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Norwalk CFO reports $4 million preliminary FY25 surplus; proposes $3 million transfer to schools
Summary
Jared Schmidt, Norwalk’s chief financial officer, told the Common Council on June 24 that the city expects a preliminary FY25 operating surplus of about $4,000,000 without using fund balance and outlined proposed transfers and state aid affecting FY26 planning.
Jared Schmidt, Norwalk’s chief financial officer, gave a preliminary budget update on June 24, saying the city currently projects a $4,000,000 FY25 operating surplus without using the rainy‑day fund and that, if the $8,000,000 fund‑balance appropriation in the FY25 budget had been included, the city would be roughly $12,000,000 favorable.
“We would have a surplus of $4,000,000,” Jared Schmidt said, while cautioning that the budget is not final. He listed key revenue and expense drivers: a tax sale that brought in about $5,500,000; higher building‑permit and conveyance tax collections; and one large negative variance — an anticipated municipal grant of $1,800,000 that the city was not awarded.
On the spending side, Schmidt said vacancy savings and turnover in large departments produced significant savings. He also highlighted an OPEB (other…
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