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EDC reviews February financials; staff reports sales-tax recovery and finance director transition
Summary
Staff reported year-to-date sales-tax collections above target and a strong money-market balance; the city will transition to a newly hired finance director, Myra Lam.
The Keene EDC Type B board received the financial report for the month ending Feb. 28, 2025, during which staff said sales-tax revenues and interest and grazing income pushed year-to-date receipts above the board's target.
City finance staff reported monthly sales-tax receipts of $34,765 (October), $20,297 (November), $21,584 (December), $28,317 (January) and $38,327 (February), a total of $143,290 for the period cited. Combined with about $9,000 in interest income and $11,600 in grazing revenue, staff said year-to-date revenues through February totaled roughly $163,992, or about 46.3% of the annual target — nearly five percentage points above the board's 41.7% benchmark for that point in the year.
On the expenditure side, staff reported cumulative expenditures through February of about $80,936, representing roughly 30% of the annual target. Staff said the city's money-market account held $547,368 at the time of the report.
During the presentation staff recognized outgoing finance personnel and announced that the city has hired a new finance director, Myra Lam, who will assume duties as the current staff member steps down. Board members thanked the outgoing staffer for reconstructing financial records after an earlier data loss and praised the transition.
The board moved to accept the February financial report by voice vote; the chair noted the motion passed unanimously.
Ending: Staff said it would forward detailed monthly reports and provide them to the city manager for distribution; board members asked staff to continue routine reporting and to bring follow-up items to the board as needed.
