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As members of the Killingworth Board of Finance, we are proud that we have kept both our tax rate and our reserves stable for several years.
It is important to keep a balance in our reserves—actually known as the General Fund Balance—in order to be prepared for unexpected expenses or drops in revenue. Both the Government Finance Officers Association and the rating agencies recommend a balance equal to two months’ operating expenses. We have consistently met this standard. Indeed, far from depleting our savings, we have actually increased our General Fund Balance steadily for the last seven years.
But we do not believe in asking taxpayers to fund reserves far above the recommended level. The future is uncertain for our residents as well as for the town, and we try to keep their tax rates as low as possible. When we can use surplus funds to do that, we do.
First Selectman Cathy Iino and Selectman Lou Annino work hard to control the cost of the services the town needs. Even after a budget is passed, they continue to look for savings and seek grants and other revenue to help fund those costs. That’s one reason we sometimes end the year with a surplus beyond the savings account that we need and why we can keep more money in the taxpayer’s pocket. Cathy and Lou’s expertise, experience, and familiarity with town operations and expenditures allow them to run the town as efficiently as Killingworth has been run over the past decade.
The authors are Democrats serving on the Board of Finance; Rimmer and Couture are seeking re-election.
The 2020 guide to the Madison Chamber of Commerce has arrived!