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Wellington treasurer: 2024 operating revenues near $21.3 million; audit delay leaves $2.3 million with county
Summary
Finance director Nick Reedavid told trustees that Wellington’s unaudited 2024 operating revenues were about $21.3 million and operating expenditures ran well under budget, but a delayed audit has left roughly $2.3 million in property tax receipts held by the county pending state and county processing.
Nick Reedavid, Wellington’s finance director and town treasurer, told the Board of Trustees in a work session that unaudited, cash-based figures for 2024 show operating revenue of about $19,000,000 and property tax receipts of roughly $2,300,000 — a combined $21,300,000, or about 98.5% of budgeted revenue.
The report, presented as the town’s 2024 year-end treasurer’s report, said operating expenditures came in well under budget (about $14,400,000, or about 83.1% of the adopted budget), and capital projects (excluding loan‑funded projects such as treatment plant work) were also under budget at about $3,600,000.
Why it matters: the town showed strong expense control across most departments, but a net shortfall remains on a full‑government basis. Reedavid said overall net revenue over expenditures was negative roughly $3,200,000; when the delayed property tax receipts are posted as revenue, the shortfall narrows to about $869,000.
Reedavid told trustees the 2024 year‑end review uses unaudited financials on a modified‑accrual basis — meaning some items such as property taxes appear as receivables only in audited statements. He said the town has been working with the auditor as recently as the afternoon of the meeting and that he sees no indication of concerns with the audit process; he also confirmed a single audit was unnecessary for 2023 because no federal funds were expended.
Trustees asked when delayed property tax payments would be released. Reedavid said the sequence is: the town finalizes the audit and submits it to the state auditor, the state notifies the county treasurer, and the county then releases the funds to the town. He said the audit work is in progress and estimated completion “in the next several weeks to a couple months.”
Trustees pressed for follow‑up. Trustee Wiegand asked whether the 2023 audit’s completion would trigger release of older amounts; Reedavid said funds show as accounts receivable in audited statements and become available as cash when the county releases them.
Reedavid said he will follow up with the county treasurer about funds from 2022 the town believes are still being held. At one point he summarized the dollar amount being held by the county (as of Dec. 31) at $2,300,000.
What the board said: trustees generally praised conservative budgeting and the finance team’s staffing progress; several trustees asked staff to keep the board updated on audit timing and county coordination but did not request immediate policy changes. Town administrator Patty Garcia and controller Patty Lundy were noted as active in supporting audit work.
Ending: Reedavid closed by noting the packet contains the full 2024 year‑end treasurer’s report and invited trustees to submit follow‑up questions by email for items requiring more detailed research.
