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Indian Trail reports third-quarter revenues above expectations; ad valorem at nearly 99.5% collection
Summary
Finance staff told the council that third-quarter revenues and expenditures generally track to budget, with ad valorem collections exceeding expectations and one-time asset sales boosting miscellaneous revenue.
Alicia (finance staff) presented the town’s third-quarter financial report, telling the council departments remain “fiscally responsible” as spending slows heading into the final quarter of the fiscal year.
“Our expectations, we want to see 75% in our revenues and expenditures,” Alicia said as she reviewed the town’s revenue and expenditure performance. She reported the town budgeted ad valorem taxes at a 96% collection rate and had collected about 99.5 percent, a variance that drove ad valorem-related transfers to debt service above budget. “Overall, we’re sitting at 82% collection in revenue,” she said.
Alicia highlighted several line items that depart from the 75 percent benchmark for the third quarter: sales tax receipts arrive in arrears (seven months reported), certain franchise and video programming receipts are only quarterly, and receipts such as beer-and-wine distribution and ABC payouts come in specific months and remain pending. She noted a large miscellaneous-revenue figure tied to rental income from a property the town owns on 321 North Indian Trail Road and said sale-of-assets proceeds (equipment and vehicles listed on GovDeals) drove a notably large amount in that category.
On the expenditure side, she reported that some encumbrances are complete (for example the Emerald Waterline fully encumbered and debt payments current). She said public-works resurfacing contracts remain largely complete with approximately $350,000 remaining on the current contract and that the town plans an RFP for banking services in the coming months per contract requirements.
Councilors asked no follow-up budget actions during the presentation; staff said they would return with customary year-end adjustments and final fourth-quarter reporting.
