The Finance Department oversees all financial activity of the town. Through the maintenance of independent records and by following well-defined procedures, the Finance Department documents the flow of money into and out of municipal accounts. The Department tracks revenue and expenditures and is involved in the annual budget process. The Department is also responsible for submitting reports to the Department of Revenue (DOR) including the town’s annual Schedule A and the year-end balance sheet which is utilized by the DOR to certify the town’s free cash. The Finance Director also works with the Board of Assessors and the Principal Assessor to prepare and submit the town’s Tax Recapitulation Sheet (Tax Recap) to the DOR. The Tax Recap is the official document which allows the town to set its tax rate.

12-31-12
The 2nd quarter room occupancy and meals tax have been received by the town from the DOR.
Room Occupancy $708,503
The second quarter payment is for August, September and October room tax receipts.  The 2nd quarter deposit of $780,503 is an increase of 4.1% over the $749,600 we received last year.  Year to date room occupancy tax receipts are $1,531,525 compares to $1,444,285 for the same period in FY 2012 or an increase of 6%.  This payment will be distributed as follows:
$273,176 Tourism Fund (35%)
$210,736 General Fund (27%)
$195,126 Capital Improvement Fund (25%)
$101,465 Wastewater Enterprise Fund (13%)

Meals Tax  $219,782
This payment is for August, September and October meals tax.  The payment of $219,782 is an 11.0% increase over the $197,940 we received for the same period last year.  Year to date meals tax receipts are $448,992 compared to $405,171 for the same period in FY 2012 or an increase of 10.8%


09-24-12
The 1st quarter room occupancy and meals tax have been received by the town from the DOR.

Room Occupancy $751,022
The first quarter payment is for May, June and July room tax receipts. The payment of $751,022 is an increase of 8.1% over the $694,685 we received for the same period last year.
This payment will be distributed as follows:
$262,858 Tourism Fund (35%)
$202,776 General Fund (27%)
$187,755 Capital Improvement Fund (25%)
$97,633 Wastewater Enterprise Fund (13%)

Meals Tax $229,210
This payment is for the May, June and July meals tax collected. The payment of $229,210 is a 10.6% increase over the $207,231 we received for the same period last year.