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Cutler Bay reports a budget surplus for nine months ended June 30, 2024; some departments face one‑time overruns
Summary
Finance Director reported a preliminary $3.58 million surplus for the nine months ended June 30, 2024 and a preliminary full‑year surplus near $2.1 million, offset by elevated legal fees, sidewalk and other project costs.
Finance Director Robert Daddario presented the town’s third quarter financial report (nine months ended June 30, 2024) to the council on March 19, reporting a preliminary operating surplus driven by stronger‑than‑expected revenues and slower realization of some expenses.
Daddario said the town showed a budget surplus of about $3.58 million for the nine‑month reporting period, and a preliminary audited full‑year surplus just under $2.1 million. He attributed the surplus primarily to stronger sales and utility taxes, higher interest income due to improved rates and greater investable deposits, and one‑time receipts including insurance proceeds and $143,600 in brownfield VCTC funds.
Certain revenue streams underperformed relative to budget, most notably building and zoning permit revenues, which were substantially lower than expected because several projects were delayed. On the expenditure side, Daddario identified unfavorable variances for legal fees (driven by litigation and special matters), contractual services and other charges tied to land acquisition and project closings, sidewalk repair costs, parks unbudgeted expenses (including Blue Heron Park and conversion of tennis courts to pickleball), and closing costs for a 3.5‑acre land purchase that became Veterans Park.
Daddario pointed to specific variances: sidewalk repairs ran roughly $364,000 versus a prorated budget of about $206,000; parks incurred unbudgeted costs of roughly $57,000 for the Veterans Park parcel and about $83,000 to replace shade structures; and conversion of tennis courts to pickleball cost about $52,400. The QNIP bond payment was in line with budget. The town maintains a public financial transparency portal with up‑to‑date disbursement and revenue data, he said.
Council members asked questions; no substantive policy vote followed the presentation. Daddario noted the figures are preliminary pending the audit and that some first‑year legal costs had exceeded budget compared with prior years.
