Mayor Duncan invited Mrs. Smiddy to make opening comments. Mrs. Smiddy provided a meeting overview and then invited Finance Director Cindy Stafford to provide the meeting presentation.

Mrs. Stafford shared that with her retirement coming up in January, this will be her last report to the Budget Review Committee. She then delivered the meeting presentation.

• 2024 FINANCIALS THROUGH OCTOBER: Mrs. Stafford presented the following financial data:
  • General City Services receipts through September are at 90% of budget, while disbursements and encumbrances are at 74% of budget.
  • Refuse Fund receipts through September are at 84% of budget and disbursements and encumbrances are at 82% of budget.
  • Water Utility Fund receipts through September are at 83% of budget and disbursements and encumbrances are at 68% of budget.
  • Sanitary Sewer Utility Fund receipts through September are at 80% of budget and disbursements and encumbrances are at 57% of budget.
  • Stormwater Utility Fund receipts through September are at 86% of budget and disbursements and encumbrances are at 94% of budget.
• 2024 CAPITAL PROJECT HIGHLIGHTS: Mrs. Stafford briefly discussed the following capital projects/expenses:
  • Gardner Pool Liner: $100,000
  • Public Works Yard Improvements: $300,000
  • 2005 Ambulance: $300,0000
  • Far Hills Resurfacing: $1.2M
  • Far Hills Storm Sewer Improvements: $428,000
  • Street Sweeper: $280,000
  • Public Safety Electric Vehicle
  • Water Service Lines
• 2025 BUDGET REVENUES
  • Property Tax: $3.3M Collections
  • Income Tax
    • $11.55M Collections.
    • Collections through November are about 7% more than 2023 receipts.
    • Average Wage Increases: 4.1% through June 2024.
• 2025 BUDGET EXPENDITURES: Below, in millions, are 2025 budgeted expense figures:

  ➤	General City Services:	$17.82
  ➤	Refuse Operations:	$ 1.45
  ➤	Water Utility:	$ 1.89
  ➤	Sanitary Sewer Utility:	$ 2.41
  ➤	Stormwater Utility:	$ 0.45
  	Total:	$24.02 million