First Look at Delayed FY25 Reconciliation Shows Nearly $4M More Revenue, $662K in Underspending

After months of delays and repeated requests from elected officials for answers about the town’s finances, Wilton officials on Monday got their first look at a preliminary reconciliation of Fiscal Year 2025 showing the town collected nearly $4 million more revenue than was budgeted while spending approximately $662,000 less than authorized.

The preliminary document, presented by Chief Financial Officer Dawn Savo at the Board of Selectmen meeting on Monday, July 6, also showed a fund balance in excess of $4.2 million — approximately $1.7 million more than the previous fiscal year — as well as a $1.4-million jump in the debt service fund, from $1.8 million in 2024 to $3,246,682 in 2025.

The reconciliation was the first comprehensive FY’25 financial summary made available to the Board of Selectmen and Board of Finance after months of repeated requests for updated figures while the audit remained unfinished and the Town moved through the budget process for FY2027.

The draft was not made available to the public and was not provided by either Savo or First Selectman Toni Boucher after requests from GOOD Morning Wilton. However, the figures were discussed publicly during Monday’s meeting after being distributed to town officials last week.

Although Savo described the reconciliation as a draft, she said financial consultant Joseph Centofanti does not expect any material changes before the audit is completed.

“It’s a draft, although our auditor consultant (Centofanti) does not believe there will be any material changes to those numbers,” Savo told the BOS. “So I had asked if those were something I could distribute to the boards and he agreed to that. I feel like he felt, you know, confident that there wouldn’t be any material changes.”

Months of Delays

The preliminary reconciliation comes after months of delays completing Fiscal Year 2025 financial records.

Centofanti, who has billed the town more than $200,000 at a rate of $375 per hour through his firm PKF O’Connor Davies, was originally contracted in August 2025 to be Wilton’s interim CFO. Once Savo was hired as permanent CFO, his role has been described using different titles by town officials.

Members of both the BOS and the BOF have repeatedly expressed frustration that Centofanti has not appeared before either board or answered their questions about his work, despite repeated requests from officials, including BOF Chair Tim Birch.

Even as estimated completion dates came and went multiple times, Boucher and Savo have defended Centofanti’s months-long delay in completing the FY’25 reconciliation and his refusal to appear before the other elected officials. They have maintained that Centofanti is no longer required to communicate directly with other officials now that Savo was hired as permanent CFO. During that time, the town missed the June 30 deadline for completing its annual audit, which remains in progress.

Monday night, Savo declined to answer questions about the figures, saying she had not prepared the document herself.

“Since I did not put these together, and I have not really … delved into them, I can’t answer any specific questions,” Savo said. Later, she added, “I don’t really want to take any questions on that. I’m just making a statement on that.” 

Savo said Centofanti’s preliminary reconciliation still must be reviewed by the town’s outside auditor, CliftonLarsonAllen LLP, which is working on getting Wilton’s annual audit done. Savo — who, along with Boucher, have previously downplayed the possible consequences of missing the state’s June 30 deadline for the audit — said state officials are aware that the town is going to be late.

“The state understands … They accepted the extension and I have not heard anything,” Savo said.

“Our audit process is still going on,” she added, stating that this document was a way to demonstrate to the boards that progress was being made. “This is just a preliminary draft of what is being submitted to the auditors to audit, so to speak.”

Savo said she wanted to present the preliminary figures now to demonstrate that progress had been made “behind the scenes,” prior to the actual audit. “Everybody has been concerned and anxious about it — rightly so — but there has been a lot of work done.”

Later in the discussion, Savo praised the Finance Department staff, describing the past six months as a challenging period marked by the budget process, bond discussions, implementation of new financial systems and efforts to complete the delayed FY’25 reconciliation while closing FY’26.

“I just want everybody to know there’s been a lot of work done and I want to give kudos to my staff because the team is very good,” Savo said. She said assembling the department, including several new employees, had “taken a lot of effort” and that the team had worked through “a lot of sleepless nights” to reach this point. 

Boucher had a colorful way to describe what it’s taken to get to this point.

“That feels really good, and it’s been a death march to get here. Long time coming, and a lot of sleepless nights and a lot of high blood pressure from this office, I will tell you that,” Boucher said.

Good News in the Numbers

Selectman Matt Raimondi noted that, at first glance, the preliminary numbers presented carried some very good news.

“Our revenues here, they exceeded budget by $3,952,543,” he said. “Our expenses are favorable to budget. They came out less by $662,148. So that is definitely great news.”

Boucher was very pleased to be sharing the information.

“It’s so exciting to get the ’25 numbers. Even if they’re solid preliminaries. In other words, it’s something that we’re told will likely not change much at all. So we can look at those with more assurance,” she said.

After seeing the stronger-than-expected financial results, Raimondi immediately turned to how the town might ultimately use any surplus once the audit is complete.

He raised the question of whether some of the money could ultimately be moved into the Capital Nonrecurring Fund to reduce future borrowing for capital projects. Savo advised waiting until the audit is complete before making any decisions, although she suggested some project planning could begin sooner. 

Raimondi also asked how the preliminary figures compare with the town’s fund balance policy adopted two years ago. Savo said she would calculate the ratio and provide it at a later date.

While Savo acknowledged the numbers appeared to show the town in a favorable financial position, she said she could not answer any detailed questions about them. 

According to the figures provided, the town saw a variety of additional revenues for Fiscal Year 2025 from tax collections, including more than $675,000 in additional property tax revenue, as well as an additional $1,170,000 in tax fees collected. A separate line item for conveyance tax also netted an additional $750,000.

The town also saw close to $900,000 more than was expected in property leases and return on investments. 

While overall expenditures finished $662,148 below what had been budgeted for FY’25, several individual departments exceeded their appropriations.

The Department of Public Works budget was allocated $791,471 for DPW “Administration,” but the department spent $955,760 — almost $165,000 over budget on that line. However, the department as a whole came in $422,396 under budget.

Several “General Government” accounts were also over budget, including Information Systems ($123,375 over budget), Insurance ($136,757), Town Counsel ($125,337), Board of Selectmen ($68,857), Planning and Zoning ($79,132) and the Tax Collector ($81,184).

Other departments finished below budget, including the Finance Department ($92,430 under budget), Comstock Community Center ($36,745) and Social Services ($71,563).

Overall, total General Government expenditures finished $445,107 below what it was budgeted for in FY’25.

Although officials expressed optimism about the preliminary numbers, the reconciliation remains subject to audit before the figures become final.