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Town finance director reports steady revenues, 92% ad valorem collections and small variances
Summary
Finance Director Alicia Massey presented the town's second-quarter financial review: ad valorem collections around 92% of expected, sales tax tracking above prior year, investment earnings near 3.7%, and overall expenses at about 51% of budget; staff will deploy a new monthly financial dashboard.
Alicia Massey, the town’s finance director, presented the second-quarter financial review to the council and said the town’s revenues and expenses are tracking close to budget. She reported ad valorem (property tax) collections at roughly 92% (the town budgets at 96% collection), sales tax is tracking approximately 4% over prior-period revenues, and investment earnings with NCCMT and NCClass are around 3.66% and 3.76% respectively.
Massey highlighted specific items affecting variances: parks and recreation trending above budget due to high usage and rentals; video programming revenues lagging due to quarterly reporting and changing consumer behavior; and facilities spending related to the town’s pickleball allocation (approximately $670,000 budgeted). She noted that some expenses (insurance, law enforcement quarters) are front-loaded and will normalize by third quarter. Massey also said the town will roll out a monthly financial dashboard on the website to provide clearer monthly snapshots.
Council asked for clarification on planning and building revenues; Massey deferred details to the planning presentation but agreed to provide follow‑up figures on sales and planning revenue breakdowns. No formal action was requested at this item.
