Financial Report First Six Months of Fiscal Year

Introduction Revenue collections this year are 2% ahead of last year. All revenues are ahead of last year with the exception of Real Estate Tax which is behind last year’s collection rate, but is on pace with previous years. Expenses are less than last year in both funds. 2

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Water Fund Revenues are on pace to meet or exceed budget. Water sales are approximately $3,400 behind last year at this point. Expenses are on pace to come in less than budgeted. 12

Water Fund (continued) By the end of the fiscal year we will have collected enough revenue to cover operating, maintenance and debt service, but we should anticipate a “loss” due to depreciation. 13

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Summary The Town’s revenue collections are strong. We anticipate that our actual year-end revenues will be greater than the amount budgeted Management will continue to watch revenues and expenditures closely The Town’s overall financial condition remains sound 16

Draft 2016 Budget Calendar DateEvent January 26, 2016 Manager briefs Council on the year-to-date revenues and expenses. Presents final draft of the budget calendar February 9, 2016 Manager discusses revenue projections with Council February 24, 2016 Planning Commission provides Manager its input on the CIP March 2016 Manager working on the development of the draft budget and CIP April 2016 Council/Manager holds work session on the Manager’s budget and CIP proposals May 2, 2016 Manager submits (delivers) to Council his budget and CIP proposals May 10, 2016 Council discusses budget and CIP proposal May 24, 2016 Council conducts necessary public hearings; after public hearings Council discusses budget and CIP Proposals June 14, 2016 Council adopts budget and CIP