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CCRPC financial update: ACCD funds nearly expended but revenues projected to exceed expenses
Summary
Business Director Forest Cohen told the committee net revenue over expenses was about $32,000 through May; ACCD funds were nearly exhausted and staff plan to use dues to cover an expected gap while expecting overall revenues to exceed expenses for the fiscal year.
The Chittenden County Regional Planning Commission’s Joint Finance & Executive Committee received a financial update on Aug. 7 showing modest net revenue and a near-exhaustion of ACCD funds.
Forest Cohen, business director, said net revenue over expenses through May was a little over $32,000. He reported approximately $35,000 remained in ACCD funds but warned that ACCD-related expenses could reach about $70,000 by the end of June.
Cohen said about $130,000 in member dues remained available for June and that roughly $35,000 of that would likely be needed to cover ACCD work, with another $30,000 expected to be required for MPO match through June. "Our revenues should exceed expenses at the end of the fiscal year," he said.
Jeff Carr asked whether adding administrative staff could increase CCRPC’s indirect rate. Cohen said new administrative hires could have that effect but that adding planning staff offsets indirect costs and should mitigate a large increase. Executive Director Charlie Baker added that the agency’s budget had nearly doubled over five years, which drives pressures for more staff.
On accounts receivable, Carr asked why some partners take more than 60 days to pay. Cohen explained those are typically matching funds for municipal consultants and not municipal dues, and that the timeframe is typical for those arrangements.
The committee approved the January–March 2024 journal entries after a brief question about Act 250 attorney fees related to an appeal on the Wheeler parcel in South Burlington. Bard Hill moved to approve the journal entries; Jacki Murphy seconded and the motion carried unanimously.
No substantive budget actions were taken beyond the review; staff will continue to monitor ACCD spending and the indirect rate as staffing needs evolve.
