Town Looks To End Of Fiscal Year

Town Finance Director Ben Spragg provided a brief update on the town’s finances for the soon-to-end 2002-2003 fiscal year.

Through May, the town has received 93 percent or $68 million of its projected revenue, mainly from local tax payments. The town has expended 78 percent or $67 million during the first 11 months of the fiscal year. This has left the town with a favorable balance of $11 million.

June is an expensive month, however. Teacher salary payments are especially high this month as many teachers take their entire summer payment all at once. Some prefer to receive their payments 21 times a year instead of 26.

Also, most of the town’s debt service payments come due in June.

The good news is a lot of people tend to pay their taxes in June as the tax collector’s office gives them one final warning before placing liens on their homes.

Mr Spragg is not expecting an especially large surplus this year. Last year, the town had a $2.4 million surplus, which was down from $2.8 million the year before.

The fiscal year runs from July 1 to June 30.