Finance staff outlines likely end-of-year transfers, cites revenues near budgeted totals
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Summary
Treasury staff told the Finance Committee expected year-end transfers for EMS billing, elections, snow-and-ice and waste removal; overall revenues were near 98% (and projected to exceed 100% after light department accounting) and expenditures were within expected ranges.
Treasury staff summarized likely end-of-year transfers at the June 12 Finance Committee meeting and said departments have until the Friday after the meeting to submit final purchase orders. Staff listed several transfers that are likely or in process:
- EMS billing: approximately $58,000 (estimated) - Elections: roughly $23,000 in incremental expenses, offset in part by state reimbursement - Snow-and-ice stipend payment that hit late in the fiscal year: about $25,000 - Waste removal: an estimated $150,000 (pending May and June invoices because tonnage drives the final number)
Why this matters: These transfers adjust budget lines before the fiscal year closes and determine whether the town needs to cover shortfalls with transfers from other lines or other reserves. Staff said they do not anticipate surprises but will provide formal transfer requests at the July committee meeting.
Staff said overall revenues looked strong: with most items booked they expected roughly 98% of budgeted revenue to be realized for the fiscal year, and that amount would exceed 100% after recording light department receipts that had not yet been posted. Staff cautioned that some line items require final invoices to determine exact transfer amounts and said they would try to keep transfers within related infrastructure and departmental buckets where possible.
Ending: Staff will prepare formal transfer requests for the committee and said they do not expect to need to tap the town’s reserve fund; they will provide detailed backup before the July 10 meeting.