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Finance director reports first-quarter budget status, TPT allocations and launches new town website
Summary
Finance presented a first-quarter FY25 financial update showing revenues at 18% of budget and expenditures at 13%; staff flagged TPT construction and bed-tax allocation clarifications, reported $37.7 million beginning fund balance, and previewed a refreshed town website that will go live Friday.
The town's finance director reported first-quarter fiscal-year-25 results and workplan items Monday and previewed a redesigned town website scheduled to go live Friday.
Key financials: On a cash basis and unaudited, first-quarter revenues were about $6.7 million (18% of the $38.0 million budget) and expenditures about $7.7 million (13% of the $57.4 million budget). The finance director noted that Transaction Privilege Tax (TPT) collections are received after month close and that construction-related TPT and bed tax accounting require careful timing; construction TPT was reported at roughly 23% of its annual budget in the first quarter, while bed tax and…
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