Windham's Fiscal Indicators FISCAL YEARS ENDED 2006 TO 2010
Windham is not a rich town nor poor. Windham is a striving town that has more then its share of poor people. Because of the preponderance of low income families, Windham is ranked 166 of 169 towns (per capita income), unemployment (8th of 169 towns) and TANF Recipients (6 of 169).
Combined with other social indicators and Windham's equalized net grand list per capita (ranked last) the town's taxpayers receive one of the lowest tax bills in Connecticut. Not that the tax rate is not high, it's that all Connecticut taxpayers contribute to Windham's tax bill through grants provided by the state and Federal Governments. While the average Connecticut town covers 71.7% of their obligations with Hartford and Washington picking up the rest, Windham gets off covering 45.7% of its bills with state and federal grants paying the rest. While Windham taxpayers pay taxes of $1,120 per capita the average state taxpayer pays $2,424 (FY2010)
Windham's Board of Finance, over the years, has maintained a conservative approach when it comes to spending the town's money. Something that is now paying off during these hard times that don't seem to end.
Windham's credit rating, Aa3, is ranked in the second of four tiers statewide. The town has decreased its long tern debt from 28 million (2007) to 21,700,000 (2010). Annual debt service has decreased $$300,00 during the same period.
When the town,s political leaders talk about finances the talk eventually goes to our "fund balance" which is the same as a civilian savings account. Funds not used in a current year or the arrival of unanticipated funds are tucked away for a rainy day. These funds are considered when the bond rating agencies consider the credit worthiness of Windham. The rating agencies claim that five percent of a towns budget should be set aside. The majority of Connecticut towns maintain seven to ten percent of their yearly budget in the their balance Approximately 9 towns hold to a more robust fund balance including Windham which keeps 12.5% of the current (2010) budget tucked away.
Windham's 2010 budget is a million dollars less then its 2006 budget. Its fund balance has been maintained, its bills are paid and basic services provided. Windham is weathering the economic storm.
Links to fund balance problems in New London and Hamden
Read More on rating a municipality
Windham's State Finical Standing FISCAL YEARS ENDED 2006 TO 2010
Population
45 WINDHAM 25,321
Population Density Per Sq Mile
47 WINDHAM 935.4
Average:738.5
Median: 466.3
Per Capita Income
166 WINDHAM $16,978 59.0%
** State Average ** $28,766 100.0%
Debt Per Capita
133 WINDHAM $857.00
Average $2,187
Medium:$1,654
1999 Mediam Household Income
163 WINDHAM $35,087 65.1%
** State Median ** $53,935 100.0%
2010 Unemployment
8 WINDHAM 11.4%
Average: 9.1%
Mediun7.7%
TANF Recipients as a % of 2010 Population *
FY 2010-11 2009-10
6 WINDHAM 2.86% 2.97%
* State Average * 1.12%
Medium 1.16%
Net Current Education
FYE 2010 *
Expenditures per Pupil
59 WINDHAM $13,976
Average:$13,568
Median: $13,102
Current Year Tax Collection
Rates, FYE 2010
98 98.3% WINDHAM
Average: 98.4%
Median: 98.5%
Currrent Year Adusted Tax
Levy per Capita, FYE 2010
167 WINDHAM $1,120
Average:$2,424
Median: $2,407
Property Tax Revenues as a %
of Total Revenues, FYE 2010 *
165 WINDHAM 45.7%
Average:71.7%
Median: 75.6%
Equalized Mill Rates
FYE 2010
21 WINDHAM 20.53
Average: S15.84
Median: S16.13
Equalized Net Grand List per Capita
FYE 2010
169 WINDHAM $54,568
Average: $152,995
Median: $139,257
Key:
6 large numeral signifies state ranking
Good
Poor
Average
Link
“Municipal Fiscal Indicators” is an annual publication of the
Policy and Management (OPM). It consists of
the most current financial information available for each of
Connecticut's 169 municipalities. It has
been compiled from the audited financial reports of
municipalities. The data extracted from these reports pertains
primarily to the municipality's General Fund.
Definations
EQUALIZED MILL RATE
The Equalized Mill Rate, or the Effective Tax Rate, is
calculated by dividing the adjusted tax levy, as presented in the
municipality’s Tax Collector's Report, by the Equalized Net
Grand List.
