“A few years back, the town had a provision in its charter where a six-month review of the town’s finances was needed,” Smith said. “The purpose of that review was to bring to your attention anything that would warrant conversation as you approach the end of your budget [cycle].”
Two years ago, the town revised its six-month review policy in the charter in favor of a nine-month review. Smith said reviews in October or November would be more beneficial for the town as it would likely have greater input on the budget process, which begins in earnest in December.
Smith added he had met with town officials, reviewing the financial statements for the upcoming 2017 budget.
“Last year, you had about $1.5 million in surplus, which is about 50 days of your operating budget,” Smith said. “Based on the numbers we are seeing, we are hoping that you can maintain that level.”
He said excise tax was already at 100 percent of expectations, which bodes well on the revenue side of the budget.
“We are pretty confident that at the end of this year we will be able to bring you some good news like we did last year,” he said.
