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Finance director presents forecast; council signals 3%–4% budget guidance
Summary
The town finance director told the Farmington Town Council that FY24-25 revenues beat budget by roughly $1.5 million and projected a potential $13 million bond next year. After discussion, council members agreed on informal guidance to aim for a 3%–4% overall budget target for FY26-27 to preserve service levels.
Farmington’s finance director, Joe, told the Town Council on Jan. 27 that the town ended FY24-25 with revenues about $1.5 million above budget and an unassigned fund balance near $27.5 million, roughly 20% of the adopted FY25-26 budget. He said property-tax collections were about $600,000 over budget and interest income came in nearly $2 million above expectations, while grants — driven largely by the ECS grant — added roughly $160,000 above budget.
Joe presented longer-term projections showing town debt could be about $26 million in principal with nearly $7.8 million in interest by…
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