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Town finance update: July operating deficit reported and staff warns of possible 14.85% health-insurance increase
Summary
Finance staff reported July revenues just under $1.9 million and expenditures just under $4 million, producing an operations deficit near $2 million and a post-transfer deficit just under $1.8 million. Staff also told council that Blue Cross Blue Shield quoted a 14.85% increase for the town's employee health insurance, roughly $877,000 in premium
Town finance staff presented the July financial report showing a sizable monthly operating shortfall and warned council that employee health-insurance premiums could rise materially in the next plan year.
Finance staff said July revenues were just under $1.9 million while expenditures for the month were just under $4 million, producing a month-to-date deficit of about $2 million; after transfers the deficit was "just under $1,800,000." Staff provided line-item context including…
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