Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Pike Road finance director reports lower December revenues, strong cash balance
Summary
Town finance staff reported Dec. 31 available cash of $17,494,000 (about 28 months of operating expenses under the adopted 2026 budget) and year‑to‑date net income of $608,000, down $1,283,000 from the prior year; staff said some variances reflect timing of deposits.
Finance staff presented the town’s November and December financials and answered council questions about timing.
Finance presenter Dana reported available cash at $17,494,000 and a fund balance of $17,766,000. Year‑to‑date revenues were $2,742,000, a decrease from the prior year; current year‑to‑date net income was reported at $608,000, down $1,283,000 compared with the same period the prior year. Dana said some variances were timing effects, noting a deposit that normally posts before Dec. 31 instead posted on Jan. 5 and explained that change accounted for a large portion of the month‑to‑month difference.
Dana also reported variances by revenue source: one category was down 77%, sales and use tax receipts were up 22%, contractor licenses were down 16%, and building permits were down about 5%.
Council moved to approve the financial reports; the motion passed by voice vote.
