Centrella: Town’s general fund balance is only $300,000

WINSTED — According to town Finance Director Henry Centrella, the town has approximately $300,000 left in the general fund balance portion of its 2010-11 fiscal year budget.The 2010-11 fiscal year is set to end on June 30.Centrella said that the figure is an estimate and the town will have a better estimate on the figure when the fiscal year ends.“We still have a month-and-a-half to go,” Centrella said. “As of right now, the town has not run out of money.”Mayor Candy Perez said it might be possible for the Board of Selectmen to find budgetary savings of up to $200,000, if necessary, and put the savings into the fund balance of the budget.“I’ve been worried about [the fund balance] for a long time,” Perez said. “The interesting thing is that in fiscal 2007 we had $1.7 million, but it’s been going down ever since.”Speaking at a special Board of Selectmen’s meeting on Wednesday, May 11, Selectman Glenn Albanesius said he is also worried.“This town is a couple hundred thousand dollars away from going out of business, and that’s reality,” he said. “This town is almost bankrupt. The fact of the matter is that we have to make decisions to keep the town afloat.”In December, Moody’s Investor Service downgraded the town’s general obligation bond rating from Aa3 to A1. A general obligation bond is a type of bond secured by either state or local governments that acts as a pledge to use resources to repay bond holders. Moody’s Investors Service, which was founded in 1909, is a national credit rating agency that conducts financial research and analysis on commercial and government entities. According to the report issued by Moody’s, a major factor in downgrading the town’s rating is due to the decline of the general fund balance.At the end of fiscal 2009, the town ended with a total general fund balance of $991,000, down from $1.63 million in fiscal 2007. Back in December, Moody’s projected that fiscal 2010 would see a further decline in the balance to $686,898, representing a 30.1 percent decline from fiscal 2009. “Operating deficits have been driven primarily by unfavorable budget to actual variances caused by overspending on education, employee salaries and public safety,” the report states. “The town did not budget to appropriate any fund balance in 2011, but management indicated that continued overspending on education is likely, which could require the use of reserves.”

Latest News

Robert J. Pallone

NORFOLK — Robert J. Pallone, 69, of Perkins St. passed away April 12, 2024, at St. Vincent Medical Center. He was a loving, eccentric CPA. He was kind and compassionate. If you ever needed anything, Bob would be right there. He touched many lives and even saved one.

Bob was born Feb. 5, 1955 in Torrington, the son of the late Joesph and Elizabeth Pallone.

Keep ReadingShow less
The artistic life of Joelle Sander

"Flowers" by the late artist and writer Joelle Sander.

Cornwall Library

The Cornwall Library unveiled its latest art exhibition, “Live It Up!,” showcasing the work of the late West Cornwall resident Joelle Sander on Saturday, April 13. The twenty works on canvas on display were curated in partnership with the library with the help of her son, Jason Sander, from the collection of paintings she left behind to him. Clearly enamored with nature in all its seasons, Sander, who split time between her home in New York City and her country house in Litchfield County, took inspiration from the distinctive white bark trunks of the area’s many birch trees, the swirling snow of Connecticut’s wintery woods, and even the scenic view of the Audubon in Sharon. The sole painting to depict fauna is a melancholy near-abstract outline of a cow, rootless in a miasma haze of plum and Persian blue paint. Her most prominently displayed painting, “Flowers,” effectively builds up layers of paint so that her flurry of petals takes on a three-dimensional texture in their rough application, reminiscent of another Cornwall artist, Don Bracken.

Keep ReadingShow less
A Seder to savor in Sheffield

Rabbi Zach Fredman

Zivar Amrami

On April 23, Race Brook Lodge in Sheffield will host “Feast of Mystics,” a Passover Seder that promises to provide ecstasy for the senses.

“’The Feast of Mystics’ was a title we used for events back when I was running The New Shul,” said Rabbi Zach Fredman of his time at the independent creative community in the West Village in New York City.

Keep ReadingShow less