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Waite Hill finance report: $1.03 million in property taxes and a projected 10-year fund decline
Summary
Finance Committee reported $1,026,672 in 2024 property tax receipts (including a $66,142 second-half reimbursement), higher interest income year-to-date, but a 10-year forecast projects a $1.57 million decline in total funds, averaging about $157,093 per year.
Karl Scheucher, chair of the Waite Hill Finance Committee, presented the committee’s November report noting a $66,142 second-half property tax reimbursement and total 2024 property tax receipts of $1,026,672, $46,902 above 2023.
Scheucher said October interest income was $20,309 and 2024 year-to-date interest income totaled $171,177, an increase of $43,462 from 2023. The committee noted Local Government Fund receipts for November were $12,836 and that 2024 YTD LGF revenue is $139,298, $8,035 below last year; the report warned future LGF receipts could be at most 90% of the 2024 amount.
Total year-to-date revenue for October 2024 was reported at $1,604,239, $97,946 ahead of 2023, while total YTD expense was $1,403,438, $18,961 less than 2023. Total funds were listed at $9,096,161, down $72,585 from a year earlier. The committee’s 10-year trajectory projects a decline in total funds of $1,570,929 (an average annual decline of about $157,093), though the report noted some recent moderation in the rate of decline.
The Finance Committee documentation included fund allocations, a fund-balance graphic and a note that the Auditor’s Schedule A estimate of property tax revenue for 2025 is expected in December. Scheucher signed and submitted the report for the record.
The figures were entered into the minutes and included as the Finance Committee’s appended report; Council did not record additional debate on the financial figures during the meeting.
