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Revenues strong, technology being updated


July 11, 2018
Revenues remain on par and the town is in the process of replacing older technology according to a recent financial update.

Finance Director Glenn Waring gave the board of selectmen a monthly update on the town's financial status during the June 27 meeting.

In revenues, Waring said the monthly reoccurring revenue is on pace. Motor vehicle and building licensing and fees are slightly ahead and have been since the beginning of the year. So far, seasonal revenue and onetime collections such as Payments in Lieu of Taxes (PILOT), Parks and Recreation Beach admissions, and others were behind due to the time of year. Waring said the seasonal revenue is starting to flow into their coffers now.

Items such as technology, fire protection, and street lighting are in line with the town's budget.

The town began its project to replace obsolete technology replacing 20 percent each year with everything replaced in five years. Infrastructure changes and network switches were done between the fire department, the improved town hall building, and Public Works.

Selectman Chan Eddy asked if they had started to convert the technology to Windows 10, and Waring said that process has begun. Last year they replaced around 15 computers and they were predicted to replace another 14 this year.

The only issue they have had was when all the computers had the same operating system update and all rebooted at the same time in the middle of the workday. Waring said Mainstay Technologies came in and adjusted the settings on the computers so any updates would happen at night and not during the day.

The town also replaced its streetlight with LED lighting. The project cost was $44,672. Due to not being able to get a CDFA loan before the project started, $27,272 of the project was paid for out of surplus funds.

Collection of 2018 taxes started in May and by that point they had 16.6 percent collected, which was around 10 percent higher than the previous two years for the month of May.

Waring said operating cash balances were predicted to remain strong. The current operating cash balance as of that meeting was $514,993 and short term cash investments were starting to rise at $9,822,757.

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