Borough Closes 2009-2010 with Surplus – 10/14/2010

Posted by Bob on October 14, 2010 under Daily Blogs | Be the First to Comment

The Joint Boards of Finance and Mayor and Burgesses (“Joint Boards”) closed the books on the 2009-2010 fiscal year at a meeting this past Tuesday, October 12, 2010.  Despite a historic economic recession and a tumultuous year involving the educational system, the Borough ended the fiscal year with a surplus of EIGHT HUNDRED NINETY FOUR THOUSAND EIGHT HUNDRED FIFTEEN and 91/100THS ($894,815.91) DOLLARS.  An analysis of the unaudited final 2009-2010 budget can be viewed here.

At said Joint Boards meeting, transfers were made from excess dollars in certain accounts to contingency in an amount necessary to cover shortfalls in other accounts.  An analysis of the unaudited final 2009-2010 budget can be viewed here.

To resolve the operating educational shortfall during the 2009-2010 fiscal year, the Joint Boards agreed to assume NINE HUNDRED FIFTY FIVE THOUSAND NINE HUNDRED SIX and 00/100THS ($955,906.00) DOLLARS of school-related expenses.  In combination with concessions from educators and support staff, this prevented significant layoffs and disruption during the school year.  After tightening controls, cutting costs and restricting discretionary spending, the 2009-2010 school budget actually resulted in a surplus of TWELVE THOUSAND FOUR HUNDRED EIGHTY TWO and 83/100THS ($12,482.83) DOLLARS.

Comptroller and Board of Education Business Manager Wayne McAllister performed tremendously throughout this difficult fiscal year.  Mr. McAllister’s leadership and expertise were critical to protecting taxpayers, students and Borough employees.  It was also a pleasure working with the members of our Joint Boards and Board of Education.  While we naturally have diverse opinions and passionately debate certain issues, there is a collective commitment to improving efficiency and reducing costs while providing quality services.

Preparations for the 2011-2012 budget will begin next month.