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Little Compton finance director reports tightened finances; Council places monthly report on file
Summary
Finance Director John McNamee presented unaudited fiscal figures showing use of accumulated surplus in recent years but positive tax collections during July–August; the council placed the monthly finance report on file.
John McNamee, Little Compton’s finance director, gave the council an oral monthly financial report on Sept. 11 that summarized audited 2023 figures, unaudited 2024 results and preliminary 2025 projections.
McNamee told the council staff are still finalizing certain 2025 revenue and expense entries but said the town has used accumulated surplus in recent years and that some of that surplus is set aside in a capital projects special revenue fund. “There’s roughly about $683,000 of accumulated surplus sitting in a special revenue fund, the capital projects fund,” he said. McNamee added that tax collections in July and August were strong and that the town showed positive cash flow for the two months ending Aug. 31.
He described the current picture as cautiously optimistic for FY2026 but said non‑tax months (for example, October and November) are likely to be tighter for cash flow and that the town approved borrowing authority at the recent financial town meeting as a contingency. Council members asked for clarification on a variance between budgeted state revenue and actual recorded state receipts; McNamee said he would review whether state “housing aid to offset the bond” and building‑permit revenues were properly recorded.
After questions, Councilor Marcia moved to place the finance report on file; the motion was seconded and approved by voice vote.
McNamee said he will provide an updated projection that includes finalized revenue items and adjustments and will return with a fuller report at the next meeting.
