East Hampton CT - East Hampton, Connecticut

The Finance Department is responsible for providing timely, accurate and relevant budgetary and financial
information to our citizens, customers and to various boards and assures compliance with established accounting
standards. The department is committed to enhance services to our customers through innovative ideas and to
think creatively on ways to operate more efficiently. The department also maintains the general ledger, accounts
payable and payroll systems.
The fund balance of the Town’s general fund increased by $180,000 during the current fiscal year. The key
factors in this increase were due to the following:
Actual expenditures were $571,996 less than budgeted. The major cause for this favorable variance was
staff turnover and vacant positions.
Actual revenues for investment income and fees fell below estimates by $390,406. This shortage was in
direct relationship to the economy.
The general fund is the chief operating fund of the Town. At the end of the current fiscal year, unreserved undesignated
fund balance of the general fund was $4,751,000. As a measure of the general fund’s liquidity, it may be useful to
compare both unreserved fund balance and total fund
balance to total fund expenditures and transfers out. It must
be recognized that a fund balance based on a modified
accrual basis for revenues is different from a cash basis form
of accounting in that the latter reflects monies “in hand” and
available for spending. The fund balances presented include
accounts receivable for revenues which are accrued but for
which cash has not been received, and accounts payable on
expenditures which are recorded but for which cash has not
been disbursed.
Unreserved undesignated fund balance represents 12.9% of
total general fund expenditures and transfers out for the fiscal
year ending June 30, 2009.
Taxes $ 26,899,116 $ 25,728,961 $ 1,170,155
Intergovernmental 9,640,555 9,358,984 281,571
Licenses & Permits 356,159 672,332 (316,173)
Investment Income 140,167 278-654 (138,487)
Miscellaneous Income 112,569 96,528 16,041
Other Financing Sources --- --- ---
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