Middletown in sound financial shape, says auditor

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MIDDLETOWN – The City of Middletown ended 2014 in very good financial condition, an independent auditor told the common council Monday night.
The city ended the year with a $6.1 million fund balance.
Accountant Dominick Consolo said the city faces challenges going forward, though.
“I am sure you have all looked at the tax cap recently and it is less than one percent,” Consolo told council members.  “How do you settle contracts and pay for the rise in health insurance and the rise in the retirement with a tax cap that I think will generate approximately $130,000 in increased property taxes. It becomes very difficult.”
Both the city’s water and sewer funds ended the year with surpluses.