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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 reported in arrears and seven months were included in the third-quarter report; year-to-date sales tax was about 5.88% higher than last year for the same months reported. Several locally collected taxes, including utility franchise and video programming revenues, are reported only quarterly and currently had two quarters reflected.
Alicia said one-time proceeds drove the “miscellaneous revenue” line: rental income from a town-owned property on 321 North Indian Trail Road and proceeds from sale of surplus equipment, vehicles and other assets listed on GovDeals. That sale activity drove a large variance (the presentation noted 519% in that account relative to typical budget expectations).
On the expense side, the finance director said many departments had met or exceeded the target (75%) because planned purchases and project encumbrances are largely complete: for example, an Emerald Water Line appropriation of $400,000 is fully encumbered; the town completed contract payments for law enforcement for the year; engineering included a $1 million payment for Old Monroe Road improvements; and stormwater work reflects Council-approved reassessment planning.
Alicia also advised the council that finance will issue a request for proposals (RFP) for banking services in the coming months, per contract timeline. Council members encouraged residents to contact finance or their council member with questions about the report.
No formal action was taken on the financial report; it was provided as informational to the council.
