Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Finance director reports strong revenues, corrects omitted STIF balance in monthly report
Summary
At the Nov. 24 Board of Finance meeting, Finance Director Tom DiStasio told board members that building permit fees and tax levy collections remain strong and that the town received about $397,000 in October intergovernmental grants; a missing Short-Term Investment Fund (STIF) balance of $38,665,510 was acknowledged and corrected.
The Avon Board of Finance received its monthly financial report for the period ending Oct. 31, 2025, and heard that revenues are stronger than recent years. Finance Director Tom DiStasio said building permit fees and tax levy collections continue to be strong, and that the town received roughly $397,000 in intergovernmental grants in October, including $145,000 in municipal revenue sharing and the town’s first installment of education cost sharing.
DiStasio told the board that interest income through Oct. 31 was about $848,000. He also apologized after a board member noted the Short Term Investment Fund (STIF) balance was missing from the packet: "Tom apologized for the omission and stated the balance should not have changed from that report as it was up to date at the time of the June monthly report." Board member Kathleen Johnson had recalled the June STIF balance as $38,665,510.
The board packet’s Tab A placed interest income for FY 2024/25 at $1,055,243 and showed an overall favorable revenue variance of $2,805,382 for the year, underscoring that year-to-date and fiscal-year totals differ. The board did not take formal action on the monthly report; members used the presentation to clarify balances and packet completeness ahead of upcoming budget work.
