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Town finance director reports state reimbursements and balanced FY2025 projection
Summary
Finance presenter Deb Bridal reported a GFOA/ACFR audit award and an unanticipated state tangible property reimbursement of $329,980; the town manager and finance staff said the FY2025 projections are balanced, and the council discussed pension recalculation timing and overtime risks.
Deb Bridal, presenting the townfinancial report, told the North Kingstown Town Council on Oct. 28 that the town received a Government Finance Officers Association award for its 2023 audit and that recent state calculations will provide a tangible property reimbursement of $329,980 for the town.
"Theyused the 2024 rate of $17.85 per thousand ... and they're reimbursing us $329,980," Bridal said, summarizing the state adjustment; she said the reimbursement and other state-aid increases are pass-throughs to the school department and have no tax impact for residents.
Bridal said the townbudget projections are currently balanced: "My revenues and expenditures balance right now," she told the council. She identified salary and fringe benefits, particularly higher-than-expected pension rates, as the primary financial exposure.
Council members pressed for clarity on whether the packet showed a $451,000 surplus or a balanced projection; Bridal reiterated that the current projection is balanced and that the variance line represents totals rather than an assured surplus. Town Manager Ralph said the pension recalculation that affected many municipalities was a statewide recalculation and that managers are raising the issue with state officials.
Council members also questioned overtime assumptions and department vacancies; Bridal said some vacant positions are offsetting overtime in the first quarter but said she would continue to monitor staffing and overtime month to month.
The council received the report and discussed next steps for budget preparation and potential contingency planning if a planned property sale does not close by fiscal year end.
