Town rebounds with $116 million recovery after storm damage

In a recent government meeting, officials reported a significant financial rebound for the town, with an overall net position increase of approximately $11.6 million, bringing the total net position to about $68.4 million. This recovery follows a challenging previous year, which saw a decrease of around $5.6 million due to property and equipment damage from a storm.

The town's financial recovery was bolstered by substantial insurance recoveries, totaling about $9.5 million in 2023, alongside nearly $11.1 million in Federal Emergency Management Agency (FEMA) reimbursements. These funds contributed to a notable shift in the town's revenue structure, with intergovernmental revenues rising to $12.7 million, significantly altering the typical reliance on property taxes.

Public safety expenditures dominated the general fund, with $20.5 million allocated to federal emergency expenditures related to storm cleanup and contractor services. Despite the storm's impact, other expenditure categories remained consistent with prior years.

The meeting also highlighted the town's enterprise funds, particularly the water and sewer funds, which experienced a significant decrease in operating revenues due to reduced usage following the storm. However, the stormwater fund managed to maintain its revenue levels. Officials expressed optimism for a gradual recovery in these areas as the town moves into 2024.

Overall, the town's financial position reflects a strong recovery from the previous year's challenges, driven by effective management of insurance proceeds and federal assistance.