A recent report from Finance Director Marc Tanguay shows signs the financials for the Town of Middletown are largely pointing in the right direction. #MiddletownRI
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CONTACT: Matt Sheley at (401) 842-6543 or email@example.com
FINANCIALS POINTING UP
MIDDLETOWN, R.I. (MAY 9, 2022) – Financially, Middletown seems to be in decent shape.
At a time when many municipalities are struggling to make ends meet, a number of indicators presented by Finance Director Marc Tanguay to the Town Council recently showed the Town is pointed in the right direction.
As part of his regular quarterly financial report, Tanguay said almost across the board, general fund figures were trending in the right direction.
That included total revenues exceeding expenses by close to $1.2 million at the nine-month mark of Fiscal 2022. Compared to the same period last year, Tanguay said tax collections are up more than $1 million. Building permit revenues is also way up, $168,000 more than the same time last year and 132 percent of the budgeted amount.
“The hotel and meals tax has recovered from COVID,” Tanguay said, adding to the list of positives. “It’s $644,000 higher than the prior year.”
Tanguay’s report showed the one area where things weren’t trending in the right direction were with the School Department. His numbers indicated the schools were projected to have a deficit of about $1.27 million at the end of Fiscal 2022.
Previously, Town and school leaders have pledged to find an amicable solution to the situation. They also said the situation would not negatively impact the education Middletown schoolchildren receive in the classroom.
As for restricted and capital accounts, Tanguay said total expenses for the Parks & Recreation Fund were $380,000 less than the prior year. The capital replenishment fund also had $323,000 set aside compared to nothing in Fiscal 2022.
Current numbers for the Town’s Sewer Fund showed total revenues exceeded expenses by $262,000. The Sewer Fund is the dedicated account used to pay wastewater handling fees and other expenses to the City of Newport for those on the Town’s sewer system.
The Town’s Refuse & Recycling Fund was also performing well, with total revenues exceeding expenses by $244,000. The one dip was the sale of the Town’s “Pay-As-You-Throw” yellow bags was down about $21,000 when compared to the prior year.
Asked by council President Paul M. Rodrigues why that might be, Tanguay had a ready answer.
“My initial thought was due to COVID, people were at home and now they’re going back to work,” Tanguay said.
“Everything’s tied to COVID, no matter what business you’re in,” Rodrigues replied.
To look at Tanguay’s report to the council, visit https://clerkshq.com/Content/Attachments/Middletown-ri/220502_32.pdf?clientSite=Middletown-ri online.
The Town also announced this week a revised schedule to prepare the proposed Fiscal 2023 budget, which will set the spending for the upcoming fiscal year.
After the council gets the proposed budget on May 16, the group is slated to sit down with the School Committee on May 18.
From there, the council has its all day budget meeting June 4, where every department is reviewed and discussed.
Then, there’s a budget review session on June 4 followed by public hearings on June 15 and June 23. The council is expected to adopt its Fiscal 2023 budget after listening to residents and businesspeople at the June 23 meeting.
Document Link: https://www.middletownri.com/DocumentCenter/View/4631/NYCU-Financials