Officials say Derry budget in good shape so far
DERRY — The town is in pretty good shape financially through the first quarter of fiscal 2014, according to financial officials.
Councilors were given a summary last week of the town’s finances through the first quarter of the 2014 budget by Chief Financial Officer Frank Childs and Controller Janice Mobsby.
As of Sept. 30, the town’s financial position remains strong as there are unspent bond proceeds taken out in May for the Rockingham Road and transfer station projects, Mobsby said.
The town also did a better job of collecting taxes compared to the same time last year, and there has been a decrease in unpaid taxes, Mobsby said. In addition, foreclosures are also down for the same period.
Usually, when there are more foreclosures, the town tends to collect more in taxes, she added.
“So, the fact that foreclosures are less and we’re still collecting strongly and even better than we were last year at the same time—it’s a positive sign for the economy, ” Mobsby said.
A key indicator shift occurred in liabilities for other post-employment benefits as there was an increase of $1.1 million between this year and last year, Mobsby said. The change in liabilities is anticipated to continue in the coming years. Every year for the next 25 years it is anticipated that the town will be adding about $1.1 million to liabilities, she said.
In summary, Childs said the town is on course to meet the budget. But it’s still early and the town will have a better idea of where it stands financially later in the fiscal year.
“At the moment, we are on track to meet the budget,” he said. “As we get into the third second quarter report, and then more importantly into the third quarter report, we’ll have a better feel for how things are going.”