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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 at about $8.5 million in their draft and said a year-end range could be around $9 million after remaining adjustments. Staff noted some revenues that boosted results: about $1.7 million of ARPA reimbursements booked in "other revenues," roughly $800,000 of unrealized gains and small overages in state education-related reimbursements.
Board members asked where the larger-than-budgeted revenue line items came from; staff pointed to timing of bond premium transfers and ARPA/accounting timing, unrealized investment gains and stronger-than-expected conveyance and permit activity.
The board approved multiple transfer actions during the meeting: - A line-item transfer of $51,100 for a Board of Education project (moving funds to pay for a PA/security upgrade and related electrical work) — motion passed by voice vote; mover and seconder recorded in the meeting. - Journal transfers moving a $50,000 reg-review budgeted amount into a special-projects account (to fund a regulatory-review contract with BFJ); the board approved moving the previously budgeted funds into special projects so the work can continue. - A $31,000 transfer for the audit committee to carry forward budgeted funds for an internal-audit engagement; board approved moving remaining audit funds to special projects. - A year-end closeout transfer package that swept residual savings into contingency; staff said the closeout entries total about $1.675 million of reallocated balances that will increase reported contingency (presenters said the final contingency figure shown in the draft would be about $976,000 after entries).
Separately, staff gave an early FY26 two-month update: top-line FY26 revenue through two months was about $92.2 million (52.7% of budget), current tax collections at $88.2 million (53.8% of budget) and building permits and conveyance fees running below or close to seasonal expectations. Transfer-station tipping fees were down year-over-year and below budget in early FY26, which staff said was driven by an industry hauler finding alternative disposal routes.
Board members asked staff for additional detail on the components of the “other revenues” line, employee-benefits growth (about 15–16% year-over-year in the presented summary) and the rationale for several journal entries. Staff said more detailed line-item P&L and legal/benefits breakout data would be provided on request and that auditors had begun preliminary work on the FY25 audit.
Actions taken at the meeting were procedural approvals of transfers and journal entries; staff said the results will be finalized through the closing process and the external audit.
