In addition to the General Fund, through which the annual operating budget is managed, the Borough maintains a group of special funds, each of which is used for a specific purpose. These are discussed below. Every year the annual budget contains money that is disbursed to the various special funds to keep them at levels necessary to support their purpose, like repairing infrastructure or purchasing new vehicles. The Waldron-Williams Fund, which receives no public monies, is an exception.

The purpose of this fund is to account for funds collected and used in the restoration of the two 18-pound cannons at Cannon Square.

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The Capital & Nonrecurring Fund is a reserve fund set up in accordance with Chapter 108 of the Connecticut General Statutes. Separate funds within the Capital & Nonrecurring Fund include: Building Fund, Truck Fund (replacement of Fire Department & Highway Department trucks), Office Equipment, and Undesignated.

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Unlike the fire districts in the Town of Stonington, the Borough Fire Department is a municipal fire department. That is, it is funded as part of the Borough’s budget, not by a separate fire tax. The Fire Department Major Expense Fund is the place where money is held for current or anticipated significant expenditures, like buying a new fire engine. Routine maintenance of the fire vehicles and maintenance of the fire house are paid from the annual operating budget.   

In 1837, Charles H. Phelps, a prominent citizen of the Borough whose father, Charles, was the Borough’s first warden, offered to purchase a clock for the Borough. The clock would be installed in the steeple of the newly constructed Second Congregational Church (now the United Church), the highest point in the Borough, if the Board of Warden & Burgesses agreed to maintain the clock. The minutes of the December 23, 1837 meeting of the Board show that the Board voted to accept Mr. Phelps’ generous offer. The original clock mechanism was replaced in 1890 by a more modern mechanism purchased by Charles Phelps’ son, Erskine Phelps. On November 20, 1971, a fire in the church steeple damaged the clock works and destroyed the clock faces. The mechanism was repaired and the faces replaced.  As part of the repair to the clock mechanism, the weights that drove the clock were replaced by a small electric motor, and the Borough pays the United Church $100 per year to reimburse the cost of electricity.  

The Infrastructure Reserve Fund is established to accumulate and disburse funds for the maintenance and repair of the Borough’s roads and infrastructure.

The purpose of this fund is to account for funds collected and used in the restoration and repair of the Robinson Burial Ground.

PURPOSE of the Wayland’s Wharf Fund shall be to provide for maintenance, repair or improvement of facilities at Wayland’s Wharf, including construction of new facilities.

FUNDING of the Wayland’s Wharf Fund may be through sources including but not limited to voluntary contributions or grants from individuals, businesses, or governments, appropriations made by the Boroughs voters at the Annual Borough and Budget Meeting, as well as additional appropriations as provided in the Borough Charter.

EXPENDITURES may be made only for the governmental purposes stated above and with the approval of the Board of Warden & Burgesses. All decisions on projects covered by the Wayland’s Wharf Fund shall be made by the Board or its designated agent. No money shall be transferred out of the fund or spent for purposes other than those stated above except with the approval of the voters at a Borough Meeting where such action was included in the call of the meeting.