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Midyear finance update: Town of Clinton reports steady tax collections and a stable fund balance
Summary
Finance Director R. Tait told the council that tax collections remain steady and that the audited unassigned general fund balance was $15.10 million (23% of the budget) on June 30, 2025; estimated unassigned balance for June 30, 2026 is $15.18 million, interest income is under budget and some transfers from other accounts will be required.
Finance Director R. Tait presented the Town of Clinton's midyear fiscal report on Jan. 21, 2026, summarizing revenue and expenditure status through Dec. 31, 2025. He said tax collections remain steady and that, six months into the fiscal year, total revenues appear on budget. Tait cautioned that interest income is below budget while charges for services are running above budget, and that some transfers will be required but the amounts are available in other accounts.
Tait provided fund-balance details: the audited unassigned general fund balance at June 30, 2025 was $15,103,153 (23% of the 2025-26 budget), and the current estimate for June 30, 2026 is $15,176,598 (also 23% of the budget). He noted the 2025-26 contingency account began at $301,411 and stands at $266,225 after use of $35,186 for contracted salary increases; the Board of Education non-lapsing fund balance is $959,497 with no activity this fiscal year. Investment yields have declined modestly (for example, the STIF rate moved from 4.10% to 3.86% and was 3.72% on Jan. 15, 2026).
The finance packet attached to the minutes includes detailed revenue and expenditure tables by department, CIP and debt-service summaries, and a fund-balance analysis noting an estimated year-end fund balance and scenarios if funds are assigned to CIP projects.
What happens next: Staff indicated transfers will be processed as needed and CFO/finance staff will continue monitoring revenues, interest yields and contingency use heading into the second half of the fiscal year.
