Cheshire's budget surplus is about $1.23 million, an amount that's larger than had been predicted just a month ago, Town Manager Michael Milone said Tuesday.
In June, the last month of the fiscal year, Milone said the surplus grew by $230,000 in part because costs from the October 2011 storm were less than expected. "The numbers only get better, not worse," he told the Town Council.
The surplus funds could be used in a number of ways, according to Milone:
- $600,000 as revenue for fiscal year 2013
- $100,000 for Cheshire Community Pool operations
- $150,000 for expanded recycling program
- $100,000 for debt service reserve
Milone told the council there is an addtional $280,000, not included in projected uses (listed above) that may be allocated to other accounts or projects.
Utilizing the surplus as suggested will put the town's general fund balance at $9.05 million or about 9.3 percent of the town's estimated expenses.
The council has until Aug. 31 to allocate the surplus funds.