Ridgefield revenue targets surpassed
“Nobody wrote back to say ‘Hey, good job. Atta girl!’ ” Town Treasurer Molly McGeehin told the Board of Finance. “I had a budget surplus of $437,000.”
The $144-million budget for the 2018-19 fiscal year had projected McGeehin would bring in $275,000 in revenue from investing idle town funds during the year, and she reported revenue of nearly $712,000 — 259 percent of the budgeted investment income.
“Atta girl,” responded taxpayer advocate Ed Tyrrell, a regular at finance board meetings.
The prior year, 2017-18, McGeehin’s investing had brought in $398,775 in revenue — 242 percent of that year’s projected investment income.
During a tenure of three years and seven months as treasurer, McGeehin said she had brought in $1,418,000 — a surplus of $851,000 over budgeted investment revenue.
“I’m actually pretty proud of that,” she said.
Her success owed something to “increased rates” available in the market, she said, but “it was really managing where my funds were.”
Finance board members seemed pleased with the treasurer’s report.
And although all the books aren’t closed on the 2018-19 fiscal year, the treasurer’s earnings come in the context of a 2018-19 fiscal year in which the town met overall revenue expectations — without tapping into the money the original budget had allocated to be drawn as non-tax revenue from the town’s roughly $14-million fund balance.
“We’ve still met our revenue target, without using any of the $1.6 million from fund balance,” Chairman Dave Ulmer told fellow finance board members.
They’ve awaiting final numbers from the Board of Education, but town officials are expecting final expenditure numbers will come in under budget for the 2018-19 fiscal year.
“We’re doing very well on the expense side,” Controller Kevin Redmond told the finance board.