Mayor Bob Zoldos reported a positive financial outcome for the town in fiscal year 2016—resulting from strong economic growth, a dramatic increase in housing construction, continuing town staff efficiencies and carryover capital costs.
The town closed the fiscal year in June with 18 percent surpluses in both the General and Utility funds. The speed of housing development generated $387,000 more in availability fee revenues for the Utility Fund debt retirement and capital funds than expected.
As a result, Town Manager Laszlo Palko has submitted a fiscal year 2017 budget amendment containing recommendations as to how to use the surplus funds. The council was scheduled to discuss its options Thursday, Sept. 15. To view the recommendations, go to the government section at Lovettsvilleva.gov and click on budget and CIP.