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Treasury and finance reports show seasonal revenue lag; committee reviews reserves and three‑month projections
Summary
Committee received March 31 and mid‑May financial updates showing seasonal drops and a reserve policy that aims to smooth cash flow; staff walked the committee through a three‑month projection and a reserve level established by prior resolution.
The Warren County Occupancy Tax Coordination Committee reviewed financial and treasury reports on May 21 that showed seasonal softness in collections and a reserve policy intended to manage cash‑flow timing.
Treasurer Christine presented numbers for the period ending March 31 and explained how staff calculates a three‑month revenue and expenditure projection. Christine reported a beginning balance of $3,500,000 and noted the committee’s minimum reserve target of $1,500,000, which was established previously by resolution to help manage the lag between occupancy tax expenditures and receipts.
Using a three‑month revenue projection of about $900,000 (April–June) and three‑month expenditures of about $2,900,000, the presenter showed intermediate arithmetic that in the meeting was described as producing a negative operating position before reserve adjustments. During the presentation there was an exchange in which the speaker’s oral summary of the final “occupancy tax available balance” contained a verbal correction; committee members asked clarifying questions about whether the presenter had said a negative $3,000,000 or negative $3,000. The transcript records the correction attempt but the final reconciled available balance was not explicitly restated in a single clear numeric sentence during the public discussion.
Committee members asked whether the available balance accounted for a previously approved $250,000 allocation for a Johns‑Berkshire project; staff said that amount was not yet paid out and the presented cash guidance reflected current on‑hand and projected flows rather than committed but unpaid obligations.
Members also reviewed the committee’s minimum reserves policy. Staff said that the reserve target had been increased from $1,000,000 to $1,500,000 by past resolution to avoid overly depleting reserves early in a budget year when occupancy‑tax expenditures are front‑loaded and receipts lag.
The committee used the financial discussion as a guide for near‑term decisions; no new appropriations were made at the meeting. Members asked clarifying follow‑ups and staff said they will continue to present monthly updates and will confirm final cash‑on‑hand figures and outstanding commitments in a follow‑up memo.
