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Finance director reports stronger-than-expected grant receipts and steady tax collections
Summary
Finance Director Kimi Cheng told the board that May tax collections were 103% of expectations, the town received an extra $241,000 in special education grant funding (bringing the fiscal total to $770,836), and roughly $851,000 in tuition revenue is expected; General Fund expenditures were at 87% of budget.
Finance Director Kimi Cheng presented the town’s May 2026 financial report to the Board of Selectmen on June 15.
Cheng reported that tax collections stood at 103% of projections, compared with 102% during the same period last year. The town received an additional $241,000 in Special Education Excess Cost Grant funding, bringing the fiscal-year total to $770,836 — about $183,000 over the initial budgeted amount. Cheng said the town also expects approximately $851,000 in tuition revenue from other municipalities in June.
General Fund expenditures as of May 31 were at 87% of the budgeted total for the fiscal year-to-date, compared with 85% at the same point last year. Cheng noted that overtime projections for both the Department of Public Works and the Police Department remained consistent with prior estimates. No budget adjustments or new appropriations were proposed at the meeting.
The board received the report and had no formal vote on budget changes during the session.
