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Finance director presents May 2025 financials; council told budget amendments are coming
Summary
Miss Cunningham reviewed May 2025 financial statements, noting the town is roughly 42% through the year, reimbursable grant timing (trace lighting) and subscription allocation issues (Tyler Tech) will drive budget amendments; council asked for additional breakout and prior-year column in next packet.
Miss Cunningham, the town finance presenter, reviewed the May 2025 financial statements and highlighted items council members asked to track further.
Cunningham told the council the year is about 42% complete and walked through key fund highlights: the general fund showed total operating revenues and several lines where revenues lag (permit fees, fines and fees); dedicated-revenue projects such as the trace lighting grant were noted as reimbursable, producing timing differences in statements. She said previously circulated figures list the trace lighting project at roughly $500,000 and that about $143,000 remained available to draw against that project.
On expenditures, Cunningham flagged software and subscription costs that will require budget adjustments. She confirmed the Tyler Tech contract is a $45,000 annual charge and explained the administration is reallocating that cost across funds (utility fund at 40%, general fund and public works at 30% each), which contributed to apparent budget overages; staff will produce a budget amendment worksheet and a breakdown of subscriptions. Cunningham also explained an internal/internet transfer of $489,639 recorded in May and described timing differences between receipts and when checks are cashed.
On utilities, Cunningham said gas revenues were about 62% of budget (roughly $400,000), water revenues were around 35% (about $180,000), and sewer and garbage revenues were tracking below or near budget expectations. Several items (Tyler Tech allocation, certain reports and trainings for gas operations) will prompt budget amendments; staff said they will provide a June statement with items marked that have been paid to 100% and include a 2024 comparison column at the next report.
Next steps: Council asked staff to provide an updated June financial worksheet with asterisks showing fully paid items, a breakdown of subscription expenses, and a budget amendment draft for upcoming meetings.
