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Finance Committee: FY2026 first-quarter revenues lag; expenses below expectation
Summary
Finance staff reported FY2026 Q1 general revenues at 32.11% of budget, below last year’s roughly 38%, and total expenses at 22.94%, under the 25% seasonal threshold. Staff said the revenue shortfall is timing-related, noting a shift of property tax receipts into October; they will audit a large sweep-interest line and report back next month.
Ashley, finance staff, presented the City of Ellsworth’s first-quarter financial report for fiscal year 2026, saying general revenues are at 32.11% of the annual budget through July–September while expenses total 22.94%.
The report puts revenues below the prior-year mark — “last year at this time, these general revenues were around 38%,” Ashley said — but staff cautioned that timing of receipts, especially property tax payments, is a key factor. "The due date was changed to October. Last year it was September," Sue said, noting that large payments typically arrive in October and will show on next month’s report.
Committee members pressed staff about a sweep account interest line budgeted at $300,000 that already shows $146,000 in the first quarter. "How could we take in 50% of our budget in the first quarter?" a councilor asked. Nate Burkhart of the IT department and finance staff said they will audit the item; Burkhart suggested part of the large amount reflects lien payments and accrued interest on delinquent tax bills.
On expenses, Ashley said a mix of timing and scheduled payments explains why some accounts show above or below the 25% seasonal benchmark; overall, expenses are slightly down compared with the same point last year. Staff also noted there is no warrants packet for signature this week because of a short week and AP staff absence.
Staff committed to recheck timing and accounting for the sweep-interest and other anomalies and to present updated figures at next month’s meeting.
