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Controller: city revenues largely on track; audit ongoing and note sale completed
Summary
Controller Diane Waldron told the joint board Bristol's revenue collections are close to last year's levels, cited specific collection percentages and amounts, noted an ongoing audit and a recent note sale with a low winning bid of 2.567%.
Controller Diane Waldron presented the monthly revenue and expense report to the joint meeting on Nov. 12, saying year-to-date collections are generally in line with last year. She reported prior tax revenue collected of $946,000 compared with $845,000 the previous year and said personal property tax audits covering prior years contributed to collections.
Waldron explained the motor vehicle supplement is now billed twice yearly (July and January) and that through October the city has collected $1,300,000 against a $1.6 million budgeted amount for the supplement. Reported collection rates included 52% for real estate, 51.4% for personal property, and 82.7% for motor vehicle regular collections (as of the posting dates she referenced). She noted many figures remain preliminary while fiscal-year closeout entries are posted.
On the audit, Waldron said municipal auditors have been on site and were finishing work this week; she anticipated a draft audit by December and issuance by Dec. 15. She also reported a recent note sale (reported in the meeting transcript as approximately $80,875,000) and that the low winning bidder offered an interest rate of 2.567%, which was better than budget expectations.
Waldron offered to provide additional detail on financing and note sale items to members who requested them.
