Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Indian Trail finance review: revenues near budget, $2 million transfer to public works capital reserve
Summary
Finance staff told the council that fiscal‑year‑to‑date revenues were near budget and many categories are on track; council was told a final allocation of $2,000,000 to the public works capital reserve will draw down fund balance for FY25.
Alicia Massey, speaking for town finance staff, presented an end‑of‑year financial review showing the town’s revenues running close to budget and departments spending cautiously, the council was told.
Massey said ad valorem collections for the fiscal year were 99.7% of budgeted expectations (the town budgets conservatively at 96%). Overall town revenues were at about 98% of budget as of the third quarter reporting and the finance team expects some late receipts to change that figure through the official close on September 30. Massey said utility and franchise tax lines currently reflect three quarters of reporting and may not reach 100% by year end; beer and wine receipts were down statewide and the town’s ABC distribution remained pending the state audit.
Massey told the council solid waste receipts currently reflect three quarters (75% reported) and are expected to be at 100% by September once the final quarter posts. She noted one unusually large miscellaneous revenue line tied to rental income from a town property at 321 North Indian Trail Road.
On the expense side, departments were under budget overall. Massey said administrative spending has about $100,000 remaining that will carry forward into FY26 for the Emerald Woods waterline project; public works had refined FY26 estimates after adding a second crew and facilities spending was low this year because pickleball construction was budgeted in FY26 and had not yet occurred. The town reported it met all debt obligations and that transfers to debt service were funded from tax collections; debt service revenues were at about 106% in the reported period.
Massey and council members noted that while revenues exceeded expenses overall for FY25, the town will not necessarily add to its fund balance because of a planned $2,000,000 allocation to the public works capital reserve account that will come out of fund balance.
Massey said auditors are on site and the final audited numbers will be available with the audit report in January. She thanked department heads for conservative budget management and invited questions from council.
"We've had a very solid financial year," Massey said, while also noting the town will finalize numbers at the fiscal close on September 30.
Council members thanked the finance staff for the report; no formal vote was required on the presentation.
