DERRY — The town is feeling financially fit, officials say.
Derry’s Chief Financial Officer Frank Childs gave a glowing report to the Town Council at a meeting Dec. 19, saying the town’s financial health for the first quarter of the fiscal year 2014 budget is in good shape.
Childs, along with Controller Janice Mosby, presented the numbers at a recent Town Council meeting.
Childs said there had been quite a bit of activity in that early portion of the fiscal year.
Mosby agreed the town’s finances were strong.
She said totals included some unspent bond amounts, giving a higher amount of cash to the town.
As of Sept. 30, the town’s general fund cash was $52.3 million, an increase of $5.7 million over the previous year.
Mosby added the town was doing a good job collecting property taxes. Unpaid tax amounts decreased by about $110,000 over the past year, she said.
There are also fewer home foreclosures on the books for that same period.
“That’s a positive sign for the economy,” Mosby said.
Childs told councilors Derry was right on track to meet the budget, but it’s still early in the game.
He said once the second and third quarter reports come through, that will give him a better indication of Derry’s financial health.
“We’ll have a better feel for how things are going then,” he said.