Contact: Laurence Grotheer
September 8, 2019 203-946-7660 (o); 203-676-6103 (c)
MAYOR HARP: CITY ENDS FY19 BUDGET YEAR WITH SUFFICIENT SURPLUS TO ERASE FY18 SHORTFALL
New Haven – Mayor Toni N. Harp said today the city’s 2019 fiscal year, which ended June 30, ended with a surplus large enough to erase the previous year’s budget shortfall.
Mayor Harp also said that after the approximately $10.8 million FY18 shortfall is erased additional surplus funds will be sufficient to make a deposit into the city’s Fund Balance, a.k.a. ‘rainy day fund.’
While the city’s annual budget cycle ends June 30 – and renews itself July 1 – it takes a couple months each year to reconcile and pronounce exact year-end budget figures; that process is winding down this month. Mayor Harp singled out city Controller Daryl Jones and Acting Budget Director Michael Gormany for their stewardship of the city’s steadily improving financial well-being.
“New cost-cutting and efficiency initiatives, along with strict budget control measures, produced the results we sought: sufficient funds to not only balance this year’s budget – for the fifth time in six years – but also to address last year’s shortfall with enough left over to restore the rainy day fund,” Mayor Harp said. “I’m grateful for the foresight of my financial controls and budget team, the cooperation of all city department heads, and the keen oversight of the Board of Alders for the positive result we achieved together on behalf of all city residents, property owners, and taxpayers.”
“The FY19 surplus is the result of tough financial decisions – validated by a major rating agency – and now puts the city in a much stronger financial position than before,” Controller Daryl Jones said. “New Haven has become a beacon for economic growth in the state: this result underscores how the city works with resolve and financial discipline to address its fiscal challenges – and does so with positive results.”
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