Finance committee reports 2024 revenues above budget; sets goals for fund-balance policies and operational efficiencies
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Summary
Council got a preliminary year-end finance update showing revenue exceeded expectations by roughly $347,000; the finance committee set new 2025 goals including fund-balance policies for water and sewer funds and a drive for operational cost reductions.
Ken, finance committee chair, told council that preliminary year-end revenue receipts exceeded budget by about $347,000, driven by items including real estate transfer tax, local services tax, street opening permits, interest earnings and refunds. He said expense confirmations are pending bank and other statements and that a finalized year-end report will be distributed at the next council meeting.
The finance committee set 2025 goals: maintain or improve the borough's Standard & Poor's AA financial rating; establish funding plans for capital projects; develop water and sewer fund-balance policies aligned with Moody—s or Standard & Poor—s criteria and pass them to the Water & Sewer Committee for operational review; identify operational cost-reduction initiatives while maintaining service levels; and educate council about general fund debt ahead of notes maturing.
As part of operational efficiency work, the finance committee requested departments identify five cost-reduction opportunities by May 19 and set departmental budget deadlines for September 8.
Council approved the January financial statement by voice vote.
Ending: Finance will continue budget timelines and return a finalized 2024 year-end report at the next meeting; departments will be asked to provide operational-efficiency suggestions by May.