but issues are getting resolved, said the town’s auditor of three years, Scott Bassett of McGladrey & Pullen of New Haven. Bassett reviewed the audit report with the Legislative Council Monday night; it was accepted.
Officials noted that it was the first time in years that the town will be submitting its audit to the state on time. It will be delivered today, Bassett said.
The town’s savings account, also known as the fund balance, was at $574,675, a decrease of just over $8 million from the previous fiscal year.
Finance Director Kathleen Etkin said the fund balance will begin to creep up with the addition of $1.7 million as part of the refund the town received from the Connecticut Resources Recovery Authority, which no longer operates the trash-to-energy plant in Wallingford. Another $109,000 from CRRA will be added in April, she said.
Council President James Pascarella, D-at large, said there were no surprises in the audit. Responding to a question from Pascarella, Bassett agreed that the town dealt with shortfalls, including shortfalls in building fees of $1.27 million and conveyance taxes, but was able to hold down expenditures, which helped the bottom line. The town also lost $3.39 million in expected educational cost-sharing grant money, for example.
“We’re pleased you recognized the internal service funds were replenished,” Pascarella said, referring to the town’s efforts to cover deficits in medical self-insurance and worker’s compensation accounts.
Pascarella added that facing those deficits, the administration and council tackled them together.
The town refinanced debt service and used savings to fill in an $8.6 million gap in medical self-insurance, which had grown over several years. The 2010-11 budget was funded at about $36 million, he said. The contribution to worker’s compensation jumped from $750,000 to $1.5 million, he said.
“The auditors and the rating agencies recognize the very aggressive moves by the administration, and the council greatly turned the matter around,” Pascarella said.
“They went out of their way to say we took care of a structural imbalance,” said Curt Leng, Mayor Scott D. Jackson’s chief aide. “Last year’s priority was restoring the medical self-insurance deficit. This year’s goal is to get the fund balance back, and that’s already under way.”
Published: Tuesday, January 04, 2011
By Ann DeMatteo, Assistant Metro Editor
adematteo@nhregister.com
HAMDEN — When it comes to last year’s $8.3 million operating deficit, the town is in recovery mode.
The town had a lot of financial pressures in the fiscal year that ended June 30, but issues are getting resolved, said the town’s auditor of three years, Scott Bassett of McGladrey & Pullen of New Haven. Bassett reviewed the audit report with the Legislative Council Monday night; it was accepted.
Officials noted that it was the first time in years that the town will be submitting its audit to the state on time. It will be delivered today, Bassett said.
The town’s savings account, also known as the fund balance, was at $574,675, a decrease of just over $8 million from the previous fiscal year.
Finance Director Kathleen Etkin said the fund balance will begin to creep up with the addition of $1.7 million as part of the refund the town received from the Connecticut Resources Recovery Authority, which no longer operates the trash-to-energy plant in Wallingford. Another $109,000 from CRRA will be added in April, she said.
Council President James Pascarella, D-at large, said there were no surprises in the audit. Responding to a question from Pascarella, Bassett agreed that the town dealt with shortfalls, including shortfalls in building fees of $1.27 million and conveyance taxes, but was able to hold down expenditures, which helped the bottom line. The town also lost $3.39 million in expected educational cost-sharing grant money, for example.
“We’re pleased you recognized the internal service funds were replenished,” Pascarella said, referring to the town’s efforts to cover deficits in medical self-insurance and worker’s compensation accounts.
Pascarella added that facing those deficits, the administration and council tackled them together.
The town refinanced debt service and used savings to fill in an $8.6 million gap in medical self-insurance, which had grown over several years. The 2010-11 budget was funded at about $36 million, he said. The contribution to worker’s compensation jumped from $750,000 to $1.5 million, he said.
“The auditors and the rating agencies recognize the very aggressive moves by the administration, and the council greatly turned the matter around,” Pascarella said.
“They went out of their way to say we took care of a structural imbalance,” said Curt Leng, Mayor Scott D. Jackson’s chief aide. “Last year’s priority was restoring the medical self-insurance deficit. This year’s goal is to get the fund balance back, and that’s already under way.”
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