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Finance director reports FY‑end estimate, FEMA transition and capital spending
Summary
Finance staff reported a positive FY‑end estimate (about $239,000 variance), major capital spending on waterline replacement (~$914,000) and paving ($590,000), and noted FEMA project obligations with a pending management cost; auditors are scheduled August 3–7.
The Finance Department presented a fourth‑quarter/fiscal‑year‑end update showing a projected positive revenue variance of roughly $239,000 and several capital outlays completed this year. The director said ad valorem taxes finished about $77,000 higher than budget and that sales tax estimates carry a 2–3 month lag; among capital items, the waterline replacement near Stoney Knob totaled about $914,000 while the paving program spent $590,000.
On FEMA matters, staff said all submitted projects have been obligated and a transition meeting with the recovery team is scheduled for July 30 to move projects to North Carolina Emergency Management; one management‑cost item of about $131,000 remained pending. Auditors are scheduled to be on site the week of Aug. 3 to begin year‑end testing, and staff said they will return to council with final audited figures later in the year.
