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New Haven finance office projects modest surplus; flags debt-service and utility risks
Summary
Finance staff told the Aldermanic Finance Committee that property-tax receipts are strong and an extra $3 million in state aid raised projected revenues, leaving a projected $1.7 million surplus for the fiscal year; staff warned of debt-service and utility cost pressures and described steps to lock energy pricing and audit bills.
Shannon McHugh, a finance department presenter, told the New Haven Aldermanic Finance Committee that the city currently projects the fiscal year will end with a modest surplus after early revenues and recent financing moves.
"All in all, we believe based on what we're seeing right now that the year will end in a surplus and we're currently projecting $1,700,000 in surplus," McHugh said during the committee's review of the August 2025 monthly financial report.
McHugh said property-tax receipts are coming in "as expected" and noted an uptick in collection of delinquent taxes. The August packet includes $3,000,000 in additional state aid that the administration has not yet appropriated; McHugh said that extra state aid is reflected in the report and is one reason revenues appear above the adopted budget.
On the expenditure side, McHugh told the committee there are items to watch: financing charges are expected to produce a small overage in the debt-service line, and the administration does not…
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