Town reports $95.9M YTD revenues, interest receipts get $115,000 boost

Town finance staff presented revenue and cash-position details through October, reporting year-to-date revenue of about $95.9 million, or roughly 54.7% of the fiscal-year 2026 budget.

Brian (Speaker 9), the town presenter, said current tax collections total about $89.3 million (54.4% of budget) and that building-permit revenue is up year-over-year while conveyance fees are down slightly. He told the committee he had a late update to interest-on-investments of approximately $115,000, which changed the year-over-year comparison from a decline to a modest increase.

On parking revenue, committee members noted that permit income is recognized largely up front because many permits are paid annually; the presenter confirmed the revenue treatment and explained a year-end calculation reallocates a portion of parking receipts to the parking fund for lot maintenance and repaving. Members asked about timing effects from lien sales and large one-time tax receipts; town staff said a prior lien sale produced a large, early payment that affected the timing of collections.

Brian also flagged that transportation-related fees are down about $90,000 year over year and that an ‘‘all other revenues’’ bucket is down by about $681,000; he identified six items that make up most of that reduction, including operating transfers in and unrealized investment gains/losses.

Committee members asked staff to consider a revised report layout to combine pension and OPEB totals and group operating items together for readability. Staff said they will work on a format that makes the major inflows and balances easier to track and will aim to provide hard copies when finalized.

Provenance: Town revenue and investment figures were reported directly by the town finance presenter during the Audit Committee meeting.