Pre-audit shows a surplus in Cumberland

Pre-audit shows a surplus in Cumberland

CUMBERLAND – A pre-audit on the town's 2017-2018 fiscal year is showing a projected general fund budget surplus of $861,117.

The report was drafted by the Cumberland Finance Department and still needs to be verified by an outside firm by the end of the year.

The total accumulated surplus in the town is now estimated to be at more than $11.5 million.

Mayor Bill Murray said the projections show that another “excellent” audit report is on the way. He was set to offer the results to the Town Council Wednesday evening, a presentation required by town charter.

The town is also expected to soon receive a $300,000 rebate from National Grid. That money will also go toward surplus when it arrives, according to Murray.

In total, 16 of 29 town departments came in under budget, according to the report. Revenues were over budget by $635,572, and expenditures were under by $225,546.

The schools are also showing a surplus, according to numbers school officials presented to the state based on June 30 year-end projections, with an expected audit surplus there of $817,029. An expense line item of $400,000 to fix the Cumberland High School pool would bring the surplus on that side of the ledger up to $1.2 million.

Murray noted that the town has had a surplus and beaten financial projections in each of the years he's been in office.