Abingdon expects to lock in budget next week

That session, held at Abingdon Town Hall on Thursday at 2:30 p.m., follows a meeting earlier this month on June 5, where Town Manager Mike Cochran presented the proposed budget.

Next year’s proposed budget totals $20,273,317.

Trying to pinpoint what was needed to operate The Meadows Sports Complex was not clear for the 2022-23 current budget, said the town’s financial director, Steve Trotman.

It turns out it “took more” than what was anticipated in terms of staffing, equipment and materials like fertilizer, Trotman said at the June 5 meeting.

This current year put forth $2.2 million in the general fund to balance the budget, Trotman said.

As it turns out, that money may not be needed after all due to a combination of unanticipated revenues.

Tax revenue from lodging and sales has been higher than anticipated, Trotman said.

“All in all, we probably had an excess of $1 million in extra revenue that we hadn’t budgeted,” Trotman said.

“You try to be conservative with your revenue numbers,” Trotman said. “We’re usually pretty conservative on the revenue side.”

The town also saved much money from not having a full staff, Trotman said.

The town is poised to enter the next budget year with the same general fund balance — in excess of $8.5 million, according to Trotman.

“Bottom line: We’re in really good shape,” Trotman said.

Currently, $750,000 is included in the budget stabilization fund as part of the general fund, Trotman said.

Council member Donna Quetsch, the chairman of the town’s finance committee, said the budget stabilization fund could not be included in the general fund.

Trotman said the budget stabilization has not been funded for a specific purpose, has its own name and is not intermingled with anything else in the general fund. “It’s still an account.”