Despite the downturn in the economy, the town of Wendell seems to be faring well from a financial standpoint.
Town Finance Director Butch Kay told commissioners last night that the town is slightly ahead of revenue projections through the first six months of the year and well below projections on spending.
According to Kay's report, the town has collected about 54 percent of expected revenues through the first six months of the year.
Through that same time period, the town has spent only about 39 percent of the money it expected to spend.
Kay is watching the numbers closely, though. October sales taxes, which account for about 20 percent of the town's revenues, were below projects. That's first month the numbers didn't reach projections.
According to Kay, the town needs about $81,700 per month in sales tax revenues to make its budget. Kay is hoping the November and December sales tax revenues will slip back over the $81,000 mark. If they are significantly higher he says, then the pressure to make budget will lessen significantly.
A lag in how sales tax revenues are dispersed means Kay won't see the November revenues for another month. December's figures will come in a month after that.
Wendell Commissioner Carol Hinnant asked Kay to provide commissioners with more frequent updates on the town's finances. Currently, Kay reports to the board once a quarter. He will start providing commissioners with a monthly update starting next month.