Zionsville entered the third quarter of 2024 on track to stay within this year’s budget.
Director of Finance and Records Cindy Poore presented the Zionsville Town Council with the second quarter financial report July 15.
As of June 30, the town had spent $21.5 million of $56.3 million budgeted for 2024 — about 38 percent of its budgeted expenditures. Poore said that while 38 percent of the budget spent might seem low for the halfway point of the year, spending ebbs and flows throughout the year.
“It’s all timing of when things take place,” Poore said. “Our spend was more in the first quarter than the second quarter, and that is, for instance, the police department ordered all of their new cars and we paid for that in the first quarter. So, the second quarter our expenses weren’t as high.”
Poore said overall, the town is expected to spend less than budgeted this year, but councilors should expect larger encumbrances in various departments in the next two quarters. For example, the fire department has made financial commitments for a new firetruck, which is a long-term turnaround.
“We’re pretty much on target as far as expenses go for departments,” she said.
On the revenue side, Poore said the town’s miscellaneous revenue received as of June 30 is already at 94 percent of the budget. Those dollars include Zionsville’s Supplemental Local Income Tax Distribution from the state of Indiana, which means the town will surpass its revenue budget for 2024.
Second quarter revenues totaled $15.8 million. Year-to-date revenues are $23.7 million.
Miscellaneous revenues include all money received minus property tax distributions. Poore added that the town received its first property tax distribution of 2024 in June.
