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Clerk treasurer reports year-end finances: town shows $48.5 million in cash across funds; treasurer pledges clearer breakdowns
Summary
Clerk Treasurer Eric January reported year-end payroll and fund balances, including total cash of about $48.5 million and specific fund highlights; he said future reports will provide more detail and efforts to consolidate funds.
Clerk Treasurer Eric January presented the town's year-end financial snapshot during the Jan. 28 council meeting, reporting payroll totals, fund balances and department-level figures and saying future reports will break down funds and debt more clearly.
January reported the town's 2024 annual payroll totaled $11,949,627.77 and the December 2024 payroll was $892,103.22. He told council members the town held $48,501,331.62 in cash at the end of December.
January highlighted several fund-level figures: he reported the stormwater fund had $7,240,872.70 on hand and spent $755,624.04 during the period, and he said the police department had funds allocated specifically for policing of about $923,700.64. The fire department's balance was reported as about $7,000,866.90; January noted the fire territory had recently borrowed $6,000,000. He said the court fund held $129,709.69 and that the court remains open after a Dec. 26 judge's ruling.
January said the Redevelopment Authority (RDA) had receipts and expenditures that left a difference of $4,000,271.97 between receipts and spending; he reported RDA expenditures of $13,431,715.57. The transcript included a longer RDA receipts figure that was not clearly read aloud; that figure should be confirmed in the official financial packet.
"I will start in the future providing way more details," January told the council, saying he wants to consolidate funds and make the town's financial position clearer for the council and the public.
January asked the council to consider the overall debt and cash picture as staff prepares more detailed reporting in advance of future budget and policy decisions.
