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Hasbrouck Heights finance chief: cash balance fell after $2.74M school tax disbursement
Summary
CFO David Sireci said the borough's Current Fund cash balance dropped from $4.24M to $599,393 in June after $4.47M in disbursements, $2.74M of which covered local school taxes; the 2024 budget was adopted and the 2023 audit is nearly complete.
David Sireci, the borough chief financial officer, told the council on July 16 that the Current Fund cash balance at June 30 was $599,393, down from $4,238,406 at the end of May. "Cash disbursements for the month of June totaled $4,470,779 of which $2,744,545 was for local School taxes (62%)," Sireci reported.
Sireci provided a breakdown of June receipts totaling $816,277 and listed notable items including reimbursements for outside police overtime, payroll trust reimbursements, current 2024 tax collections and hotel fees. He said cash receipts included $242,601 in reimbursements for outside police overtime and $138,381 in current 2024 taxes.
Sireci noted the borough adopted its 2024 budget on June 11 and that the 2023 audit is mostly complete with no major issues identified so far. He reminded the council that third-quarter estimated tax bills have been mailed and are due Aug. 12.
The report prompted no immediate fiscal policy votes; the council proceeded with consent agenda and other business.
