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Town staff reports $50.4 million in reserves in six-month budget update
Summary
Staff presented a six-month fiscal update showing $50,400,000 in reserves as of Dec. 31, roughly $28.6 million of which is unrestricted; consolidated revenues for the first six months were $8,840,000, up $175,000 from the prior year, and expenditures were about $6,000,000 (roughly 40% of the current year budget).
Town staff presented the committee with a six-month budget and reserve report showing overall fiscal performance in line with expectations and modest year-over-year revenue growth.
A staff member reported that as of Dec. 31 the town’s reserves totaled $50,400,000, of which about $28,600,000 are unrestricted, capital and emergency reserves account for $11.1 million, and restricted reserves total $10,700,000. "All revenues are performing in line with expectations," the staff member said, noting consolidated revenues for the first six months were $8,840,000, an increase of $175,000 from the same period last year and representing about 48% of budgeted revenues.
The staff member also reported total expenditures for the six-month period were approximately $6,000,000, roughly 40% of the current year budget, and said the town is on track to finish the year near budgeted amounts. The committee was told a reserve study will be presented to the full town council and members were invited to review the report and ask questions of the reserve-study engineer, who will participate by Zoom.
The budget update drew no motion or formal action; staff and members treated the presentation as informational and flagged no significant concerns requiring immediate policy action.
