Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Acton Q3 Financials: Townwide revenues on track; transfer station, commuter lot show higher collections
Summary
Town staff told the Finance Committee that overall revenue and expense collections are near budgeted expectations through March, with notable collection strength at the transfer station and commuter lot and continued vacancies lowering salary spending in some funds.
Town finance staff presented a fiscal third-quarter update to the Acton Finance Committee showing most revenue and expense lines near expected levels while identifying specific enterprise and revolving funds with above-average collections.
Ellie (Finance staff) reported that property-tax receipts were collected at about 75.37% through March and that total revenues collected were $92,733,924 — “which comes to 76.1% of our revenue target,” she said. Net state aid was at 66.78% and local receipts rose to roughly 92% of expectations after motor-vehicle-excise billing and collections. Overall general-fund spending was described as on track at about 72.51% expended.
The presentation noted several enterprise funds doing well. The septic enterprise was “around 94% collected,” the sewer fund was about 85.66% collected, and ambulance revenues were 78.81% collected with salary savings from vacancies reducing spending. The transfer station showed unexpectedly strong receipts; staff said this was driven by higher sticker sales and stronger scrap-metal and recyclable receipts.
On the commuter lot and commuter-station maintenance fund, staff said revenues are tracking close to last year’s $199,000 total; the fund carries annual debt service for a property and a roughly $80,000 annual debt-service obligation was cited as typical. The commuter-lot fund also historically transfers about $100,000 to the town’s transportation operations.
Committee members asked clarifying questions about the general-fund expenditure rate and whether large, upfront payments (for pensions and OPEB) skewed the quarter-to-date percentage; staff said year-end forecasting and review of departmental purchase orders remain in progress to refine the expected turn-back and that vacancies have contributed to lower-than-expected payroll spending in some funds.
What comes next: staff will produce an August project estimate for any capital-work bids (DPW project) and continue year-end forecasting. The Q3 presentation and the FY2024 brief financial report will be posted on the Town website, staff said.
