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Finance director reports stronger year-to-date revenues, flags land-acquisition deficit and CIP balances
Summary
Finance Director Adriana Burnett told the Finance & Administrative Committee that year-to-date revenues are up compared with last year, capital improvement encumbrances remain large and a negative balance shown under land acquisition will require a May budget amendment.
Adriana Burnett, the town's finance director, told the Finance & Administrative Committee on April 20 that year-to-date revenues through March show improvement over the prior fiscal year while several capital accounts carry large encumbrances.
Burnett said the general fund collected about $3.1 million in March, compared with roughly $2.3 million the prior March; she said those March receipts included about $1.7 million in business license fees, $483,000 in property taxes and $258,000 in EMS revenue. She reported that, excluding transfers in, year-to-date revenues are about 3.8% higher than the prior fiscal year.
The update also showed March general fund expenditures roughly in line with the prior year, with personnel costs of about $2.6 million and operating expenditures near $1.1 million. Burnett told the committee that consolidated year-to-date revenues including transfers were about $131.8 million and year-to-date expenditures across funds were about $22.8 million.
Burnett reviewed the capital improvement program (CIP), saying March CIP revenues were about $64,000 (driven by traffic impact fees and interest). She said CIP expenditures for March were about $1.4 million and that year-to-date CIP expenditures including encumbrances total about $36.9 million, leaving a remaining CIP balance of approximately $46.8 million. A substantial share of that remaining balance, she said, is the $16.5 million budgeted in 2025 for beach renourishment.
She also drew committee attention to a reported negative balance of about $5.7 million under land acquisition; Burnett said a budget amendment to reflect that land acquisition will be presented to the town council in May.
Council members asked clarifying questions but did not take formal action on the report. Several members complimented staff on conservative forecasting and said the year-to-date results are encouraging as the town approaches the final quarter of the fiscal year.
The committee did not vote on any budget amendments at the meeting; Burnett said the administration plans to present the land-acquisition amendment in May and will return with additional detail as requested by committee members.
