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Ellestad reports March 2021 financials to Buchanan mayor, council

Fincastle Herald by Fincastle Herald
April 13, 2021
in Local News
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Last week, Buchanan Interim Town Manager Jon Ellestad sent a financial update for March to Mayor Craig Bryant and the Town Council.

In the report, Ellestad mentioned that this recent report is important due to being three quarters of the way into the fiscal year, it looks easy to project where the budget ends up on June 30.

General fund revenues are in “good shape.” Property and other local taxes look to exceed projections. Ellestad noted that the meals tax is the only piece of revenue that will “take a hit,” but will be covered by local sales and business license taxes.

“At present, I foresee that the general fund expenditures will be an estimated $70,000 over the approved budget,” Ellestad added.

He mentioned that one of the primary reasons for the expenditure overflow is the cost of the local government’s health insurance. If an employee doesn’t need insurance and is replaced by another employee that does, it impacts the budget.

Additionally, held expenses for special events were removed from the budget during the pandemic, but are now on-going, this adds to the $70,000 overage.

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