A primary focus of the meeting was the performance of the town’s revenue and expenditures. The board noted that 86% of the town’s revenue had been received for the year, with property taxes and sales and use tax performing strongly, attributed to the robust state of Florida’s economy. An unexpected increase in miscellaneous revenue, due to the town’s participation in an opioid settlement, resulted in a higher-than-anticipated budget, adding to the fiscal good news.

The board also took a closer look at investment income, highlighting that the town’s investments, while conservative and adhering to Florida statutes, yielded a favorable average maturity of three years and returns between five and six percent. This careful investment strategy, coupled with strong revenue, has contributed to a surplus of $10 million through January.

On the expenditure side, most budget items were reportedly under budget, with the exception of fire rescue costs, which were higher due to construction expenses. However, the board expressed confidence that the fire department’s construction costs would be under budget by April, as the initial costs were front-loaded.

The discussion around the fire department extended beyond construction costs, with the board examining the operational budget. The department had exceeded initial projections, but the board was confident that the costs were within budget. The board anticipated a clearer financial picture after June when payroll data would offer a better understanding of the department’s status. The board had previously estimated the budget conservatively, taking into account the startup costs associated with the new fire department while maintaining existing services.

An additional topic of financial scrutiny was the need to separate operational expenses from capital expenses within departmental budgets, particularly for the police and fire departments. This distinction would allow for a clearer breakdown and better tracking of budget items. The board also expressed the desire to monitor the increasing water and sewer expenditures closely.

Continuing with the theme of financial oversight and transparency, the board discussed a new interactive data model available to the public on the town’s website. This tool offers detailed tracking of budget versus actual expenditures by department, fund, function, and year. The model enables users to answer their own questions about the town’s financial status and track trends over time.

In the context of operational efficiency, the board reviewed the estimated savings from the town’s decision to establish its own fire department. The move was projected to result in significant cost savings and additional value-added services. There was debate about the financial impact and additional benefits of this decision, including the potential for revenue generation from providing fire services to other townships.

The meeting also touched upon the possibility of reducing the number of annual meetings from four to three, with some members suggesting that those unable to be present during critical months should consider stepping down from the board. The importance of the June meeting was underscored, as it is expected to provide substantial input on the sewer lining project and the town’s funding. Concerns about the effectiveness of the board’s input during budgetary events were raised, leading to a conversation about the option of reinstating Zoom meetings to facilitate virtual participation.

The board concluded by announcing upcoming town commission, code enforcement board, and planning board meetings, promoting civic engagement and transparency in municipal governance.