Presentation on theme: "June 2014 Financial Overview Report 14 July 2014 by Joyce Thompson, Town Board Member."— Presentation transcript:
June 2014 Financial Overview Report 14 July 2014 by Joyce Thompson, Town Board Member
June 2014 Financial Overview Revenues – @ 48% - Budget target is 50% for 6 months General Fund: Building Permits (23%) and Fines & Forfeitures (32%) are still low. Fines averaged $9,272 over the past three months. That is up from $6,100 for the first two months of heavy winter weather. There is reason to think the projected shortfall on the Fines line will be less, but we will wait to make that projection until after we have August numbers. Highway Fund: Sales Tax of $90K is the only outstanding budgeted revenue source. Required submissions for receipt of CHIPS money are on target. CHIPS and heavy winter one-time state assistance are expected to render a total o$133K this year. The Highway Department has done everything possible to assure that we meet requirements and receive that money. It will be used to cover unexpected expense for the Old 82 Washout and make it possible to use some Fund Balance money for equipment this year. Expenses (these are one month behind at the time of the report) General Fund is at 42% of budget through May vouchers. Highway fund is at 27% of budget through May vouchers. June expenses will bring that fund up closer to budget because they include $136,000 for paving Livingston Road.
Funding Process – Next Steps Complete funding scenarios for board review Board approval of one or more specific funding plans Get numbers from at least three banks for these plans Review and establish funding plan