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City auditors report $3.6 million operating shortfall; city keeps low debt and growing grant receipts
Summary
Auditors told the Shelton Board of Aldermen that the city ran an operating deficit of about $3.6 million driven by special-education and health-care costs, leaving a small unassigned fund balance while long-term debt remains relatively low.
Auditors told the Shelton Board of Aldermen that the city ended the period with an operating deficit of about $3.6 million and an unassigned general fund balance of roughly $311,000. The presentation said the city had set aside about $1.8 million for a settlement expected next year.
The auditor gave the overview during the board's regular meeting where he reviewed revenue, expenditures and long-term liabilities. "Your revenues, under expenditures by 3,600,000.0. And you fund we're able to fund that through your prior year surpluses, which leads you down to a, $311,000, in unassigned fund balance," said David Capaletti, an associate with the audit…
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