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Board reviews fiscal year‑end finances; approves ARPA fund transfers and iPad replacement journal transfer
Summary
Finance reported year‑end results showing revenue above budget; the board approved moving previously allocated ARPA funds into capital projects and approved a $21,267.67 journal transfer to IT for iPad replacements funded by investment interest.
Finance staff presented preliminary year‑end numbers for the fiscal year ending June 30 and recommended several journal and budget transfers tied to ARPA reimbursements and internal interest earnings.
Ryan reviewed revenue and expense highlights: year‑to‑date revenues of about $177.6 million, current tax collections of roughly $160.4 million (101.4% of budget), and building permit revenue (about $1.3 million) well above budget. He noted a large positive carry for conveyance fees and higher interest income on investments, which together improved the town’s overall fiscal position.
The board approved a package of transfers that included moving previously authorized ARPA monies into capital projects. Finance described the mechanics: because ARPA allocations were brought into the general fund to avoid losing the funds, the board now authorized transferring $742,009.50 from contingency to an operating transfer so those amounts can be moved into capital projects (sidewalks, outdoor restrooms, and other previously approved ARPA projects) for FY26 work. The board approved the list as a single vote.
Separately, the board approved a journal transfer of $21,267.67 from grant interest earnings into IT capital to cover iPad replacements. “We use most of that interest to bring it in as a transfer in for the '26 budget,” a finance presenter said, and the board moved and seconded the iPad transfer vote.
Finance noted that encumbrances of roughly $6.7 million remain open and will affect final balances; a full closeout will appear in the September meeting once all invoices post. The board asked for a final encumbrance report for the next meeting.
