(Host) At a time when many cities and towns are cutting budgets to the bone, the town of Middlebury has learned that it’s sitting on a $1.5 million surplus.
At a select board meeting this week, an independent accountant told the Select Board the big rise in the general fund’s balance was because construction projects have cost less than they were budgeted.
Town Manager Kathleen Ramsay says Middlebury wants to confirm its audit results before developing plans for the use of the fund balance.
Select Board Chairman John Tenny tells the Addison Independent that the surplus should guarantee no rise in the municipal tax rate. Tenny also says the financial windfall promises a robust debate over how it should be spent.
Middlebury’s proposed general fund budget approved by the Select Board is $8.4 million.
You can read Middlebury’s proposed 2013 budget on the town’s Website here.
Is your town’s budget seeing a surplus or a shortfall? Let us know here.