Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Clayton posts FY25 third‑quarter financial update; managers prepare FY26 budget
Summary
Town budget staff reported quarter‑three (through March 31) FY25 results: general fund revenues near budget, permits and fees outpacing projections, personnel spending below budget due to vacancies; managers expect to deliver the recommended FY26 budget in May with first reading set for May 19 and potential adoption June 2.
Budget staff presented Clayton’s third‑quarter fiscal update for FY25 and outlined the FY26 budget development schedule.
Budget Manager Todd Melton told the council the report covers fiscal year 2025 through March 31. He said general‑fund revenues are tracking close to budget while expenses are slightly under, primarily because of lapsed salaries from vacant positions. Permits and fees were reported at about 126% of the budgeted amount for the period; sales taxes and other categories were near expected levels.
Water and sewer revenues were slightly below budget, Melton said, but expenses were also under budget. The electric enterprise showed higher than budgeted revenues after a cold winter increased usage; purchase‑of‑power costs were up but total electric expenses remained near budget because of unfilled positions.
On next year’s budget: Melton described a base‑budget approach used this year — setting initial budgets from recent actuals, then reviewing department requests for adjustments and new items. Staff expected to deliver the manager’s recommended budget in May. The budget calendar presented in the meeting sets a first reading and public hearing for May 19 and a possible second reading and adoption on June 2.
No formal council votes were taken on budget policy at the meeting; the update was informational. Staff encouraged council members to ask follow‑up questions as they prepare for the upcoming budget hearings.
