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“We’re right on target,” referring to the overall picture of town finances for the period that ended March 31, said Comptroller Ida Cody, at the June 5 meeting of the Select Board.

However, several departments seem to be spending their budgets a little faster, which could be due to the timing of the charges. Some departments, as well as insurance and retirement, are charged at the beginning of the fiscal year, said Cody. 

Other departments, however, are below budget, due mostly to staff vacancies, including retirements, Cody explained.

One reserve-fund transfer expected

“We do not expect any reserve-fund transfers this year, except the Facilities Department, which has experienced an increase in energy costs, so we might need roughly $40K by the end of the fiscal year,” said Cody.

Cody also highlighted revenues: 

  • Interest income has been collected at 984 percent. However, the $200,000 estimate was very conservative, due to a large amount of cash in the bank and increased interest rates.
  • Building permits are at 136-percent collection, mostly because construction costs increased and the town charged 2 percent of the total project’s value.
  • Electrical wires are at 324-percent collection because of a specific building — the housing under construction at Mirak at 1165 Mass. Ave. The building permits were granted last fiscal year, but the electrical permits were collected in October 2022, which falls in this fiscal year.
  • Hotel tax revenue is at 199 percent, and motel tax at 106 percent, due to a combination of volume and price increases.

“Enterprise funds are right where they’re supposed to be, and we anticipate increases in retained earnings,” said Cody.

Select Board Vice Chair John Hurd said that although the town has underexpended some of its budgets, this is due to many vacancies on both on the town and union sides. 

“In the coming months, we’ll want to talk with the new town manager to make sure we’re retaining employees. For years and years, we retained the same talent, so we have to make sure that we as a town don’t have as much turnover, so that Select Board members can know the department heads,” said Hurd. 

Watch the June 5 meeting on ACMi:

See all of the numbers in the presentation >>

  


This news summary by YourArlington freelance writer Susan Gilbert was published  Friday, June 9, 2023.

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