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Town posts roughly $8.5–9 million surplus for FY25; board approves multiple budget transfers and closeout entries
Summary
Finance staff presented semi-final FY25 results showing revenues above budget and a surplus; the board approved a series of journal and line-item transfers, including a $51,100 transfer for school PA/security upgrades and several small special-project transfers.
Finance staff presented a near-final fiscal 2025 close and an early two-month look at fiscal 2026, telling the Board of Finance that top-line results for the year ended June 30 show revenues above budget and an expected surplus.
The semifinal numbers showed total FY25 revenues of about $177.4 million, which staff said was $13.9 million higher than the prior year and 4.4% over budget. Current tax collections ended at about $160 million, or 101.2% of budget. Staff said prior-year tax collections, building permits and conveyance fees were all above last year and above budget in the final, semiformal draft.
On expenditures, staff said total FY25 spending was about $1.7395 billion (presentation rounded), roughly 99.4% of the total budget, and that the town’s projected net position moved from an expected drawdown to an increase. Finance staff summarized the net surplus…
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