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Indian Trail reports 82% revenue collection through third quarter; sale of assets boosts receipts
Summary
Finance director presented the town’s third-quarter financial results: revenues collected about 82% of budgeted expectations, ad valorem collections exceeded budget, some revenue streams lag due to reporting schedules and one-time asset sales inflated miscellaneous revenues.
Indian Trail’s finance director reported on the town’s third-quarter finances at the council meeting on April 25, saying the town has collected roughly 82% of its expected revenues through the third quarter and is “in a good position” heading into the final quarter.
Alicia, the finance presenter, told the council that ad valorem (property) tax collections ran about 99.5% of billed amounts, which produced a line-item showing more than 100% of expected revenue. Sales tax receipts lag because most are…
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