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Finance staff: revenues near budget as conveyance and permits perform strongly; expenditures on pace
Summary
At the Feb. 26 Town Council meeting, finance staff reported year-to-date revenues near budget (about 95.9% through Jan. 31), highlighted strong conveyance fees and building permit receipts tied to recent real-estate activity, and said expenditures sit at roughly 50.5% of budget year-to-date.
Josh, presenting the town's financial update, told the Town Council that as of Jan. 31 the town's overall revenues were “95.9% of what was budgeted,” and that tax collections had climbed from about 96.9% to 99.3% as a second tranche of property taxes arrived in mid-February.
Josh said building permits were at about 98.5% of budget (roughly $837,000 of $850,000) and noted that the Burdis and Cherry development helped lift permit receipts. Conveyance fees were described as “really strong” at about 90.1% of budget; Josh attributed a portion of the conveyance revenue jump to the Riverwood purchase. Parking revenues were reported at about 93.5% of budget, with some year-end transfers into the parking fund expected to affect the net parking fund balance. Interest income was at roughly 63% of the annual budget.
On expenditures, the finance presenter said town spending stood at about 50.5% of what was budgeted for the year and was broadly on pace with last year; the town is monitoring storm-related costs and potential FEMA reimbursement. Council members asked for clarification on specific line items. Josh explained the BOE (Board of Education) excess cost grant — listed as $916,577 on the report — is a state reimbursement tied to special education and that a portion of it is due Feb. 28 with a second true-up in May.
Council members discussed the cyclical nature of conveyance and building permit revenue and the effect of one-off transactions on year-to-date percentages. Josh said one-off sales can materially change the year-to-date percentage during budget months and that without those transactions revenues would be close to last year's figures.
No formal financial approvals were requested at the Feb. 26 meeting. Council members were directed to review the board of finance and board of education meetings for deeper budget detail ahead of the town's upcoming budget deliberations.
