Keene staff present March financials; Tractor Supply incentive remains contingent on paperwork

Keene finance staff presented the Keene EDC Type A board with a financial statement for the month ending March 31, 2025, including sales-tax trends, year-to-date comparisons and a money-market balance that includes a $200,000 reservation for the Tractor Supply incentive contract.

The presenter, who said she had introduced a new reporting layout to give board members month and year-to-date context, told the board that year-to-date revenue is 0.56% over budget (about $1,900) for the period but roughly $10,000 below the prior fiscal year. The city’s March expenses were about $2,200 under budget. Staff said sales tax revenue should increase when Tractor Supply completes its soft opening and grand opening in late May and early June.

The presenter said the city holds roughly $325,000 in its money market account; about $200,000 of that has been set aside for the Tractor Supply incentive pending final documentation. The presenter stated that the Tractor Supply payout will not be made until the company provides the required backup paperwork showing it has met contract conditions; she said the final payment could be less than $200,000 depending on documentation.

After questions from board members about categories driving changes (an observed 231% manufacturing increase in one report line), staff said they would research the specific taxpayers or transactions behind the change but noted taxpayer identities are protected. The board moved and seconded approval of the March financial and sales tax report; members voted in favor and the report was approved as presented.

Ending: Staff said they will provide follow-up information on revenue drivers, projected sales-tax revenues for budget planning and the Tractor Supply backup paperwork once received.