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Sewall's Point finance staff defends using FY2025 permit receipts to forecast building fund revenues
Summary
Commissioners questioned staff's approach to forecasting building-permit revenue for FY2027; staff said using the last completed full fiscal year (FY2025) provides a known quantity and limits risky over-forecasting, while acknowledging trailing-12-months projections could be prepared on request.
Commissioners pushed staff to explain why building-permit revenues for FY2027 are being based on FY2025 receipts rather than a trailing 12-month average. Finance director Mariah Pierce said the town chose FY2025 because FY2026 remains incomplete and FY2025 represents a known, auditable year.
"If we're going to forecast, it's not as accurate as using a number that you had before and then also identifying a funding source because we already know there's going to be a shortfall on it," Pierce said, describing the rationale for using a historical baseline and drawing on building fund reserves to cover expected shortfalls. She noted building fund reserves are restricted and cannot be transferred to the general fund.
Commissioners asked staff to produce trailing-12-month permit tallies for comparison and to include the results in the next workshop packet. Staff agreed to pull those figures and said they could prepare an amendment to show alternative revenue forecasts if the commission prefers.
