Finance director: tax collections ahead of schedule; revenues outpacing projections

The council received the town—s February 2025 monthly finance report, which showed current-year tax collections of $52,095,891.62, equal to 78.29% of the budgeted amount. Finance staff reported overall revenues at 73.62% of expected for the fiscal year and expenditures at 62.93% of budgeted levels, about 3.74 percentage points below the expected 66.67% pace.

The report noted prior-year tax collections of $629,330.47 (48.41% of that budgeted line after adjustments) and said revenues should increase as the town approaches a tax sale scheduled for May 9. Staff also reported interest earnings, including $9,400.98 in January on a $3,000,000 interest-bearing sweep account and $422,863.73 in interest on ARPA funds invested at Central Bank as of January 2025. The finance presenter, identified in the meeting as Crystal, said a later posting corrected Civic Center revenue to $415,301 and that a budget amendment would be proposed in April to reallocate funds set aside for negotiations.

One figure in the spoken record — a bank balance reported as $130,000,044,220.84 — appears inconsistent with other figures and is likely a transcription or reporting error; the council did not adjust the record during discussion. Council members asked routine questions about interest rates and clarifications on figures.

Why it matters: The monthly report indicates the town is collecting taxes and revenues at a pace ahead of projections while expenditures are below expected pacing, providing some flexibility for near-term budget planning. The report also flagged a forthcoming tax-sale date and anticipated an April budget amendment.