FY24 Quarter 2 Revenue and Expenditure Summary Report

As we reach the halfway point of fiscal year 2024, I want to provide an update on the Town of Hubbardston’s budget and finance status after the closure of the second quarter. Monitoring our revenue collections and expenditures regularly is an essential practice to ensure the town's finances remain stable and sustainable.

FY24 Quarterly Reporting Webpage

Revenue Update

Our total revenue collections so far for FY2024 stand at $4.5 million, making up 43% of the $10.5 million we have budgeted for the full fiscal year. Property tax intake is on track at nearly 50% of expected, while local receipts and state aid payments are being distributed as scheduled.

Expenditure Update

Total expenditures after two quarters equal $5.3 million, representing 51% of the approved expense budget for FY2024. Education costs for Quabbin Regional are midpoint at 51% of the full-year budget amount. Other major lines like Police, Fire, and DPW are similarly aligned for this stage of the year. Seasonal expenses like snow removal have utilized just 12% of the budget through December.

What This Means

Based on analyzing the Q2 numbers, Hubbardston’s overall revenue collections and expenditures show we remain largely on target with the FY2024 budget projections. The finance team will maintain close tracking of our budgets during quarters 3 and 4 to quickly catch and address any issues that may emerge. We remain committed to responsible spending and transparency around use of public funds.

Please feel free to reach out with any questions on the town’s budget status or finance activities this fiscal year. We will provide another update after Q3 results are finalized. Thank you for your continued interest and investment in your community!