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Finance director reports March 31 quarter: interest surplus, health insurance and overtime notes
Summary
The finance director presented the third‑quarter financial report to March 31, noting higher interest income, health insurance costs at 70% of budget year‑to‑date, and that fire overtime had been largely used but could be managed through personnel savings.
The Town’s finance director presented the third‑quarter financial report for the period ending March 31 during the May 22 council meeting, summarizing revenues and major expenditures. The report showed unusually strong interest income on pooled cash; finance staff said approximately $1.4 million in excess interest had accrued year‑to‑date, subject to allocations among departments. Building permit revenue had exceeded budget at 108% through March 31. Other highlighted items included electric and natural gas consumption trends and that LED street‑light upgrades continue to produce savings compared with older fixtures. On expenditures, staff said health insurance and New Hampshire Retirement assessments were running higher than the prior year because more positions had been filled; both lines were at roughly 70% of budget through March 31 with three months remaining. The fire department had used most or all of its overtime allocation by the end of April; finance staff said personnel savings from open positions elsewhere should be sufficient to cover expected overtime overages. "We have sufficient surplus in other personnel cost items to cover the overage," the finance director reported. Councilors asked for more timely quarterly reporting and for comparative data from neighboring communities; staff said they would provide follow‑up details and clarified timing constraints for compiling full quarter results.
