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Town finance staff reports roughly $8.28 million estimated surplus; ARPA funds earmarked for projects
Summary
At the July 16 meeting the council received a financial update showing an estimated general-fund surplus of about $8.283 million, driven by a lien sale, higher conveyance fees and unrealized investment gains; staff said ARPA reimbursement funds will be moved into a special projects fund for four approved projects.
New Canaan, Conn. — Town finance staff told the Town Council on July 16 that the current estimate for the fiscal-year general fund is a surplus of roughly $8.283 million, citing a recent lien sale, higher conveyance fees and investment gains. Finance staff presented a brief fiscal update that identified several drivers for the surplus, noted budget savings from vacancies and service contracts, and described a plan to reallocate American Rescue Plan Act (ARPA) reimbursements to a special projects fund. Why it matters: The town’s estimated surplus affects the calculation of the…
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