The town brought in more money than it budgeted last fiscal year and finished June with $23.6 million in the bank, Town Manager Katy Crosby told the Board of Commissioners on Tuesday.
But she cautioned that Zebulon still spends roughly $1.72 million a year more than it collects in ongoing revenue, a gap the board will have to confront in the current budget year.
The Sept. 8 presentation was the first of what Crosby said will be quarterly finance briefings. “We do not have a cash crisis,” Crosby said. “We are paying attention to our reserve policy very closely, and we do recognize that year over year we do need to address a structural imbalance.” Zebulon collected $27.13 million in operating revenue in the fiscal year that ended June 30. That’s about $2.4 million more than budgeted, and 13% above the prior year…