Oxford First Selectman George Temple says he plans to return a projected surplus of $1.2 million to the town in a form of reduced taxes.
He announced that in a news release Wednesday that states the town’s fund balance has increased from $3.46 million to $4.7 million, for a total surplus of $1.25 million. That's according to a preliminary audit recently conducted by Meyers & Company L.L.C, certified public accountants from Danbury.
Temple said the surplus is a result of many hours of work in the town’s finance office, coupled with a pragmatic approach in managing the town’s resources.
“The Board of Education, under the leadership of Paula Guillet, has demonstrated what can be accomplished when we concentrate on the best interest of the taxpayer instead of parochial self-interest,’’ Temple said.
The Board of Education returned a $333,578 surplus to the town,
The town also had a $604,567 rebate for insurance and $350,000 in reimbursement from the Federal Emergency Management Association for Hurricane Irene and Storm Alfred relief.
The preliminary audit will be forwarded to the Board of Finance, which will meet next on Dec. 17. After the finance board reviews the surplus, it will be filed with the town clerk’s office and the State of Connecticut’s Office of Policy and Management.
Oxford Finance Director Jim Hliva stated in the news release he was happy the audit was done this year before the state's deadline and without an extension.
“We were very lucky we had the mild winter we did last year after we suffered through Hurricane Irene and Storm Alfred on Halloween 2011,’’ he said.