Finance director reports a roughly $1.9M surplus, outlines capital carryover and reserve questions

Finance Director Laurie presented the May 2025 financial report to the Charles Town Finance Committee, describing the packet layout and high-level results. Laurie said total revenues in May were tracking at about 104% of plan (roughly $500,000 above the year-to-date plan) and that, as of the packet, the city showed approximately a $1.9 million surplus. She projected that figure would decline through June and estimated an end-of-year residual around $1.6'$1.7 million, noting the council had designated $750,000 to be carried into the FY2026 budget.

Laurie went through capital items, explaining the city treats developer proffers (reported as about $2,400 per lot in the packet) separately from general operating permit fees. She noted several capital projects will carry over into next year, that certain grants are reimbursable while others require an upfront match, and that some projects (for example, Augustine Avenue) are administered by the state with the city responsible for any overages.

On bank balances, Laurie reported roughly $19 million in cash and roughly $1.3 million in investments across accounts (a total staff characterized as approximately $20.3 million), but emphasized substantial portions of those funds are restricted or encumbered for specific purposes. Committee members pressed for clearer labeling, a legend explaining restricted vs. encumbered funds, and a five-year trend analysis so the council can assess whether the city is underutilizing or over-accumulating reserves.

Committee members also discussed reporting format: several asked for a large-screen or dashboard view to make line-item review clearer in future meetings. Laurie agreed to provide clearer notes and the requested historical comparisons at a future session.