Wallingford's 2015 comprehensive annual financial report
The total amount of taxes and fees collected this past year was $150,917,000 (this includes any monies delivered from the state and federal government) and the amount spent was $149,843,000; the surplus of that was $974,000.
LAYMAN EXPLANATION - You spent less than you earned (if we are talking about someone's salary). In this case we are talking about taxes collected from the tax payer - they taxed more than was necessary. Having said that, you can't get much better than this because it's less than 0.7 percent off the mark.
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The budget balance grew by $5,395,000.
LAYMAN EXPLANATION - Wallingford earned more than it expected to, by the tune of $2,827,000 (actual revenues against budgeted) and it spent (actual expenditures) $2,568,000 less than it expected to.
Wallingford underestimated their "earnings" potential and overestimated their "spending".
