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Finance director: tax collections steady, solar array produced a $1.3M federal credit
Summary
Corey Stevens told the Budget Recommendations Committee that property tax collections are strong, building permits are up, and the town received a $1.3 million federal renewable energy credit for its municipal solar array; recurring solar revenue will be applied to debt service.
Corey Stevens, Exeter’s finance director, summarized midyear financial results for FY2026 and early FY2027 planning, telling the committee property tax collections and building-permit revenue have held up and that interest income is contributing to the town’s operating position.
"Our solar array went online about a year ago," Stevens said, and the town has begun receiving revenue from renewable energy credits and net metering. Stevens reported that the town recently "applied for, and received a renewable energy credit of $1,300,000 last month." He said the town will place that federal credit in an interest-bearing account and use it to offset debt service, and that recurring solar revenues (estimated around $300,000) would also be transferred into the general fund to help cover annual debt service of just under $500,000.
Stevens also reported that the town billed roughly $34,500,000 in property tax in June (about $8.2 million is the town’s general-fund share) and that as of mid-July the town had collected about 96% of amounts billed. He encouraged members to review the two-page CIP summary and the debt-service table to understand how projects would affect tax bills over coming years.
