Council discusses 2020 year end results tonight
Tonight, town council will hear the unaudited financial results of three of the towns funds for the year ended 2020: The General Fund, the community center fund and the Highway Fund. Results have been uncertain because of the unknown financial impact of the pandemic. It appears the town has weathered the storm.
General Fund Balance Increased to $21.4 million
The general fund pays for all of the town's administrative functions and the police department. It is the fund that would be most impacted by the pandemic since sales tax collections are about half of total general fund revenues. Year end balance is expected to increase by $1.8 million from the beginning of the year to $21.4 million.
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General Fund revenues 6% over budget
The town took measures early in March to slow spending and freeze hiring. The objective was to
"hunker down" and be prepared for the worst. That game plan worked through the end of the year. The total estimated year end was 6% over budget, totaling $41.7 million. Local sales tax revenues and interest income exceeded budget by $2.5 million. Inter-government funds and charges for services were $800,000 under budget.
"hunker down" and be prepared for the worst. That game plan worked through the end of the year. The total estimated year end was 6% over budget, totaling $41.7 million. Local sales tax revenues and interest income exceeded budget by $2.5 million. Inter-government funds and charges for services were $800,000 under budget.
General Fund spending 5% under budget
Total General Fund spending was $39.9 million. This was $2.1 (5%) million under budget. Spending in all departments except for legal were under budget. The Police and the Parks and Recreation Departments spent $1.2 million less than budget.
Community Center essentially on budget
Community Center revenue was $175,000 less than budget. Spending was $285,000 less than plan. The center received sales tax subsidy of $2.9 million. This amount is far more than the $750,000 sales tax subsidy target that was set by the town council last November. That subsidy level is to be achieved by 2023. Golf revenues and membership fees were 9% over budget. Most other revenue sources were under budget because the Community Center has been closed since March.
"In the Highway Fund, total actual revenues for the year came in over budget by approximately $272,000 or 7.2%. Expenditures for the year were under budget by roughly $12,000 or 0.3%. Overall, the Highway Fund ended the year with a decrease in fund balance of $53,343 (note that the planned budgeted decrease in fund balance was $337,241) (source)
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