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Town reports 24% revenue increase for FY2024, cites $10 million interest windfall
Summary
The finance director told the committee preliminary FY2024 revenues rose from $75,000,000 in 2023 to 93.8 (transcript figure) — a 24% increase driven largely by $10,000,000 in investment income, higher business license receipts and increased property values.
The town's finance director presented preliminary FY2024 revenue figures to the Finance and Administrative Committee, saying the 2023 revenue base of $75,000,000 rose to "93.8" in the current reporting and calling that a 24% increase from the projected budget.
She identified three primary drivers: investment income, business licenses and property valuation growth. "We actually got a $10,000,000 interest income for the year," she said, describing it as the largest interest income the town has received. The director also said business license receipts increased (from 12.4 budgeted to 14.7 actual in the figures presented) and that property tax revenue was higher than projected as assessed values rose.
