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Clifton treasurer outlines FY2025 schedule; meals tax could yield about $200,000 annually
Summary
Town Treasurer reported on accounts, recommended investment moves consistent with the Finance Committee's advice to keep most funds in the Local Government Investment Pool, and outlined FY2025 schedule including public hearing May 7 and final adoption June 4; the Finance Committee noted a potential meals tax that could bring roughly $200,000 a year.
Town Treasurer Lisa Wax presented financial updates at the March 5 meeting, including account balances and investment choices, and reviewed the schedule for the FY2025 budget process.
The Finance Committee, chaired by Kevin Hutto, recommended retaining 95% of the town’s funds in the Local Government Investment Pool (LGIP) for liquidity and competitive interest; the Treasurer indicated staff would open a Schwab Money Market fund to capture improved rates for available funds. The Treasurer also requested approval to pay a $3,900 legal bill and $800 for storm-door repair at the Pink House; the council approved those expenditures by poll, 6-0.
The Treasurer outlined proposed dates for the FY2025 budget process: solicit committee input March 11–22, hold two budget work sessions in the weeks of April 8 and April 22 (with mayor and council member availability required), hold a public hearing on the budget at 7:00 p.m. immediately before the May 7 regular Council meeting, and schedule final budget adoption at the June 4 regular Council meeting. The minutes further note town staff recommended delaying the final budget vote until after Gala proceeds are known in mid-June if necessary.
On revenue options, the Finance Committee reported research into a possible meals tax; the committee forecast the tax could be implemented as early as July and produce approximately $200,000 in annual revenue. The minutes record a recommendation that the Town Attorney review proposed meals-tax language before any advertisement.
Other financial details recorded in the Treasurer’s accompanying report include BPOL receipts of $45,397 for the fiscal year to date and balances across checking, savings and investment accounts. Council did not take additional budget action at the meeting beyond scheduling and the recorded approvals noted above.
