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Taos finance director reports healthy second‑quarter results; GRT up but some one‑time items affected totals
Summary
Finance staff told the council the town’s finances are stable through Dec. 31, 2024: general fund revenues are about 56% collected, expenditures 40%; GRT is up year‑over‑year driven partly by a large adjusted remittance; councilors discussed reallocating one‑time funds for district restroom and other near‑term projects.
Town finance staff presented the second‑quarter financial report for fiscal year 2024–25 at the Jan. 27 workshop, saying the town’s financial position is stable and that gross receipts tax (GRT) receipts had risen compared with the prior year through December.
Finance staff reported the general fund began FY25 with roughly $9.7 million in cash and, through Dec. 31, had collected approximately $11.3 million in revenues and expended about $7.28 million, leaving an ending cash balance of about $10.86 million. The report showed general fund revenues 56% collected and expenditures at 40% of budget through the second quarter.
The finance presentation highlighted a 22.3% year‑over‑year increase in GRT receipts through December; staff cautioned a portion of that increase reflected one large previously unreported payment posted in October (a significant payment to the town relating to the food industry remittance) and that such spikes may not recur monthly. Investment income totaled about $399,780 through the quarter.
Council members asked questions about the new fire GRT increment and how the town is tracking overtime in the fire department. Finance staff said the fire GRT revenue is being tracked and that overtime reflects wage changes tied to recent collective bargaining adjustments; the report noted the department budgeted $218,000 for overtime and had spent about $125,000 through December. Councilors discussed using available one‑time fund balances for urgent projects such as upgrading public restrooms in the plaza and other capital priorities.
Ending: Staff will continue mid‑year budget analysis and prepare options for one‑time capital improvements, including possible use of kiosk fund (Fund 33) or other special revenue funds for plaza restroom repairs. The finance director said the town’s audit was complete and submitted to the Office of the State Auditor.
