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Finance staff reports general fund revenue near budget but flags timing gaps
Summary
Town finance staff told the committee that year-to-date general fund receipts through April were about $43.7 million against a $48.0 million budget, with property tax receipts running roughly $650,000 above projection and investment income exceeding expectations.
Finance director Burnett presented the town's fiscal 2025 monthly update and said year-to-date general-fund receipts through April 30 totaled about $43,700,000 against a budgeted $48,000,000. "So far, we have received about $43,700,000," Burnett said, and she noted a roughly $4.5 million gap that staff expects to narrow as receipts usually arrive in May and June.
Burnett called particular attention to property tax and investment income lines. Property-tax receipts were "a little bit higher" than projected by about $650,000, and investment income had surpassed a $1.5 million projection and was "close to $2,100,000," giving the town additional year-to-date revenue cushion. Council members asked whether local-accommodation (hospitality) tax and business-license receipts would close shortfalls; Burnett said the accommodation tax is remitted quarterly by the state (next transmission expected in June) and that the town is still processing business-license applications filed by the April 30 deadline.
