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Controller: Tax revenue ahead of budget but Board of Education faces $4.5 million shortfall
Summary
Controller Diane Waldron reported tax revenues and several categories are exceeding budget; interest and lien fees are 163% over budget (approx. $1.3M collected vs $800K budget), while the Board of Education is running an estimated $4.5 million deficit that staff will monitor heading into year-end.
Controller Diane Waldron presented the monthly financial report and told the joint meeting that the city’s tax revenues are at or above budget and several revenue categories are running ahead of plan. ‘‘Tax revenues as you can see on the chart are actually either at budget or exceeding budget,’’ she said.
Waldron highlighted interest and lien fees as a notable overage: the budget for that line was $800,000 and, through the end of May, about $1.3 million had been collected, representing roughly 163% of budget. Building permit fees and conveyance taxes are also exceeding budget and investment earnings are tracking above plan (forecasted to come in near $2.6 million versus $2.2 million budgeted). On the expenditure side, she reported a conservative projected city-side expenditure surplus of about $1.6 million, with encumbrances around $2.9 million.
Waldron also flagged a Board of Education deficit reported at approximately $4.5 million and said staff were tracking adjustments to education-cost-sharing and excess-cost grants that reduced some anticipated revenues (she cited an approximately $200,000 adjustment). She said staff hope to close the year without using fund balance but would continue to monitor and report back.
Waldron announced administrative dates: tax bills will be mailed June 30 and appear online July 1; the audit planning timeline includes preliminary field work in August and final field work in November, with the goal of meeting an early December deadline.
