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Treasurer warns of timing mismatch for revenues; trustees plan deeper review and possible amended budget
Summary
The treasurer reported midyear finances (YTD to June 30) showing 36% of the budget remaining and noted that revenues (property/sales taxes) are uneven through the year; trustees agreed to a deeper budget workshop and noted the need for an amended 2024 budget.
The treasurer presented the Q2 financial report (year-to-date as of June 30), reporting that the town currently has about 36% of its budget remaining to spend and explaining that many expenditures occur early in the fiscal year while revenue (particularly property taxes) arrives later. The treasurer said staff used a 4% increase as a baseline for the 2024 budget because state timeline uncertainty (including Proposition HH and other state deadlines) conflicted with municipal code adoption schedules.
Trustees asked whether the town could use quasi-accrual accounting to smooth early-year expenditure spikes. Staff said accrual approaches are time-intensive and would not materially change basic reporting for the board but agreed to provide additional reports and to conduct a deeper review in an upcoming budget workshop. The board discussed the need for an amended 2024 budget and staff agreed to return with more detailed comparisons to prior years and proposed amendments.
