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Finance director reports $2 million revenue surplus, warns on reserves
Summary
Simsbury's finance director reported revenues running about $2 million above budget at this point in the year and projected health-reserve levels at roughly 31%, cautioning members that reserve availability could be tight for next year's budget.
Amy, the town's finance director, presented a midyear finance report showing revenues are roughly $2 million over the adopted budget at the measurement date, driven in part by higher collections; she also said expenditures are running slightly under budget and that final year-end accruals will adjust the snapshot.
"You can get a pretty good sense of where we are, starting with the revenues on page 5. So you'll see that we are already, in excess of our budget of about $2,000,000," Amy said. She told the board that teacher balloon payouts and debt payments affected cash flow decisions and that CDs were cashed out to maintain liquidity ahead of final collections in July.
Chair and staff also briefed the board on health-insurance reserves, which the chair said are "up reserves at about 31%" after recent variances; members discussed longer-term planning for reserves and a forthcoming policy update on reserve use. No interim appropriations were made at the meeting.
