Narberth staff reports strong Q3 finances; real estate transfer tax receipts higher than budgeted

Maggie Dobbs, borough manager, told the Finance & Administration Committee on Oct. 16 that Narberth's third-quarter financial picture is "looking strong." Staff discovered and corrected several accounting misclassifications during budget review; she cited one example in which the retirement fund contribution line was showing 366% of the budgeted amount and was corrected.

Committee members asked specifically about real estate transfer tax receipts, which were running roughly $100,000 higher than the estimate used in this year's budget. Dobbs said the borough's recent three- to four-year average has exceeded the conservative budget estimate, and staff will raise the expected revenue for that line item when preparing next year's budget — but "in a conservative manner," because the timing of home sales will determine actual receipts.

Dobbs also noted the borough is accounting for large, seasonal debt-service payments (interest twice a year and principal once a year) tied to prior property acquisitions and building repairs and that a third debt-service payment will appear in next month's bills list. The committee heard that third-quarter police-services payments to Lorimerian Township and reimbursements to public art and the business association are among larger line items on the current bills list.

Members asked staff to include the schedule-of-bills listing in the F&A packet on SharePoint so committee members can review the detailed checks and invoices. There was no public comment on the financial report.