PROSPECT — The town ended fiscal year 2015-16 on a high note.
An audit of the town’s finances showed Prospect ended with the fiscal year a surplus of $13,494, which is 0.16 percent of the 2015-16 $8.27 million municipal budget.
In addition the audit, which was prepared by Northford-based Certified Public Accountant Michael Battista, showed that the town’s fund balance went up by approximately $18,000, bringing the balance to over $1 million, Mayor Robert Chatfield said.
Chatfield said the surplus and increase in the fund balance were due in part to officials working diligently to remain on budget.
“This will just prove that I’m cheap and watching out for taxpayers’ money,” Chatfield said.
Chatfield said the only negative comment of note came out of the audit was regarding how the town did its transfers. He said when the Town Council makes transfers it typical just puts the accounts it is transferring from and where they money is going.
The audit requested the council use the department line item numbers when making the transfer, Chatfield said.
Chatfield said, overall, the report was a positive for the town.
“The fund balance is healthy. I’m sure there are some financial organizations that can’t say that,” Chatfield said. “We do everything right. Otherwise my fund balance wouldn’t be going up.”