Hertford council funds $35,000 financial model, reallocates $160,000 to cover model and contractor

The Council of the Town of Hertford on Dec. 12 authorized a $35,000 contract for financial advisory firm First Tryon to build an Excel-based financial model and approved budget amendments reallocating $160,000 to pay for that model and a contractor.

Interim Town Manager Janice McKenzie Cole told council the First Tryon model would use five years of audit data, tax and utility rates, revenue, outstanding debt and property gain/loss history to project fund balances and help with the upcoming budget season. Cole said the model has an optional $8,000 annual update but council could be trained to use the workbook and might not need the annual service.

Mayor Pro Tem Ashley Hodges said he supported hiring First Tryon “to create this model for Hertford and then discuss annual services later,” noting the model’s projected value for multi-year budgeting. On a motion by Councilman Jerry Mimlitsch, seconded by Mayor Pro Tem Hodges, council approved the First Tryon work order unanimously.

To fund the work, council approved Budget Amendment 5, which moves $160,000 from the general fund balance into Administrative Professional Services. Cole said that $35,000 of that amount will pay First Tryon and $125,000 will pay contractor Larry Sandeen; Sandeen’s payments had been expected to come from ARP funds, and the reallocation will free those ARP dollars for other purposes. Council also approved Budget Amendments 4 and 6, which close the King Street Bridge fund into the General Fund and transfer funds for the AIA grants’ 1.5% match, respectively.

All budget amendments and the work order passed on unanimous 5-0 votes.