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Town of Pike Road reports $20.3 million available cash, reserves equal to ~32 months of operations
Summary
Town financial presenter reported available cash of $20,313,000 as of May 31 and a fund balance of $19,646,000; year-to-date revenue was $9,604,000, and the town shifted to quarterly capital improvement transfers.
Mary Stone, presenting on behalf of Carrigs Ingram, summarized the town’s May financial statements: available cash stood at $20,313,000 as of May 31 (which staff said represents roughly 32 months of operating expenses under the adopted 2026 budget). The fund balance was reported at $19,646,000, an increase of $127,000 compared with May 2025.
Year-to-date revenues were $9,604,000, about $39,000 lower than the same period in 2025. Stone noted a year-to-date net income of $2,487,000, down $484,000 from the prior year. Staff also noted a shift from annual to quarterly capital-improvement transfers. Revenue sources with month-over-month changes included sales-use taxes (up 12%), franchise fees (up 25%), and building permits and fees (up 9%); business contractor licenses were down 12%.
Councilors asked about specific expense changes at Pike Road Station (noting higher operating expenses such as HVAC work) and the mayor said renewed leases have stabilized tenant occupancy. The council moved and approved acceptance of the financial statements by voice vote.
