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Finance committee reviews March finances, vehicle funding options and fee changes; approves transfers and vehicle purchases
Summary
The finance committee reviewed the March financial report, discussed scenarios for leasing versus purchasing fleet vehicles and fire trucks, considered several fee changes, and approved multiple motions including a $342,000 transfer to Berkeley County, two vehicle purchase orders and several vehicle surplus requests.
Finance Director Rhonda presented the March financial report and outlined capital and fee proposals during the finance committee meeting.
Rhonda said the town had completed about 75% of the fiscal year: "For the month, we collected $2.7 million in revenue; year to date revenue was $31,000,000," and she reported year-to-date expenses of $37,000,000. She told the committee that year-to-date expenses exceeded revenues by just over $3,000,000 and that business-license receipts and other seasonal revenues were expected to boost the remaining months.
The committee spent substantial time on fleet funding options. Rhonda presented scenarios using a $2 million transfer from fund balance plus expected surpluses and vehicle-sale proceeds to seed a capital fund. Under one lease scenario, leasing 20 police cars in the first year would cost about $524,000; under a purchase…
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