Weston sees $900K tax revenue surplus

WESTON — Weston collected nearly $900,000 more than expected in taxes this year, which officials say is because of the town’s high collection rate with more people paying taxes.

Within the fiscal year ending June 30, the Board of Education underspent its budget by $1.39 million and the general government underspent by $180,000.

“Tax revenue saw a surplus compared to budget, due to better than anticipated collections on current taxes, a tax lien sale, and the supplemental automobile levy was the highest it has ever been,” First Selectwoman Samantha Nestor said in a statement.

She also noted that the mill rate for taxes on cars decreased, but car values increased, hence the surplus.

“The automobile tax levy is part of the Town’s overall tax levy along with real estate and personal property levies,” Nestor said. “These levies fund the overall Town operations including the Town operating budget, Board of Education operating budget, capital budget and debt service.”

The town and school district recently reported end-of-year financial projections to the Board of Finance, showing that Weston ended its fiscal year with a surplus of approximately $1.05 million.

The tax revenue also exceeded budget by about $852,000.

Nestor said the surplus revenue was “mainly due to favorable results in both our current list year collections and the supplemental automobile tax levy, which came in approximately $300,000 higher than recent years.”

The town was able to underspend its budget “primarily due to lower than anticipated medical insurance costs, snow removal expenses and salary savings in different areas due to turnover,” Nestor said.

The surplus money goes directly to the town’s general fund balance, Nestor said.

Non-tax revenue sources came totaled about $25,000 less than budget, which Nestor chalked up to a weak investment market.

“Our investment income results (were) characterized by low short term yields and unrealized losses in our fixed income portfolios,” she said.

As for the Board of Education budget, the savings were primarily due to salaries, Nestor said. These were influenced mostly by staff turnover, health insurance savings, tuition and settlements.

Nestor said that excess tax revenue can help cover things like other revenue shortfalls, excess expenses and/or be added to the town’s general fund. It can be used for many different purposes, like one-time capital projects or supporting the town’s operating budget.