Wilton finances are in the black

The Board of Finance received good news on town finances from Chief Financial Officer Anne Kelly-Lenz at its meeting June 19 in town hall.

Kelly-Lenz reported revenues for fiscal year 2018 are forecasted to be $1.6 million higher than anticipated in the Board of Selectmen's budget due in part to receipt of state funds that had been cut but were restored. Contributing to surplus revenues were:

  • State education cost sharing grant — $530,363.

  • State grant for town road aid — $158,000.

  • Cell tower lease signing bonus — $125,000.

  • Additional cell tower lease income — $6,667.

  • Payment of back taxes and increase in motor vehicle supplemental tax — $240,000.

  • Interest income — $290,000.

These gains were offset by a loss of $225,524 in state LOCIP funds.

In addition to increased revenues, Kelly-Lenz reported a decrease in expenses amounting to $1.8 million. The lion’s share of this is a savings of $1.25 million in Charter Authority that is expected to be unused. The rest of the savings came from open positions in the police department, assessor’s office, and public works department, along with a lower funding level needed for the OPEB (Other Post Employment Benefits) ARC.

The town’s fiscal year ends June 30.