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Waite Hill finance report: 2024 property tax receipts top $1.02 million; funds forecast shows long-term decline
Summary
The Finance Committee reported total 2024 property tax receipts of $1,026,672 (up $46,902 from 2023), November interest income of $17,827 and a funds forecast projecting a multi-year decline in total funds and the General Fund trajectory.
The Waite Hill Finance Committee presented its monthly report at the Dec. 9 council meeting, reporting that total property tax receipts for 2024, inclusive of reimbursements, finished at $1,026,672 — $46,902 more than 2023. Karl Scheucher, Finance Committee chair, appended a detailed report to the minutes.
The report noted November Local Government Fund (LGF) revenue of $14,290 and a 2024 YTD LGF total of $153,588, which is $8,517 less than 2023 year-to-date. The committee cautioned that future LGF revenues are expected to decline and that future receipts could be at most 90% of the ultimate 2024 amount.
Interest income for November was $17,827, producing a 2024 YTD interest income of $189,004, and total YTD revenue through November was $1,641,051 (ahead of 2023 by $89,453). Total YTD expense was $1,634,629, an increase driven primarily by a Mack Truck balance of $135,704. Total funds as of November 2024 were reported at $8,901,783, a decrease of $176,958 compared to the prior year. The appended analysis included a 10-year trajectory showing a projected decline in total funds and a downward trend for the General Fund.
Nut graf: The report shows a mix of stronger revenue lines (property tax, interest) and structural pressures (declining LGF receipts and capital expense impacts), producing a forecasted multi-year reduction in total fund balances that the committee flagged for attention.
Ending: The Finance Committee report was incorporated into the minutes and submitted by Karl Scheucher; the Clerk-Treasurer and finance staff are responsible for tracking the forecast and implementing budgetary actions as authorized by the adopted ordinances.
