Summary
The town finished fiscal 2004-05 with a balanced budget and, by transferring $3.4 million to take care of a long-standing accrued liability for year-end teachers' salaries, took care of one of the last major hurdles standing between East Haven and a hoped-for bond rating upgrade, officials said this week. The teachers' salaries deficit first was cited in the audit report for fiscal 1992-93, and Mayor Joseph Maturo Jr. began to address it in 1998, a few months after taking office.
"I am extremely pleased with the auditor's report, especially the audit opinion, which noted our resolution of the long-term liability of the teachers' salaries accrual," Maturo said."To finally resolve a liability that was created over 13 years ago, while continuing to maintain a stable mill rate, is particularly pleasing."See the full content of this document
Extract
E. Haven Finances Clear Way for Bond Rating Upgrade
The town took in $75.56 million during the fiscal year that ended June 30, and spe...
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