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Town controller reports Q2 financial snapshot; bonds sold at 3.85% interest
Summary
Controller Carl Schlegel reported on an April bond sale with a 3.85% interest cost, flagged overtime driven by heavy winter snow removal and reimbursable police protection, and highlighted strong camp revenues and pending audited financial statements expected July 28.
Carl Schlegel, the town controller, briefed the Town Board on June 23 with an interim second-quarter financial update and several fund-level highlights.
Schlegel said the town sold bonds on April 7 at an overall interest cost of 3.85% and structured debt to lower near-term annual costs; the first payment on that debt is not due until 2027 and the bonds will be callable or refinancable beginning in about 2034.
On expenditures, Schlegel flagged overtime as higher than typical across several departments because of an unusually heavy winter that increased snow removal work and associated overtime in parks and highway operations. Police overtime was also elevated in part because of reimbursable protection requests, including a large House Oversight Committee deposition; Schlegel said the town received reimbursement from the Capitol Police that was "very close" to full but that he would confirm the precise amount.
Revenue performance included a strong showing for seasonal camps (about 120% of budget so far) and interest earnings that were running ahead of a slow first quarter as tax collections arrived. Building permits were roughly at expected pacing (about 50%) and commuter parking permit renewals were still being processed, with recent collections of roughly $664,000 expected to be recognized in coming weeks.
Fund-specific notes: the highway fund showed expenses near 37% and revenue around 80%, with salt and winter-related costs called out; the refuse fund has most revenue realized with expenses near 40%; the water fund was slower into summer but notable expenses included replacement filter materials and overtime tied to water-main repairs.
Schlegel said actuarial work tied to the C-VAC LOSAP implementation delayed the formal audited statements by several weeks but that audited financial statements should be presented to the board on July 28.
The board asked follow-up questions about reimbursements and the timing of audited materials; Schlegel said he would provide more precise overtime reimbursement details after reviewing the payroll records.
