Council Report September 22, 2021

Attached you will find the Summary memo regarding the end of year financial results for our Town. The good news for the Town's bottom line was the receipt of approximately 13M in one time dollars in Federal dollars because of the Pandemic. It should be remembered that these dollars are our tax dollars coming back to us.There was also over a million dollars savings for work that was not done. Sales tax revenues were over 3M better than forecast and there were 498 permits issues for new construction. This was the highest number since mid 2000s. Town Staff should be commended for managing our funds during a time of uncertainty. Good work everyone!

There was improvement in the operating performance of the Town owned golf courses. This was the result of $450K increase in 1/2 cent sales tax, 700k increase in golf revenues and trail fees, and 170k increase in members dues. This Council, also, decided that the Community Center Fund did not have to pay $120,000 to the Town's general Fund to pay back the General Fund for start up money. This was always something that should have been decided as it was an internal accounting entry that made this fund look worse.

The other agenda item of interest was the passage of all the technical authorization for the floating of the 25M bonds to pay for Parks and Recreation capital improvements This will add 25M in debt to be repaid at approximately 1.8M per year for 20 years for a total of about 31.5M. There was a lot of discussion as to how the projects were arrived at and prioritized as well whether it followed the statistically valid survey of our residents. There was agreement that if the projects were to be approved, bonding is the best way to do it. The concern expressed by Council Members Solomon and Greene was how it was done and whether to add this amount of debt. They voted against the Motion which passed 5-2 . The Town can now go out for the bond immediately to take advantage of the low interest rates.

June 30 2021 year end finance memo
Download DOCX • 16KB


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