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Council reviews year-to-date finances and rollout of online water billing
Summary
Town staff presented February financials showing road work spending and new RMA revenue; staff also reported adoption of an online SmartPay system and a check reader that has accelerated water payments and improved reconciliation.
Town staff presented the town’s year-to-date financial statements through Feb. 28 and gave an update on water-billing operations.
Staff said the town spent about $315,000 on road work over the previous summer; contributions from Bordeaux Ranches and the Midway Sewer District totaled about $34,000, lowering the town’s net expense to roughly $280,000. Staff also showed fund balances and explained the town splits deposits between Zion Bank and Grand Valley Bank, which made some accounts appear twice on the reports.
A report of revenues and expenditures showed road maintenance as a large expense item this fiscal year; staff said road maintenance expense was about $404,000 compared with roughly $86,000 in the prior period. The town recorded a new RMA revenue line on the statements and staff said overall revenue is slightly above last year, largely because of that item and faster online water payments.
On water billing, staff reported adoption of an online SmartPay system and a check-reading device. The SmartPay system has increased the number of online payments; the town has collected $41,000 of base fees to date, with accounts receivable at about $193,000 as of Feb. 28. Staff said the town typically receives the bulk of water payments in March and that the new systems simplify reconciliation.
No formal fiscal decisions or budget amendments were made during the meeting.
