Temple: Oxford Has $1.2M Surplus

The town of Oxford had a $1.2 million surplus at the end of the fiscal year, First Selectman George Temple announced Wednesday.

Temple said that according to a preliminary audit,” the town’s fund balance increased from $3,467,700 to $4,727,663, for a total surplus of $1,259,963.

The audit was recently conducted by Meyers & Company L.L.C, certified public accountants from Danbury, the press release said.

Town Finance Director James Hliva said the surplus broke down into three elements: 

  • $604,567 rebate for insurance
  • $350,000 reimbursement from FEMA for Hurricane Irene and Storm Alfred, and
  • $333,578 savings from the Board of Education budget.

Temple lauded the school board for its fiscal discipline.

The Board of Education under the leadership of Paula Guillet has demonstrated what can be accomplished when we concentrate on the best interest of the taxpayer instead of parochial self-interest,” the first selectman said.

In the press release, Temple credited the surplus to many hours of work product in the town’s finance office, coupled with a pragmatic approach in managing the town’s resources,” and said the money will help lower taxes.

It is my intention to return the surplus money to the people in the form of reduced taxes,” he said.

The preliminary audit will be forwarded to the Board of Finance for their Dec. 17 meeting. After it is reviewed by the Board of Finance it will be filed with the town clerk’s office and the State of Connecticut’s Office of Policy and Management, the press release said.

Hliva said he was happy the audit was done this year before the state deadline and without an extension.

We were very lucky we had the mild winter we did last year after we suffered through Hurricane Irene and Storm Alfred on Halloween 2011,” he said.

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