Title
FY25 First Quarter Budget Update
PURPOSE: To provide an overview of the FY25 budget status to Town Council.
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Department
DEPARTMENT: Finance
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Information
INFORMATION: Attachment A provides a summary budget status report as of September 30, 2024, for each Fund Type: General Fund, Special Revenue Fund, Capital Projects Fund, and Enterprise Fund.
The General Fund serves as the town's operating budget. By the end of the first quarter of the fiscal year, we successfully collected approximately 14% of the Town’s revenue budget, while expending 21% of the expenditure budget. It's important to note that property taxes were due on September 1st, and the last day for residents to pay tax bills without incurring interest is January 5th. We expect to receive most property tax collections by the third quarter.
Additionally, there is a three-month delay in receiving sales tax and other state-collected taxes from the North Carolina Department of Revenue. The Town will receive additional distributions in November and December for August and September collections, respectively.
In terms of expenditures, the totals remain consistent each month, and there is usually a one-month lag between when services are provided and when the invoiced amounts are received and posted.
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Fiscal and Staff Impact
FISCAL IMPACT: There is no fiscal impact associated with this report.
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Recommendation
RECOMMENDATION: No recommendations at this moment.
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