Audit Shows Improvements in Stafford’s General Fund

Every town in Connecticut is required to undergo an annual audit, including Stafford. On February 19, 2026, the Board of Finance heard from Kyle Connors, CPA and Managing Director of CBIZ. During this meeting, Connors revealed that in 2025, the Town’s General Fund balance increased by $1 million. Additionally, the unassigned balance is now $5.2 million, which is about 11% of the Town’s operating budget 

Back in 2023, Stafford Free Press reported, “Current town policy says the General Fund should hold about 10-14% of the budget (which would be $4.4 million on the low-end for 2023) in unassigned balance. But Nenni's preliminary estimates for 2023 put that balance at just $2.8 million.” Connors say the recommended healthy unassigned balance is between 8% and 16%. 

According to the audit results, Stafford had a few unexpected wins in 2025:

• The Town brought in $304,000 more in revenue than expected, due mostly to reimbursements from the state

• The Town also saw $535,000 more in interest income than budgeted

• The Ambulance brought in$153,000 more than expected in revenue

• Expenditures were $727,000 less than appropriated thanks to “favorable results” in employee benefits and the general highway and transfer station budgets

The General Fund may be moving in the right direction, but it wasn’t all good news:

• The town brought in $203,000 less in property taxes than expected

• Intergovernmental revenue was under budget by $205,000 due mostly to motor vehicle tax reimbursements

While it was not mentioned in the presentation, it’s also worth noting that the Board of FInance (BOF) voted to move $700,000 from the school district’s self-insurance fund to the General Fund in June. While the school district ultimately had $74,000 left in its budget according to the audit, Connors also said the Board of Education’s (BOE) self-insurance fund was operating at a loss until a $454,000 transfer from its appropriation gave it a boost. And the cafeteria fund, which was the object of much discussion last year, ended up with a $227,000 deficit. 

The Utility Fund is still a problem

The Town draws on the Utility Fund to pay utility bills, like electricity or oil. The credits the town is supposed to receive from the geothermal and solar panel projects go into this account, but the geothermal project did not quite work out as planned and has not delivered the promised results. The Town is currently involved in an ongoing lawsuit over the matter. 

When the Utility Fund runs low, the town draws from the General Fund to pay its bills, which is why the General Fund balance has been such a big cause for concern in recent years. According to the audit, the Utility Fund had a $2 million deficit at the end of the fiscal year, which, believe it or not, is an improvement from the prior year.

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