December 2, 2022

Donalds Hobby

World Finance Reviews

After big deficits, Wellfleet to soon close books on 2 tumultuous years

WELLFLEET — In a long line of financial updates to the Select Board, Interim Town Administrator Charlie Sumner Tuesday said a “series of unfortunate events” caused Wellfleet to find itself in troubling financial waters. 

That is how Sumner explained how the town found itself with a $764,000 variance, or discrepancy, in town accounts, and a shortfall of $546,000 between town expenses and revenues. 

But Sumner said he and his interim team of professionals are closing in on closing the books for fiscal year 2020 and 2021. Sumner promised the draft of a budget and warrant by today.

He expects to finish a financial forecast for the town by mid-January, after which the select board and finance committee can work on an expenditure plan. He said he hopes free cash will be certified by the end of January.