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Maturo Announces 2014-15 Town Surplus of $720k

Mayor Joseph Maturo, Jr. announced today that, based on the initial batch of year-end budget services reports from the Town's Finance Department, the Town is projecting a $720,000 dollar surplus for the 2014-2015 fiscal year.

Maturo explained, “Thanks to reduced debt service payments, aggressive tax collections, and operating savings achieved by holding the line on discretionary spending, the Town is projecting a strong operating surplus of $720,000 dollars for the 2014-2015 fiscal year which, depending on final revenue calculations through August 31st, could grow to over $1 million dollars."

Specifically, according to Finance Director Paul Rizza, revenue for the ’14-’15 fiscal year through June 30th totaled $88.12 million and total expenditures, including the Board of Education, were $87.40 million.