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Council reviews YTD finances; water fund shows unbudgeted grant revenue
Summary
Councilman Bitter presented year-to-date financials showing General Fund revenue $42,000 below budget and the Water Fund $210,000 above budget chiefly due to $175,000 in unbudgeted grants and higher tap-on fees; budget drafting will begin after February with a mid-March target for a draft.
Councilman Bitter presented the town’s year-to-date financial report during the Feb. 10 work session, reporting that General Fund revenue is $42,000 below budget largely because of shortfalls in the fifth penny ($27,000) and severance tax ($20,000). He noted sales tax and fifth-penny declines were milder than statewide projections.
Bitter said General Fund expenses are slightly below budget and the General Fund cash balance stood just under $2 million, about $400,000 better than the budget projection.
On the Water Fund, Bitter reported revenue was about $210,000 higher than budgeted, principally because of $175,000 in unbudgeted grants and $38,000 in higher tap-on fees; capital spending is favorable to budget mainly because new residential meters have not yet been paid for and spending on the Prater delivery line is lower than planned. He also noted an anomaly with fire contract payments appearing higher than expected and said he would investigate that with Treasurer Mason.
Bitter said the council will begin budget planning after February closes, aiming to have a draft by mid-March, and stressed the importance of updating the fee schedule to avoid last year’s issues.
