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Town manager previews $1.78 million projected operating surplus, proposes reserve transfers
Summary
Town Manager Jim Manny told the council the town projects an unaudited general fund operating surplus of roughly $1.78 million and outlined staff requests to allocate portions to capital reserves, grant‑matching and other priorities.
Town Manager Jim Manny previewed projected year‑end numbers at the council’s June 16 work session and outlined staff requests for allocating an estimated $1.78 million unaudited general‑fund operating surplus.
Manny said the surplus reflects projected revenue that will exceed budget and strong investment income driven by the town’s recent investment practices. He noted the town plans to use $1.65 million of the undesignated fund balance as part of the budget to hold the mill rate at a targeted level.
Staff requests previewed for council consideration next week included: a $100,000 recreation capital reserve request (partially expended), roads capital reserve requests (staff to meet with the public services director to refine the figure), and equipment reserve requests for vehicles and inspection equipment. Manny also discussed the Community Learning Center (library) project and said the town will likely need to contribute matching funds toward the roof even though the state and federal grants total roughly $3.6 million.
Manny described the town’s grant match reserve, which has helped the town secure millions in outside funding, and said staff will return next week with detailed recommendations and final figures for council action.
