Windsor’s fiscal year 2022 revenue projections show more than $20K surplus

Published 7:04 pm Friday, February 18, 2022

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Windsor Town Manager William Saunders shared fiscal year 2022 revenue projections with the Town Council at its Feb. 8 meeting, noting that Windsor is expected to end the year with more than $20,000 in excess of what was budgeted.

Saunders said that in his revenue projections for the general fund that council members had in front of them, the numbers for January 2022 and all previous months in the fiscal year are actual numbers. The numbers for February through June 2022 are estimates based on historical data, trends and assumptions.

“We are projecting ending the year with $20,903 more than budgeted,” he said.

He stated that some revenues that might arrive in July or August 2022 will roll back into the current fiscal year.

“So the $20,000 that we’ve shown as overage does not take into account some of this July and August money that will be rolled back in, so it should be more than $20,000,” he said.

He stated that as he and town staff prepare revenue projections for the upcoming budget, a large deviation from the current fiscal year projections is not anticipated.

“We do not anticipate any large changes in our real estate or personal property taxes,” he said. “Our other sources of revenue may fluctuate slightly, but I do not anticipate significant changes from current conditions.”

For the water fund, he said he anticipates the town bringing in $4,206 above the budgeted amount.

“We will, of course, continue to update our projections as we move through the fiscal year, and this data will be used to help determine revenues for the FY 23 budget as we start to work on that,” he said.

The single largest line item on Saunders’ revenue projection spreadsheet was in reference to American Rescue Plan Act revenue. The town received its first $1.03 million in October.

The revenue from meals tax according to the FY 22 budget is expected to be $420,000, and Saunders’ current projection is $374,354, but he noted that the fourth quarter will roll back.

“We’re showing a deficit of $45,000 there, but we should be well above the projected amount of $420,000 once we roll that fourth quarter back in,” he said.

The budget revenue projection for taxes on real property is $215,000, while Saunders’ current projection is $202,466.

“We’re showing $12,000 under budget on real property by the end of June, but again, those July and August payments that we receive will be rolling back in,” he said.

Prior to that, he also noted that the town changed its collection date on real property taxes to June 5 this year, so he is projecting the lion’s share of this tax revenue, which should come in May and June 2022.

Taxes on personal property were broken down into four different line items on Saunders’ projection spreadsheet: motor vehicles, boats, equipment and machinery & tools. The budget projection for all of them combined is $110,000.

“All of that is proposed to be on track,” Saunders said.

Saunders’ current projections are $81,427 for motor vehicles, $1,855 for boats, $24,179 for equipment and $2,648 for machinery & tools. The four amounts add up to $110,109.

For local sales and use tax, the budget revenue projection is $130,000, and Saunders’ current projection is $133,211.

“The projections are running up a little bit, so I think we’re going to be close on that, but you’ll also note that July and August will roll back from next year,” he said.