EQUALIZED NET GRAND LIST (ENGL)
The Equalized Net Grand List is the estimate of the market
value of all taxable property in a municipality. Municipalities
revalue their Grand Lists based on schedules established by the
Connecticut General Assembly (CGS 12-62). Thus, there can
be a marked difference between the market value of all
property and the assessed value. OPM calculates the ENGL
from sales and assessment ratio information and grand list
reports filed by the municipality.
NET GRAND LIST
The Net Grand List is the assessed value of all taxable property
in a municipality net of exemptions allowed under state statutes
as of October 1.
TANF
Temporary Assistance for Needy Families (TANF) is a federal
program that was established as the successor to Aid to
Families with Dependent Children (AFDC). This program
represents the basic income assistance program for low-income
families with children. The figures presented represent the
monthly average number of recipients for the twelve months of
the fiscal year; e.g., July 1, 2009, through June 30, 2010.
FUND BALANCE
TOTAL FUND BALANCE
Total fund balance is the excess of fund assets and
resources over fund liabilities. The total fund balance of
the General Fund, and its three separate components, (as
defined below), are presented on each individual town
page (Section D).
DESIGNATED FUND BALANCE
The designated fund balance represents a portion of the
fund balance that is intended for specific uses.
RESERVED FUND BALANCE
The reserved fund balance represents a portion of the fund
balance that is legally segregated for a specific future use
and is not available for appropriation
UNDESIGNATED FUND BALANCE
The undesignated fund balance represents a portion of the
fund balance that is expendable and available.
NET CHANGE IN FUND BALANCE
This is the difference between revenues (including other
financing sources) and expenditures (including other
financing uses), net of any special and extraordinary items
reported by a municipality for the fiscal year.
REVENUES
INTERGOVERNMENTAL REVENUES
Intergovernmental revenues include all revenue received
by a municipality from federal and state sources.
PROPERTY TAX REVENUES
Property tax revenues are the total revenues, including
interest and lien fees, generated from real and personal
property taxes.
TOTAL REVENUES
Total revenues are the revenues a municipality receives
from all sources, as reported in the General Fund
the most current financial information available for each of
Connecticut's 169 municipalities. It has
been compiled from the audited financial reports of
municipalities. The data extracted from these reports pertains
primarily to the municipality's General Fund.
Definations
EQUALIZED MILL RATE
The Equalized Mill Rate, or the Effective Tax Rate, is
calculated by dividing the adjusted tax levy, as presented in the
municipality’s Tax Collector's Report, by the Equalized Net
Grand List.
EQUALIZED NET GRAND LIST (ENGL)
The Equalized Net Grand List is the estimate of the market
value of all taxable property in a municipality. Municipalities
revalue their Grand Lists based on schedules established by the
Connecticut General Assembly (CGS 12-62). Thus, there can
be a marked difference between the market value of all
property and the assessed value. OPM calculates the ENGL
from sales and assessment ratio information and grand list
reports filed by the municipality.
NET GRAND LIST
The Net Grand List is the assessed value of all taxable property
in a municipality net of exemptions allowed under state statutes
as of October 1.
TANF
Temporary Assistance for Needy Families (TANF) is a federal
program that was established as the successor to Aid to
Families with Dependent Children (AFDC). This program
represents the basic income assistance program for low-income
families with children. The figures presented represent the
monthly average number of recipients for the twelve months of
the fiscal year; e.g., July 1, 2009, through June 30, 2010.
FUND BALANCE
TOTAL FUND BALANCE
Total fund balance is the excess of fund assets and
resources over fund liabilities. The total fund balance of
the General Fund, and its three separate components, (as
defined below), are presented on each individual town
page (Section D).
DESIGNATED FUND BALANCE
The designated fund balance represents a portion of the
fund balance that is intended for specific uses.
RESERVED FUND BALANCE
The reserved fund balance represents a portion of the fund
balance that is legally segregated for a specific future use
and is not available for appropriation
UNDESIGNATED FUND BALANCE
The undesignated fund balance represents a portion of the
fund balance that is expendable and available.
NET CHANGE IN FUND BALANCE
This is the difference between revenues (including other
financing sources) and expenditures (including other
financing uses), net of any special and extraordinary items
reported by a municipality for the fiscal year.
REVENUES
INTERGOVERNMENTAL REVENUES
Intergovernmental revenues include all revenue received
by a municipality from federal and state sources.
PROPERTY TAX REVENUES
Property tax revenues are the total revenues, including
interest and lien fees, generated from real and personal
property taxes.
TOTAL REVENUES
Total revenues are the revenues a municipality receives
from all sources, as reported in the General Fund
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