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Red Bank reports near-year-end budget close; $540,000 capital outlay note issued
Summary
CFO Michael told commissioners the city collected about 99% of budgeted revenues (shortfall $157,760) and spent 94% of budgeted expenditures (underspend $714,115); staff also reported a $540,000 capital outlay note issued June 26 with a 3.79% rate and maturity in 2031.
Red Bank's monthly budget update through June showed the city collected roughly 99% of its budgeted revenue for the fiscal year, with a shortfall of $157,760 attributed in part to delinquent tax collections, the CFO reported on July 1.
The CFO also said expenditures ran at about 94% of budget, leaving an underspend of approximately $714,115. That combination reduced the estimate of general fund balance use for the year to about $75,000, down from an originally budgeted $206,000.
"Everybody's done really well with it," the CFO said, summarizing the fiscal-year-end position as close to budgeted targets.
Staff also presented a report on a debt issuance completed June 26: a $540,000 capital outlay note split into $110,000 for solid waste, $200,000 for state street aid and $230,000 for the public works general fund, at an interest rate of 3.79 percent. Staff said the note matures on 06/01/2031 and that the presentation was required by commission rules.
Ending: Commissioners expressed appreciation for the year-end performance; no formal action was taken during the work session.
