Glenville ended 2013 on a mostly good note, budget wise.
Town Comptroller Jason Cuthbert submitted updated year-end revenue and expense reports to the Town Board Wednesday and they showed three of the town’s five main funds ending the year with surpluses.
The two that showed deficits were the highway and water funds and those are expected to rebound this year, said town Supervisor Chris Koetzle.
The town general fund ended the year with a $325,000 surplus, $225,000 of which came from “exceptionally strong” mortgage tax revenues. Since the start of 2014, though, mortgage tax revenues have dropped precipitously.
“That is probably our third largest revenue line, and traditionally it has stayed strong as the housing market has stayed strong,” said Koetzle. “We believe the drop is from the tough winter. The winter was so harsh that even if we have a phenomenal market the rest of 2014 it’s going to make it hard for us to meet the revenue number we would like to see.”
The town outside village fund ended the year with a $248,000 surplus. Building permit revenue came in $95,000 over budget, likely due to steady new commercial and residential development across town. The sewer fund also ended 2013 with a surplus of $154,000.
Town officials say the highway fund would have had a surplus were it not for a one-time, $105,000 cash purchase of a new front-end loader last year. Although the harsh winter has led to more spending on salt and overtime road maintenance so far this year, Koetzle said he thinks the town is on track to end 2014 with the highway fund in the black.
The town’s water fund ended 2013 with a $105,000 deficit, partly due to a particularly wet summer the year before, Koetzle said. The town expects to generate a surplus this year due to new water revenue from Clifton Park, which agreed last year to begin purchasing 850,000 gallons of water a day from the town of Glenville in case its water supply from Saratoga County became threatened. Clifton Park would pay $2.40 per 1,000 gallons through June 2014, at which time the two towns would meet again to work out a longer-term arrangement. The deal is expected to bring in $500,000 in revenue to the fund.