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Town staff reports stronger-than-expected general fund balance; installment debt closed for property purchase
Summary
Accounting staff reported the fiscal year ending June 30, 2025 will close with an increase to fund balance likely north of $3 million; the town closed installment debt to finance 50% of a recent property acquisition and plans debt issuance for Fire Station 6 in 2026.
Accounting staff provided an update on the town’s July financial summaries and the fiscal-year close. The presenter reported that all bills for the fiscal year ending June 30, 2025 have been paid and that the town expects to increase its general fund balance by "probably north of about $3,000,000," pending a few remaining revenue accruals and the external audit finish.
The presenter noted the electric fund will reflect a larger cash outlay this year due to generator purchases, but the town previously authorized an internal loan that will appear on the balance sheet and be repaid. The town closed on an installment debt agreement this past Friday to finance 50% of a property acquisition; the loan will be repaid over 4½ years. Staff also said they are scheduling preliminary conversations with the Local Government Commission (LGC) in preparation for debt issuance related to Fire Station 6, anticipated in 2026.
The board received the update; staff said final audited figures will be presented to the board when the auditors finish their work in November.
Ending: Staff will return in November with final audited results and will continue preparatory work with the LGC for the Fire Station 6 financing expected in 2026.
