The Town of East Haven ended the 2011-'12 fiscal year with a surplus of $237,000, according to Mayor Joseph Maturo, Jr. The official audit also revealed that the town reduced its long-term debt by nearly $3.6 million.

The audit also showed that the town posted total revenues of $85,313,750 and total expenditures of $85,089,676. There was a small positive transfer of $12,969, with a yearly surplus of $224,074.

East Haven's running fund balance increased from $200,800 to $437,843.

The town has a credit rating of A3 from Moody's. Maturo said he would like the rating to be better.

"Like any individual, the town has a credit rating, which had slipped to a 'Baa1' grade, or 'non-investment grade,' between 2008 and 2010," Maturo said in a statement. "Our reduction of long-term debt will help us make a case for a better credit rating, which will save our residents money if we look to borrow in the future."