BARNSTABLE – Barnstable town councilors sat down last week with members of the town’s school committee for the boards’ annual joint meeting.
The session allowed both groups to discuss the town’s financial condition and included a presentation from Barnstable Finance Director Mark Milne.
Information in the update included a report on the town’s General Fund and Enterprise Fund Budget Performance, as well as a look at some of the revenue and spending trends impacting the budget.
Milne told attendees that tourism and beach fees have aided the town’s solid revenue reports, “Many visitors come to our town to enjoy our natural resources and our beaches,” he said.
“In addition to the fee increases, an improving economy has more people traveling and enjoying our natural resources, contributing to the growth in revenue in this area.”
A highlight of the presentation included the announcement that the town concluded fiscal year 2017 with a budget surplus and now has roughly $16 million available in free cash.
Milne told the boards that while things look good financially at the moment, it is important to plan for contingencies.
“We are in a much stronger economy right now but there will be a time when things slow down and there is a lot of uncertainty at the federal level,” said Milne, “On average we should expect to generate $1 million annually in new property tax growth, as we have over the past 15 years.”
By DAVID BEATTY, CapeCod.com NewsCenter
About CapeCod.com NewsCenter
