A new audit of Sussex County finds the biggest surplus the county has seen in five years.
The audit that was presented at Sussex County Council’s meeting this morning shows the county ended Fiscal Year 2011 with a $3.48 million surplus. That builds on the surplus in FY 2010 of about $600,000. The pair of successful years are a stark contrast to the previous three years when the county recorded budget losses totalling about $8 million.
“It’s refreshing to be able to come in and report that we have more to work with than we had anticipated,” County Finance Director Susan M. Webb said. “The hard steps we took a few years back have helped to put us in the position we are in today. We and the taxpayers are reaping the benefits of that hard work.”
A portion of the surplus totalling $1 million will be returned to Sussex County taxpayers in the form of a one-time credit on tax bills later this year. The rest of the surplus will be added to the county’s pension funds, local law enforcement, land preservation and various grants.
County leaders have already committed to returning a little more than $1 million of the surplus to County taxpayers, in the form of a one-time credit on tax bills later this year. The rest will go to the County’s pension funds, local law enforcement, land preservation and various grants.
You can find the full financial report on Sussex County’s website.