By Curt Peterson
KILLINGTON — Town manager Chet Hagenbarth told the Select Board on July 20 that Killington’s unaudited finances show a $90,000 net surplus for the June 30 end of FY2020.
It will be some time before the books are officially audited, but internal records show the surplus came about during a year burdened with the Covid pandemic in quite interesting ways.
“Both expenses and revenue are up,” Hagenbarth said.
Using the FY2020 budget figures as a guide to expectations, the net increase in revenue came from unanticipated sources.
For example, property tax revenue was almost $80,000 lower than budgeted. But the deficit was more than made up for with delinquent tax collections of more than $145,000, producing a net tax revenue gain of $25,000.
Other notable revenue windfalls include $40,000 of unbudgeted fees and miscellaneous income from the Town Clerk’s office, $26,700 from recreation and $18,400 from solid waste.
Uncontemplated in the FY2020 budget was $152,000 in federal and state grants.
The short-term rental registration program, which garnered Killington $108,500, was all unanticipated income and should show a surplus after expenses.
All revenue columns, though, were not cast in rosy light — police department income was $23,000 less than projected, which, selectmen opined, might be because of less traffic during the pandemic shut-down.
The local options tax produced $59,000 below budgeted expectations.
Regardless of the sources, net FY2020 revenue was $182,900 more than assumed in the budget.
On the other hand, Killington’s FY2020 expenses were $90,500 over budget.
Planning and zoning costs exceeded the budget by $46,700, solid waste expenses were over by $20,000, facilities maintenance cost $25,300 more than budgeted, recreation by $12,700, and vehicle expenditures by $29,392. The police budget was under by $31,900, according to Police Chief Whit Montgomery.
When the town’s auditors have scrutinized the financial records there will be inevitable adjustments, but Hagenbarth seemed confident in the figures he presented.
