Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Finance director: FY25 revenues close to budget; town used $2 million from fund balance for public works capital reserve
Summary
Finance staff told the council that FY25 revenues were at about 98% of the budget at the time of presentation and that the town made a final allocation of $2,000,000 from fund balance to the Public Works Capital Reserve, reducing the likelihood of adding to fund balance at year end.
Finance staff presented a year‑to‑date financial review for FY25 and told council the town is near fiscal year‑end close.
“Right now, our overall revenues are at 98% of budget,” Finance Director Miss Massey said. She told the council ad valorem collections were strong at about 99.7% (staff budgeted conservatively at 96%). Several revenue lines, including certain utility and franchise fees and ABC distributions, had only three quarters of reporting and were expected to be reconciled by the September close. Staff noted some revenue lines (beer and wine taxes) are down statewide and that miscellaneous revenue is high this year mainly because of rental income from a property at 321 North Indian Trail Road.
On expenditures, staff said most departments were under budget and that the town has met its debt obligations for the year. Massey told council the town would likely not add to fund balance for FY25 because it made a final allocation of $2,000,000 to the Public Works Capital Reserve account from fund balance. Transfers to debt service were slightly above budget due to revenue performance, and resurfacing and stormwater invoices were largely complete for the year.
Auditors are onsite and the fiscal year close will be finalized by September 30; the town will receive its audit report in January, staff said.
Ending — Staff will finalize FY25 numbers through the September close and present the audit in January; council thanked staff for conservative fiscal management.
