Ken, finance committee chair, told council that preliminary year-end revenue receipts exceeded budget by about $347,000, driven by items including real estate transfer tax, local services tax, street opening permits, interest earnings and refunds. He said expense confirmations are pending bank and other statements and that a finalized year-end report will be distributed at the next council meeting.

The finance committee set 2025 goals: maintain or improve the borough's Standard & Poor's AA financial rating; establish funding plans for capital projects; develop water and sewer fund-balance policies aligned with Moodys or Standard & Poors criteria and pass them to the Water & Sewer Committee for operational review; identify operational cost-reduction initiatives while maintaining service levels; and educate council about general fund debt ahead of notes maturing.

As part of operational efficiency work, the finance committee requested departments identify five cost-reduction opportunities by May 19 and set departmental budget deadlines for September 8.

Council approved the January financial statement by voice vote.

Ending: Finance will continue budget timelines and return a finalized 2024 year-end report at the next meeting; departments will be asked to provide operational-efficiency suggestions by May.