Derry sees more signs of an improving economy
Chief Financial Officer Frank Childs and Controller Janice Mobsby presented the Town Council last week with an overview of the second quarter of fiscal year 2014.
The town’s cash balances are $7 million higher than last year, she said. This is a little artificial, however, as there are funds that were raised by bonds for transfer station and road projects that haven’t been spent as of Dec. 31, she said. Also factoring into the change in the cash balances was the timing of a school district payment. The town incurred the payment last year at this time but didn’t this year, she said.Also during the second quarter, accounts receivables, property tax and property tax liens all improved compared to last year. Unpaid property taxes fell by $115,000 to $3.4 million as of Dec. 31.
In addition, capital assets improved overall in the past year by $33,000 over last year.
The town is focusing more of its investments on roads and vehicles and less on building improvements, she added.