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Finance director reports February collections ahead of schedule; some figures reported by staff
Summary
At the March 18 meeting the finance director reported current-year tax collections and other revenue/expenditure metrics for February and noted upcoming tax sale and a planned April budget amendment; several large numeric figures were presented by staff in the report.
Crystal, the town’s finance presenter, told the Town Council March 18 that current-year tax collections for the reporting period totaled $52,095,891.62, equal to about 78.29 percent of the budgeted amount, and that overall revenues were at 73.62 percent of budget at that point in the year.
Crystal said prior-year tax collections were $629,330.47 (48.41 percent of that year’s budgeted amount), that expenditures were trending under budget at 62.93 percent (about 3.74 percentage points below the expected 66.67 percent), and that the town would propose a budget amendment in April to reallocate funds set aside for negotiations to operating departments.
She also reported interest earnings related to municipal accounts and the American Rescue Plan Act (ARPA) funds, and noted the town’s upcoming tax sale scheduled for May 9. After the presentation, councilors asked no substantive questions.
The finance presenter’s spoken numbers were reported in the meeting transcript as given above. Some large account balances cited in the spoken report appear inconsistent with typical municipal operating balances; staff or the finance office should be consulted for the official posted report and the accounting ledger if precise verification is required.
The council tabled a small tax cancellation request after staff pointed out a mismatch between the cover memo amount and the supporting attachment.
