The Town Administrator has said in multiple meetings that the municipal departments have used savings (or turnbacks) to offset a Q4 revenue drop in local receipts due to COVID.
How much were these savings?
Where they COVID related?
If not, where are actuals coming in under budget compared to FY20? Have those savings been taken into account in projecting the FY21 budget?
At the Finance Committee meeting on Tuesday June 23rd, Mr. Townsend, Deputy Town Administrator & Director of Finance, shared that the Municipal departments will turn back approximately $3.6M-$3.7M by the close of the fiscal year on June 30th. $3.2M of these funds will be used to balance the fiscal year FY20 budget and end without a deficit. The $3.2 was needed because of the loss in revenue typically raised from local hotel and meals receipts. Dinners out and hotels usage fell drastically because of Covid.