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Finance director: revenues ahead of estimates; library grant moving toward bids
Summary
The finance director reported revenues above estimates driven by permitting activity, outlined year-end adjustments and hiring plans, and said the state Department of Administration is reviewing the library grant; bid packets are expected within weeks and construction must start by mid-2025/2026 window per grant timetable.
Judy, a staff member overseeing city finances, reported that revenues for November exceeded expectations and that most expenditure lines are in line with budgeted levels as the city approaches year-end adjustments.
Judy told the New London City Council that license and permit revenue was about $106,000 above estimates for the year, with building, heating and electrical permits accounting for a significant portion of the increase. Interest earnings were at about $35,000 and were expected to total closer to $40,000–$45,000 by year end. On the expenditure side she said most large insurance items are paid early in the year and that, excluding capital moves, the operating…
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