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Greenwich finance update: revenues trailing except tax collections; conveyance and permit receipts remain strong
Summary
Town presenters told officials that most revenue categories are behind last year while property tax collections are higher after a $16 million increase in the tax levy; conveyance taxes and building permits showed strength, and payroll timing is distorting expense comparisons.
Town of Greenwich staff reported that most revenue categories are trailing last year while property tax collections are higher after a $16 million increase in the tax levy, a staff presenter said at the meeting.
Roland, a town staff member who summarized the monthly financials, said revenue lines are “all running behind last year, except for taxes” and attributed the tax increase to “we taxed we had a tax levy of $16,000,000 more this year than the prior year.” He and the board also discussed payroll‑timing effects: January had three payrolls this year, which shifts expense comparisons and makes year‑to‑date spending appear higher in some departments.
Roland said conveyance tax receipts produced an “almost record February” compared with the last seven years and that building permits are higher than the previous three years — indicators he said should help the town meet budgeted targets for those lines. He noted interest income is lower year‑over‑year but close to budget, and that the town is roughly $150,000 from that budget line at the time of the report.
Board members flagged a missing line on the revenue table for the sewer improvement fund; Roland acknowledged the report did not show that fund and said it could be added to future summaries. The fire department’s year‑to‑date spending was called out as roughly $1.4 million over budget, but staff and members said payroll timing partly explains the variance and noted the fire department had previously withdrawn an overtime request with a plan to manage within budget — though staff said the department “may be back.” A board member said school budget guidance suggested schools were not expected to request additional funds at this time.
Procedural actions: the board approved minutes for Feb. 12, 2025, and Jan. 28, 2025; both motions were made by Leslie Moriarty and seconded by Harry Fisher and passed by recorded tally 4‑0‑0. The board announced its next scheduled meeting for Monday, April 14 at 1 p.m. in the Town Hall Meeting Room and adjourned at 9:37 a.m.
The report contained multiple forward‑looking items (conveyance, permits, interest receipts) and staff said final year‑to‑date comparisons would be clearer after March payrolls and month‑end closes.
