In a recent government meeting, officials reported a significant increase in the town's revenue for 2024, highlighting a 24% rise from the previous year. The total revenue for the year reached $93.8 million, up from $75 million in 2023, surpassing the budget projection of $75.8 million.

The breakdown of the revenue sources revealed that the general fund contributed approximately $46.995 million, while other funds such as the debt service fund, capital improvement plan (CIP) fund, stormwater fund, community development corporation (CDC), and housing fund accounted for $6.97 million, $31.55 million, $5.73 million, $0.27 million, and $2.35 million, respectively.

Key drivers of this revenue growth included a notable increase in investment income, which amounted to $10 million for the year. Officials attributed this success to strategic investments in treasury funds and notes, capitalizing on favorable interest rates. Additionally, revenue from business licenses also saw an uptick, rising from a budgeted $12.4 million to an actual $14.7 million.

This financial performance underscores the town's effective fiscal management and strategic investment decisions, setting a positive tone for future budget discussions and planning.