Westport Ends 2011-12 Fiscal Year With $2.3M Favorable Balance

Westport Finance Director and Acting Personnel Director Gary Conrad today reported that the preliminary financial results for the year ending June 30 are estimated to be .

Making good on a pledge by First Selectman Gordon Joseloff last fall to reduce budgeted town expenditures by at least $500,000 in the 2011-12 fiscal year, expenses were estimated to be $950,000 under budget, Conrad said.

He pointed to cost savings in general government, public safety, and reductions in debt service and insurance expenses.

Conrad said revenues are expected to be $1.3 million favorable due mainly to higher tax collections, interest on past due taxes, parking violations, and Emergency Medical Services reimbursements.

The $2.3 million in savings will roll back into the town’s unassigned fund balance, partially offsetting the funds used to reduce the 2012-2013 mill rate for taxpayers, Conrad said.  

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