North Andover Financials On Target Through End Of 2020

North Andover MA

02 February, 2021

3:23 PM

Description

NORTH ANDOVER, MA — North Andover's revenues for the current fiscal year were on target to previous years, through the end of 2020, town officials told the Select Board at a recent meeting. Finance Director Lyne Savage updated the Board at their Jan. 25 meeting on Fiscal Year 2021, which runs from July 2020 to June 2021. Meals tax revenues are down significantly — only 25 percent of the original budget had been collected — but that was expected, Savage said. "We adjusted the revenue for that when we set the tax rate," Savage said. "We will meet the new budget that was set." The projection was reduced from $602,000 to $482,000, Savage said. But other revenues are as expected, the finance director said. Property tax revenues were at 47.4 percent of the projection for the year, versus 49.9 percent at the same time last year. Car tax revenues are at 15.4 of the annual projection, versus 14.4 percent last year. Expenditures were also on target, Savage said, at 46.8 percent of the budget. The full meeting is available here from North Andover CAM. Savage's memo to the board is available here. Christopher Huffaker can be reached at 412-265-8353 or [email protected].