Treasurer reports $1.2 million in town funds; council reviews CD reinvestment and CIF spending

At the May 8 meeting Town Treasurer Marilyn Barton presented written financial reports for the period ended April 30, 2018 and answered council questions before the council voted to accept the Treasurer’s report.

Barton reported total cash and investments of $1,203,726.54. She said the Town’s John Marshall Bank certificates of deposit totaling $610,392.88 matured on March 19, 2018; per the council direction approved at the March meeting, $400,000 plus $771 interest was withdrawn and deposited into United Bank on March 19. United Bank issued four $100,000 two‑year CDs at 2.00% APR. Barton also reported that John Marshall Bank renewed two remaining CDs for $105,000 each at 1.56% APR for 18 months.

Revenue highlights in the attachments included Clifton Film Festival receipts (a deposit line shows $3,376.23 for festival proceeds; a supplemental report shows net proceeds of $2,996.57) and Pink House rental updates: tenant Tim Hugo exercised an option to extend his lease for two years to December 2019 at $1,300 per month. Tax and permit receipts include BPOLs of $41,988.47 year-to-date for FY2018; other line items and profit & loss statements were included in the distributed materials.

Barton detailed CIF (Capital Improvements Fund) activity: the April reports show CIF expenditures year-to-date of $50,559, including a $19,799 payment for paving of the Railroad Siding Parking Facility and a $1,085.60 payment to J2 Engineering for Streetscape Phase II design work. The Treasurer noted the final audited FY2017 financial statements were available and that the public hearing on the FY2019 proposed budget would precede the May 8 meeting, with final budget approval scheduled for the June 6 council meeting.