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Hasbrouck Heights finance report shows $4.27 million drop in cash in September
Summary
CFO David Sireci reported a drop in the Current Fund cash balance from $6.26M to $1.99M between Aug. 31 and Sept. 30, 2024; the borough listed receipts and disbursements and noted a tax sale scheduled for Oct. 10.
CFO David Sireci told the Mayor and Council on Oct. 8 that the borough's Current Fund cash balance decreased to $1,988,364 at Sept. 30 from $6,258,519 at Aug. 31 — a decline of $4,270,155.
Sireci reported September receipts totaled approximately $1,303,170 with the largest items including $314,983 in state energy-receipts tax, $260,033 in current 2024 taxes and $199,759 in reimbursements from trust funds for outside police overtime. September cash disbursements totaled $5,573,325, of which $3,013,473 (about 54%) were local school tax payments, $855,321 (15%) were payroll, $911,325 (16%) were debt-service payments and $793,206 (15%) were other budgeted expenses.
Sireci said the municipal tax sale is scheduled for Oct. 10, 2024, and that final 2024/preliminary 2025 tax bills were mailed with the fourth-quarter installment due Nov. 12 (adjusted due to Veterans Day on Nov. 11). He also noted the borough's invested funds were earning 4.50%.
The council did not take separate action on these financial figures at the meeting; the CFO said results and a tax-sale outcome will be reported at a future meeting.
