Finance director reports April revenues near $4.9M; year-to-date shortfall narrows

Finance Director Rhonda presented the Town of Summerville’s April 30 financial report, reporting monthly revenue “just under $4.9 million” and monthly expenses of roughly $4.2 million; she said year-to-date expenses were about $41 million and that the town’s year-to-date net loss had fallen to roughly $2.3 million.

Rhonda told the finance committee that April had been a strong month for business licenses and that the town was close to meeting its annual budget for that line item. She said property-tax receipts and state revenues were tracking near expectations and that parks-and-rec revenue was over budget (about $25,000 for the month and roughly $446,000 year-to-date, about 14% over budget).

On specific lines she said municipal court fines and miscellaneous revenues were lower than budgeted and that transfers from hospitality were material year-to-date. Rhonda also reported impact-fee receipts of about $100,000 in the period and year-to-date impact fees just under $3 million; she said some design work for the public safety complex was being paid from impact fees.

Rhonda reviewed hospitality and accommodations numbers, saying current-year-to-date revenues were roughly $6 million (about 83% of budget to date), with expenses year-to-date around $4.6 million. She noted stormwater had a deficit in the current period after a capital purchase (a sweeper) but still has net positive year-to-date revenues.

Committee members asked questions about ATAX and hospitality revenue projections; Rhonda said she expected hospitality to be close to budget and possibly slightly over. The finance director closed by answering questions about specific line items and noting the town’s practice of maintaining a revenue cushion; she said state officials indicated they like a roughly 3% cushion when forecasting revenue.