Saco finance director reports healthy revenue tracking and several one-time lifts in Q3

Finance Director Banger presented Saco’s third-quarter fiscal-year 2026 summary on June 8, saying revenues and expenditures are tracking favorably at roughly 75% of the year.

Banger told the council that two motor-vehicle excise line items (motor vehicle and rapid renewal) together account for about $4.8 million — roughly 90% of the expected receipts in that category — and that the city has collected about $6.1 million year to date. He said investment interest is producing an estimated $300,000 surplus as of the report and that the city received about $47,000 in merchant-rebate income from city-issued procurement cards. He also noted one quarter’s additional cable franchise payment of about $48,000 (year-to-date franchise receipts reported at $149,000). On the expenditure side, Banger said property and liability insurance costs are about $55,000 over budget this year because of added assets and rate increases, though those premiums are paid for the year.

Councilors asked follow-up questions. Councilor Johnston asked whether zero amounts shown for snowmobile and veteran-exemption revenues were a timing issue; staff said snowmobile receipts had been booked to another account and that the veteran-exemption item required further follow-up. Councilor Arnon raised the shortfall in licensing and charges for services and staff replied that some of that category’s revenue is seasonal and some large projects (notably certain school-related projects) do not generate fees.

Banger also noted general-assistance spending may show a shortfall but reminded the council that the city receives approximately a 70% reimbursement from the state for that program. No fiscal decisions or budget amendments were finalized; staff will return with any necessary follow-up information.