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Finance director presents August financials: revenues running ahead in some areas, insurance near budget cap
Summary
Finance director Mona Pilcher reported Aug. financials showing year-to-date revenue at 37% of budget, expenditures at 23%, increases in harbor landing and mooring fees, higher Northlight season revenue and insurance spending nearing budgeted levels for worker's comp and property liability.
Finance Director Mona Pilcher reviewed the town’s August financial statements at the Sept. 17 meeting, noting that recognized revenue year-to-date for fiscal 2026 was about 37% of budget while total expenditures stood near 23% of budget.
Pilcher highlighted a full season of activity at the Northlight (the property/museum referenced in the packet) as a contributor to higher revenue in that line item compared with the prior year. Harbor revenues showed increases tied to landing fees and mooring rentals; shellfish license revenue was also up about $7,000 compared with the prior year.
Pilcher noted that insurance costs (workers’ compensation and property/liability) currently sat at about 97% of the budgeted amount for the year — a common pattern because insurance renewals often consume the bulk of that line item early in the fiscal year. She also said the town has received opioid-settlement funds and is tracking them separately.
On harbors operations Pilcher and staff reported unexpected equipment and maintenance costs: an engine replacement (approximately $8,000) and repairs to a dock pump-out system. Fire-suppression and electrical upgrades at the marina were on the capital side of the budget and not reflected in the harbor operating totals.
Pilcher said state aid and the new state reporting platform have altered the way hotel- and meals-tax receipts appear in the financials and that enacted 2026 budget details had not yet been published by the state.
Councilors asked for clarifications about specific line items including harbor shower token sales and compactor reimbursements; staff said some reimbursements are billed annually and would be reflected later in the year.
