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Finance director: Weaverville ends FY26 with positive revenue variance, major capital projects continue
Summary
Finance staff told council the town expects a positive variance for FY26 driven by higher ad valorem and interest income despite a small sales‑tax shortfall; major capital spending included waterline replacement and resiliency generator work, and FEMA reimbursements remain in progress.
Finance staff presented a fourth‑quarter update and preliminary year‑end estimates showing revenue and expenditure variances that point to a modestly positive fiscal outcome for FY26. The finance presenter said ad valorem taxes were about $77,000 over budget and interest income remained higher than forecast; sales tax may end roughly $99,000 below budget based on conservative estimates, but positive variance in other lines offsets that shortfall.
Major capital expenditures included a nearly $914,000 waterline replacement near Stoney Knob, $590,000 in paving work, and roughly $1.2 million on resiliency projects (generators and conversion work) nearing completion. Finance staff also reported that FEMA obligations related to storm response have been largely obligated and the town expects a remaining management‑cost reimbursement.
