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Town finance update: water fund posts small gain; town projects $11M baseline deficit, board warns override likely in 2 years
Summary
Jeff O’Neil reported FY25 water/sewer revenue slightly exceeded budget and retained earnings rose to about $1.3 million; separately staff presented a baseline FY27 operating gap of roughly $11 million and said a fiscal 2028 override of about $10–$14 million is likely without other offsets.
Jeff O’Neil, town director of finance, briefed the board on water/sewer fund performance and the town’s overall fiscal outlook.
Water/sewer fund: O’Neil said FY25 revenues were about $22.6 million (100.77% of budget) and expenditures about $22.0 million (98% of budget), producing an unaudited increase to retained earnings of roughly $600,000 and an estimated retained‑earnings balance of about $1.3 million, or 5.95% of the fund. He cautioned the figures are unaudited and that the town expects certified retained‑earnings numbers in October. O’Neil said the fund’s mid‑term goal is closer to 10% of annual expenditures, and staff recommended waiting several more months of operating data and the retained‑earnings certification before scheduling a rate hearing; he suggested the board…
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