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Finance director: switch to quarterly tax payments complicates year-to-year comparisons; city monitoring revenues
Summary
The finance committee reviewed September financials and discussed the switch to quarterly tax payments, building permit revenue sensitivity and lower-than-expected interest income; staff said they will reassess trends in November and meet with fire districts to check cash flow.
The City of West Haven's finance staff reported on Sept. financial results and told the council on Oct. 14 that a recent change to quarterly tax payments makes direct year-over-year comparisons difficult and will require additional analysis in November.
"Through the month of September, we collected 36.52% of our overall revenue budget, through the first quarter," finance director Michael Gormey told the committee, noting most tax collections come via mortgage companies and that some mortgage payers continue…
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