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Hideout reports FY25 finances largely on budget; MIDA funds to be retained
Summary
Town staff told the Hideout Town Council the FY25 actuals plus forecast are roughly on budget and that the municipal impact of higher permit activity and operational savings means the town will keep MIDA funds for future growth instead of using them in FY25.
Hideout staff told the Town Council on Jan. 9 that the town’s fiscal 2025 actuals plus forecast are running generally on budget and that expected operational efficiencies and stronger residential development mean the town does not plan to use budgeted MIDA funds this fiscal year.
Katie (finance staff) presented December actuals plus the year‑end forecast, saying the town is “flat to budget” overall and that a roughly $133,000 shift between the general fund and the MIDA fund will net to zero at the town level because funds previously budgeted from the MIDA fund will be retained there. Katie told the council the town is seeing higher building‑permit revenues to date and expects roughly 120 permits in FY25 (staff estimated 59 permits had been issued year‑to‑date at the time of the report).
Enterprise and MIDA funds Staff reported the enterprise fund is projecting about a $170,000 favorable variance for FY25, in part because the town has not yet implemented a planned utility price increase from JSSD; staff said the JSSD increase may come later in the fiscal year and the forecast assumes no early increase. The MIDA fund is more favorable than budget because the town is keeping expected transfers for future growth initiatives.
What council asked and next steps Councilmembers asked whether higher permit activity would strain staff resources; Katie said current staffing and outside resources (Sunrise and engineering consultants) should absorb increased permitting workload but agreed to monitor volume and report back if additional capacity becomes necessary. Councilmembers also asked about the lag between permit issuance and certificate of occupancy; staff said the average lag has increased from around 13–15 months to about 15–18 months recently and said they would follow up with comparisons to peer towns.
No formal action was taken. Staff said it will continue to monitor revenues and bring any recommended budget adjustments to the council if required.
