Council reviews quarterly financials: $11.9M General Fund revenue, $56M portfolio holdings

Staff presented the town’s quarterly financials for the period ending March 31, 2026, noting General Fund revenue of $11,900,000, which the presenter said is "about 73% of our total projected revenue." The report said property tax collections were roughly 97.6% of budgeted amounts, sales tax at about 53% of budget, permit fees at 100%, and overall general fund expenses at approximately $7,400,000 (about 45% spent year‑to‑date).

Municipal clerk/finance staff Rachel Ramsey reviewed investment holdings and performance: "As of March 31, we have total portfolio holdings of $56,000,000 a little over," with about 65% in liquid funds and the remainder in fixed‑income securities. Ramsey reported interest earnings of $1,100,000 year‑to‑date against a budgeted $1,200,000 and explained that interest earnings are allocated to the funds that own the securities and are recorded as interest revenue contributing to fund balance. Council members asked follow‑up questions about timing of recent small interest receipts and how interest is distributed across funds; staff provided clarifications in response.