WESTPORT, Conn. Preliminary financial results show that Westport ended the 2011-12 fiscal year with an estimated savings of $2.3 million, Finance Director and Acting Personnel Director Gary Conrad announced Wednesday.
For the previous fiscal year, which ended June 30, the towns expenses were estimated to be $950,000 under budget, and revenues are expected to be $1.3 million "favorable," Conrad said in a news release. The cost savings were seen in general government, public safety and reductions in debt service and insurance expenses. The increase in revenue is due to higher tax collection, interest on past-due taxes, parking violations and Emergency Services reimbursements, he said.
The $2.3 million will go into the towns unassigned fund balance, partially offsetting the funds used to reduce the 2012-13 mill rate for taxpayers, Conrad said. The 2012-13 fiscal year began July 1.
The Board of Finance will review the unaudited results at Wednesday night's public hearing.
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