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Finance director reports strong collections; board asks about large reserve balance
Summary
Finance director Lawson presented the May financial report showing general fund revenues and key collection percentages and said the town’s unrestricted cash-on-hand was sizable (estimated reserves 58–62%); the report included sales, permit and utility highlights and previewed upcoming franchise and FEMA receipts.
At the June 9 work session, Lawson presented the town’s monthly financial report through May, highlighting general fund collections and capital fund activity.
Lawson reported general fund revenues of $14,642,000 and expenditures of $13,136,000 through May and said the town had collected approximately 98.72% of budgeted revenue to…
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