Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Finance director Thomas outlines midyear budget changes, requests $280,000 in net operating adjustments
Summary
Thomas reported a midyear general‑fund review showing a $1.9 million increase in unassigned fund balance and recommended adjustments including $200,000 for builder’s‑remedy legal costs, $17,000 for code‑enforcement legal support and $100,000 for housing element consulting. Staff also detailed refund payments for excessive building fees and capital reimbursements.
Thomas, the town’s finance director, told the Finance & Investment Committee that the town closed the prior fiscal year with an unassigned fund balance up about $1.9 million to $4.4 million, citing higher property tax receipts and stronger investment income as primary drivers.
He said a one‑time $800,000 transfer from the ARPA fund and council reallocation of $400,000 to reserves also contributed to the positive variance. "That was driven by higher property tax and investment income," Thomas said, summarizing FY24‑25 results.
For the current fiscal year (FY25‑26) midyear, Thomas…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
