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Cheverly treasurer reports revenues near budget but flags retirement and police cost overruns
Summary
Treasurer Miss Mach reported revenues tracking close to budget with a cash balance of about $6.5 million, but highlighted two variances: retirement costs approximately $83,000 over budget and police department expenses about $185,000 over budget; the town continues to expect an FY26 deficit near the adopted $384,000 estimate but will monitor receipts.
Treasurer Miss Mach provided the monthly financial update through February 2026 and told the council that revenues are "coming in pretty close to budget," with some sources nearly fully received already.
She alerted council to two notable variances: retirement expenditures running about $83,000 higher than budgeted, and police department costs about $185,000 higher than anticipated. The treasurer said staff will check with the state about whether the police expense represents a recurring charge or a one'time catch-up adjustment.
"Your cash balance at this point in time is 6,500,000," Miss Mach said, noting the town has about $600,000 more in cash than at fiscal year end. Year'to'date revenues exceeded expenditures by roughly $1,171,000, but she cautioned the council that later months (March'June) typically see higher spending.
Council members asked whether the town's adopted FY26 deficit estimate of $384,000 remains likely; Miss Mach said revenues may meet expectations but the retirement and police variances warrant monitoring and possible budget amendments.
Mayor Watson scheduled a revenue and general government discussion for the March 19 virtual meeting to allow more time for review and for staff to bring any proposed adjustments forward.
