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Mills River reports solid collections and a 67% available fund balance; sales‑tax timing noted
Summary
Finance Director Julie Ostein reported property‑tax collections and an estimated available fund balance of about 67% ($10.7M total). She explained sales‑tax figures lag by three months and noted capital reserves and restricted funds; staff flagged capital projects and an upcoming review of expansion property environmental clearance.
Finance Director Julie Ostein presented the town's quarterly financial update through Dec. 31.
Key numbers: as of Dec. 31, 2025 the tax collector reported 79.71% of the levy collected; when including registered motor‑vehicle collections that the county remits on the town’s behalf, the town's consolidated figure was presented as 94.91% of the levy (the difference reflects county‑collected vehicle registration collections). About $625,200 of previously outstanding levy payments were received in early January, reducing outstanding levy to roughly $160,000, Julie said.
Sales tax receipts lag by several months and the report showed 29% of the budgeted sales tax posted in the year‑to‑date figure because collections are received with a three‑month delay. Julie also reported an estimated available fund balance of 67% of total funds (the town's total fund balance was about $10.7 million with $4.8 million unrestricted), and described $1.7 million in capital reserve funds and other restricted balances tied to state receipts and FEMA cash‑flow loans.
On expenditures, most categories were below budget at mid‑year, reflecting timing and seasonal payments; information‑technology costs are above 50% of budget due to annual prepayments for software. The report listed completed Q2 capital work (playground accessibility project, copier replacement, town‑hall refurbishing) and ongoing capital projects (park expansion, maintenance facility, north‑loop/FEMA projects) and reminded council of thresholds for bringing contracts back to the council for approval.
Next steps: staff will continue fiscal monitoring through the budget cycle and return with proposals for pending capital contracts as needed.
