Derry Town Finances Looking Good for First Quarter

Derry is in decent shape for the ending first quarter of the 2014 budget.
Chief Financial Officer Frank Childs and Controller Janice Mobsby gave their first-quarter report to the Town Council at its Dec. 17 meeting.
“There has not been a lot of activity it’s fairly early in the year,” Childs told the Council and the television audience.

Mobsby said town finances continue to remain strong. “We have a higher amount of cash, due to unspent bond proceeds,” she said, noting that the town took out bonds on Rockingham Road and the Transfer Station. General fund cash is $51.3 million as of Sept. 30, an increase of $5.7 million over the same time in 2012.
The town has seen a decrease in unpaid property taxes, both from an aggressive effort to collect by Tax Collector Dawn Enright and a general improvement of the economy. Unpaid property taxes decreased by $110,000 over the past 12 months, she said. “We are seeing fewer foreclosures, and that’s a sign the economy is getting better,” Mobsby told the Council.
Depreciation of capital assets increased by $186,000, she said. The town’s investment in capital assets exceeded annual depreciation in Land and Improvements, $812,000; Roadways, $765,000; and Vehicles, $259,000. It did not keep pace with depreciation in Buildings and Improvements, down $389,000; Machinery and Equipment, $119,000; and Bridges and Sidewalks, $48,000.
The Unexpended Fund Balance is $11.1 million, Mobsby said, and has decreased by $2.3 million this past year. That is not a concern, she said, adding, “We have shifted some funds to fund future capital projects as directed by the Council.”
General Government Bond Debt is $12,900,000 and increased $3,460,00 by new bonds, including $3 million for the Transfer Station and $1 million for Rockingham Road improvements.
Childs said a few areas in Revenues are up, and “we are on track to meet the budget.” He said expenditures due to winter storm removal remain to be seen.
Councilor Mark Osborne asked about overtime, and how the town compares to last year.
“We are tracking that,” Childs said. “But it’s nothing unusual, according to what we budgeted for.”