Avon Town Council news
May 25, 2011
Board: Avon Town Council, May 24Present: Reynolds, Evans, Ferarro, Carroll, Phillips, Dantas.Issue: The town’s 2010 audit.Who they talked to: Paul Backus of McMahon & Associates, and assistant town manager Scott Wright.What they talked about: Wright gave council members a quick review of a long audit report. Highlights include:• The town has more than $55 million in net assets and more than $14 million in liquid assets.• The town didn’t collect more than $1.2 million from businesses at the Traer Creek development.• The town’s legal fees were $172,000 over budget in 2010.• Only four of the town’s top 11 property tax generators existed nine years ago.
Who they talked to: Budget analyst Kelly Huitt.What she talked about: The town’s revenues started rebounding in the second half of 2010, a trend that’s continued through the first quarter of 2011.While the east end of town – Wal-Mart and Home Depot – still make up the lion’s share of town sales tax revenue, the Westin Riverfront Resort and Spa is starting to make up a bigger share of the revenue pie.March of 2011 recorded the best sales tax collections for that month in the town’s history, up more than 7 percent from last year. Broken down by business category, furniture sales were up in March, as were sales in the sporting goods category. March also set a new record for accommodations tax collections, up more than 15 percent over 2010.While property values have dropped about 20 percent on average, Wright said there will still be adequate revenue to make debt payments in 2012.