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Town finance director reports first‑quarter revenue gains, utility fund increases
Summary
Fairview reported general fund and utility fund revenue collections through December 2024 that exceeded the prior year and showed expenditures near expected quarterly levels; the town noted sales tax fluctuations and increases in new utility accounts.
Town finance staff presented the fiscal‑year 2025 first‑quarter (through December 2024) financial summary at the Feb. 4 council meeting, reporting higher revenue collections than the prior year in both the general and utility funds and expenditures near expected quarter‑to‑date percentages.
The finance staff reported general fund collections for the third month of the budget year at $4,638,295, which staff said was 37% of the annual budget and $569,491 more than the prior year. On the expenditure side, general‑fund spending for the quarter was $3,200,000 (about 26% of budget), $41,906 greater than the prior year.
Utility fund revenue collections for the month totaled $3,058,499 (roughly 30% of the annual utility budget), $433,602 more than the prior year; water revenue increased by $379,275 and sewer revenue by $24,448 compared with the prior year. Staff reported 24 more active utility accounts than in the prior year, including seven new utility accounts in the reported period; one new builder account was identified.
The finance presentation also noted year‑to‑date sales tax collection of about $1.4 million, a small decline year‑over‑year (approximately 1.1%), with December collections down about 3% from the prior December. Staff said January collections (reflecting November sales) were up about 4% compared with the prior year. Staff said they will analyze industry and ZIP‑code effects and may consider a consultant to help parse sales tax sources and allocations.
The investment report showed an increase in investment account balances of approximately $3.6 million for the quarter with approximately $316,000 in interest earned; staff noted some reinvestment activity and upcoming debt‑service payments scheduled Feb. 15.
