Phil

Woburn, MA

#1 May 20, 2009
As some of you may remember, about a year ago I posted on a local blog on the amount of Killingworth’s undesignated Fund Balance (surplus) which as of 7/07 was $3.5 million. Monday night at the Town Meeting we learned that that balance has increased to just under $ 4 million as of 7/08. This does not include $886,000 left over in the Capital Reserve Fund or the $204,000 balance in the Other Governmental Funds account, or the close to $1 million surplus that Regional #17 discovered that should be returned to Killingworth’s coffers.
According to the CT’s Office of Policy and Management that relies on the recommendations of the Government Finance Officers Association, towns should try to maintain a funds balance of “5 to 15 percent of regular general fund operating revenues…” Killingworth’s surplus is pushing 20% of our budget, including Regional 17, even though each year monies are taken out of this surplus and placed in the town’s budget, the surplus is still increasing.
No one needs to be reminded that these are increasingly tough economic times for many of Killingworth’s taxpayer’s, and it is way past time that this administration give back a larger share of this surplus so that families can better afford the necessities of life. If we were to maintain a 10% surplus, which is mid-range of the recommendation, we could reduce our mill rate by 2 mills and give back more than $50 per month to the average Killingworth taxpayer.
It is time that this administration thinks about Killingworth struggling families.

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