Town finance director outlines Q1 2025 results, launches water equal-payment program and previews 2023 audit

Nick Redavid, finance director and treasurer for the Town of Wellington, presented the town's first-quarter 2025 treasurer's report and updates to the board at the June meeting.

Redavid told trustees the presentation uses governmental accounting standards and the modified-accrual basis of accounting, meaning some expenditures recorded in the report reflect prior-period services and invoices. "Governmental accounting standards allow for prior period adjustments," he said, adding that information in the packet was generated on May 29, 2025.

Redavid said operating revenues are below budget year to date largely because of delayed property-tax receipts and lower winter water sales, and he described several timing issues that make a single-quarter snapshot incomplete. "Given the short amount of time that has occurred in the fiscal year...a look back at the first quarter, while…