Stamford is reporting an $18 million surplus (excess of operating revenue over expenditures) for the 2020-21 fiscal year, “substantially outperform(ing) budgetary predictions,” according to Sandy Dennies, the city”™s director of administration.
Mayor David Martin”™s administration credited the surplus largely to Stamford”™s strong economy, responsible fiscal spending and management, and budget strategy.
“Despite the uncertain economic times we are living in as a result of the ongoing Covid-19 pandemic, Stamford”™s economy continues to grow faster and stronger than ever,” Martin said. “I am proud that Stamford has ended the fiscal year with such a substantial surplus that we can utilize to further improve our city.”
Martin had predicted about a $15 million surplus on Sept. 30 at the Stamford Chamber of Commerce”™s annual meeting.
The city has submitted a request to the Board of Representatives and Board of Finance to approve the allocation of the surplus for a variety of purposes. including an increase in Stamford”™s Rainy Day Fund, to increase and initiate risk management funds for future storm-related costs and workers compensation costs, funding for Board of Education facilities, and the city”™s non-recurring capital projects.
Dennies highlighted the performance of Stamford”™s Department of Public Safety and Public Health, which involved “employing alternate business models to contribute significantly to the city”™s savings.”
In addition, the current year”™s property tax levy is being collected at a 97.5% rate, far higher than the anticipated 93.9%. Building permit revenue was also $5.7 million more than budgeted, and conveyance tax revenue was $6.3 million more than budgeted.
The $18 million surplus defies original budgetary plans that incorporated $33 million cash loss for the fiscal year, a figure that was based upon the potential impacts of the Covid-19 pandemic.
