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Clinton finance director reports revenues on budget and estimates $14.18M unassigned fund balance
Summary
Finance Director Robert Tait presented the monthly financial report showing total revenues on budget ten months into FY 2025–26, noted lower-than-budget interest income and higher charges-for-services, and estimated an unassigned general fund balance of about $14,176,598 for 6/30/2026 (21% of the proposed 2026–27 budget).
Robert Tait, Clinton’s finance director, reviewed the town’s monthly revenue and expenditure statements at the May 20 Town Council meeting. He told the council that, ten months into fiscal 2025–26, total revenues overall appear on budget: interest income is running under budget while charges for services are over budget.
The report included investment and interest details: STIF rates were cited at approximately 3.70% on May 14, 2026, and year-to-date interest income for FY26 is shown at roughly $1,005,151 in the printed report. Tait also described the condition of various restricted and special-purpose funds, including a Board of Education non-lapsing fund balance of $930,964 and other smaller program funds.
On fund balance, the minutes record an audited unassigned general fund balance of $15,103,153 at 6/30/2025 and an estimated unassigned fund balance of $14,176,598 for 6/30/2026 (about 21% of the proposed 2026–27 budget). Contingency funds for the fiscal year were exhausted in the current year’s accounting and any small transfers will need to come from accounts with available balances, the report said.
The finance report was provided to the council as an exhibit to the minutes; the minutes note the report will be attached to the official record.
