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Sprague finances in $1M financial hole
SPRAGUE — For about a year, the town has been trying to dig out of a financial hole.
The town’s fund balance — its savings account — ended the fiscal year on June 30, 2018, a little more than $1 million in the red.
“It’s left us with a significant problem,” First Selectman Cathy Osten said. “We have a negative fund balance, and we haven’t paid off all the bills.”
A December 2018 audit of the town’s books done by Groton accounting firm Hoyt, Filippetti & Malaghan found two main causes. First, the 2017-18 school budget was overspent by $835,443. Second, the town got $354,531 less in state education aid than it had expected.
Read more: https://www.norwichbulletin.com/news/20190601/sprague-finances-in-1m-hole