The annual report on the town's financial condition last year was presented to the Board of Selectman Wednesday night.

For its fiscal year ending last June 30, the report says Ridgefield's assets exceeded its liabilities by almost $84 million, of which more than $15.5 million were unrestricted net assets available to meet its obligations to residents and creditors.

At the same time, the town's governmental funds had a combined ending balance of $9.26 million, a decrease of $2.95 million.

Revenue from property taxes was $107.9 million, an increase of $3.6 million or 3.4 percent between fiscal years 2007-08 and 2008-09. About 82 percent of the town's revenue came from property taxes.

Other revenue sources included unrestricted grants and contributions of $690,850, investment income of $295,397, and miscellaneous revenues of $108,598.

The audit was prepared Town Controller Kevin Redmond and audited by the West Hartford accounting firm Blum, Shapiro & Company PC.

The report says the town's revenue was less than anticipated in its 2008-09 budget because of the national recession, with shortfalls occurring in conveyance and building permit fees, Parks and Recreation revenue and investment income.

The report says a decision by the town early in 2009 to cut expenditures by curtailing activities resulted in savings of $2.3 million, with the greatest spending reduction coming from the Board of Education at $1.2 million.

The town's unemployment rate on June 30 was 6.1 percent, the report says, while the average unemployment rate for the state was 8.1 percent, and the nation's 9.7 percent.

It says the town's 2009-10 budget exceeded the previous year's by $216,436 or 0.18 percent.

To fund the current year's budget, the mill rate rose from 19.91 mills to 20 mills, an increase of .47 percent. (The property tax for a piece of property is determined by multiplying its assessed value by the mill rate and then dividing by 1,000.)

On the expenditure side, the town's operating budget decreased by a little more than 1 percent from the previous year. However, the operating budget for schools rose 1 percent.

Debt service decreased by just over 2 percent from the prior year.

The town's general obligation debt is rated at the highest level by the three national rating agencies.

The audit was first presented to the Board of Finance last week.