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Finance director: July revenues topped budget, expenses under; cash balances stronger than planned
Summary
Finance staff reported July general-fund revenue about $35,000 above budget and expenses roughly $48,000 under budget, leaving townwide cash balances about $3.5 million versus a budgeted $2.9M projection; water-plan cash is $224,000 higher than budget.
The finance director (speaker 2) told the council the town closed its first month under the new budget with favorable variances: general-fund revenue exceeded budget by roughly $35,000 (strong sales tax and fifth-penny collections) and expenses were approximately $48,000 below budget due primarily to lower parts, fuel and timing of some capital projects.
On capital expenditures, the director said some chip-seal costs were delayed and will be recognized in August. The townwide cash balance was reported at about $3.5 million compared with a budgeted $2.9 million at the end of July; the water plan cash balance was about $224,000 higher than budget. The director invited council questions and noted staff will supply a line-item review if requested.
