The annual budget is the projected financial operating plan for a specific fiscal year. The budget represents the estimated operating and capital expenditures to provide municipal services as authorized by the Town Council. The budget establishes the economic resources that are required to support these activities. The budget is a fiscal planning and policy document that outlines the means by which multiple resources will be allocated to a variety of departments.
The Comprehensive Annual Financial Report (CAFR) is a set of government financial statements comprising the financial report of the town that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). It includes an independent auditor’s report on the representation of the town’s financial condition. The town is awarded with the Certificate of Achievement for Excellence in Financial Reporting.
The Town of Newington Capital Improvement Program (CIP) is a comprehensive five-year plan of proposed capital projects, intended to identify and balance the capital needs of the community within the financial capacity and debt management policies of the town. The document is primarily for planning, is updated annually and subject to change as the needs of the community become more defined and the projects move closer to final approval.
The Pension Actuarial Reports are valuation reports prepared by the town’s actuary. The reports are broken down by Administration Employees,Municipal Employees and Police Officers. The reports are the basic source document for information regarding the annual required amount the town contributes to the defined benefit pension funds as well as to measure the plan’s funding progress. The actuarial valuation reports provide information to make decisions about the funding of pension benefits.
The Office of the Revenue Collector is responsible for the collection, process and depositing of all personal and property taxes in accordance with Connecticut General Statutes Sec. 12-130; serves as the central depository of revenue for the Town.
The Assessor’s Office is responsible for estimating the market value and determining the classification real estate property, motor vehicles, and personal property in order to prepare the grand list for the town.