Board of Finance Agenda

-- Dear colleagues:

As you know, Rico was kind enough to send us early drafts of our June 30, 2020 audited financial statements. He will join us on Jan 18th to review our audited statements with us and to answer any questions that we might have about them.

The draft includes final accrual basis revenues and expenses. Accordingly,  I started working with this information to see how our year shaped up from an operating standpoint. Accordingly, I have prepared the five attached exhibits for your review and reading enjoyment.

The messages that I take from them are:

The projected actual expenses were $44,450 under budget. When we made the projection, we did not anticipate management’s belt tightening in the fourth quarter. (Exhibit 1)

Actual expenses were $211,348 under budget. (Exhibit 1)

Town Roads and Police Protection make up $109,968 of the total favorable spending variance. Employee Insurance was the only major overspend, which amounted to $52,144. (Exhibits 2&3)

Property taxes were $47,035 less than planned (.7%). Other Revenues were $26,737 less than budgeted. (Exhibits 4&5)

The combined effect of the expenditure and revenue variances leads to a total favorable variance of $137,775 for the town.

The above are of course preliminary; they may contain errors;  and are subject to change when you have a chance to evaluate the information and conclusions.

I look forward to seeing you on Jan 20.

Tom