F.Y. 17-18 GENERAL OPERATING BUDGET TOWN COUNCIL PROPOSALS APRIL 4, 2017
SUMMARY OF TOWN MANAGER'S PROPOSED BUDGET 32.72 Mill Rate (Real Estate, Personal Property) 32.00 Mill Rate (Motor Vehicle) FY 16-17 Town Manager's Increase From Adopted Budget FY 17-18 Proposed FY 16-17 $ % Total General Fund Budget $ 107,801,228 $ 110,392,735 $ 2,591,507 2.40% EXPENDITURE COMPONENTS: General Government 30,351,975 31,070,115 718,140 2.37% Board of Education 69,395,510 70,831,288 1,435,778 2.07% Debt Service 6,828,743 7,266,332 437,589 6.41% CNR 1,100,000 1,100,000 - 0.00% Contingency 125,000 125,000 - 0.00% REVENUE $ 107,801,228 $ 110,392,735 $2,591,507 2.40% Average Taxpayer Impact 7,250 7,592 342 4.72% 2
Governor’s Proposed State Budget A revenue loss of $1,023,075 in Education Aid A revenue loss of $770,706 in General Government Aid An expenditure mandate of $3,508,100 for the Teacher’s Retirement contribution (not incorporated in this budget at this time) A revenue loss of $166,546 due to a State imposed cap on our Motor Vehicle taxes of 32.0 mills A new expenditure requirement estimated to be $65,100 resulting from a mandated storm water regulation. _____________________________________________ Separately; a projected $3.3 million increase in debt service for our first loan payment on the $32.150M Wastewater Treatment Plant upgrade (in preparation for this debt service spike we have accumulated $7.1M in a debt service reserve account, in addition to numerous other initiatives) 3
F.Y.'18 BUDGET ANALYSIS POTENTIAL REVISIONS OTHER THAN GENERAL GOVERNMENT AND EDUCATION OTHER POTENTIAL ADJUSTMENTS MIN MAX RECOMMENDED W.P.C.D FUND BALANCE $50,000 $100,000 $100,000 W.P.C.D. COMMERCIAL RATE REVISION 5% 76,255 10% 145,225 15% 218,794 23% 324,549 324,549 CAPITAL NON-RECURRING 250,000 400,000 250,000 GENERAL FUND EQUITY 100,000 150,000 100,000 TAX COLLECTION RATE .1 % 86,000 DEBT SERVICE RESERVE 235,000 471,000 (revise allocation) TOTAL $774,549 4
1.23% Increase from FY 16-17 Budget 32.22 Mill Rate .5 Mill Decrease from Town Manager Proposed Adjustment From FY 16-17 FY 17-18 Adjustment From FY 18 Town Manager Adopted Budget Council Proposed FY 16-17 Proposed $ % TOTAL GENERAL FUND BUDGET $ 107,801,228 $ 109,126,679 $ 1,325,451 1.23% $ 1,266,056 General Government 30,351,975 30,889,765 537,790 1.77% 180,350 Education 69,395,510 70,420,131 1,024,621 1.48% 411,157 Debt 6,828,743 6,591,783 (236,960) -3.47% 674,549 CNR 1,100,000 1,100,000 - 0.00% - Contingency 125,000 125,000 - 0.00% - Average Taxpayer Impact 7,250 7,490 240 3.31% (102) Note: Taxes are further offset by revenue revisions totaling $100,000. 5
.77% Increase from FY 16-17 Budget 32.03 Mill Rate .69 mill decrease from Town Manager Proposed Adjustment From FY 18 Town FY 16-17 FY 17-18 Adjustment From Manager Adopted Budget Council Proposed FY 16-17 Proposed $ % TOTAL GENERAL FUND BUDGET $ 107,801,228 $ 108,626,679 $ 825,451 0.77% $ 1,766,056 General Government 30,351,975 30,737,315 385,340 1.27% 332,800 Education 69,395,510 70,072,581 677,071 0.98% 758,707 Debt 6,828,743 6,591,783 (236,960) -3.47% 674,549 CNR 1,100,000 1,100,000 - 0.00% - Contingency 125,000 125,000 - 0.00% - Average Taxpayer Impact 7,250 7,445 195 2.69% (147) Note: Taxes are further offset by revenue revisions totaling $100,000 6
.30% Increase from FY 16-17 Budget 31.85 Mill Rate .87 Mill Decrease from Town Manager Proposed Adjustment From FY 16-17 FY 17-18 Adjustment From FY 18 Town Manager Adopted Budget Council Proposed FY 16-17 Proposed $ % TOTAL GENERAL FUND BUDGET $ 107,801,228 $ 108,126,409 $ 325,181 0.30% $ 2,266,326 General Government 30,351,975 30,584,865 232,890 0.77% 485,250 Education 69,395,510 69,725,031 329,521 0.47% 1,106,257 Debt 6,828,743 6,591,783 (236,960) -3.47% 674,549 CNR 1,100,000 1,100,000 - 0.00% - Contingency 125,000 125,000 - 0.00% - Average Taxpayer Impact 7,250 7,404 154 2.12% (188) Note: Taxes are further offset by revenue revisions totaling $100,000 7
MILL RATE COMPARISON CURRENT PROPOSED MILL RATE 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 DECREASE 31.19 32.72 32.62 32.52 32.42 32.32 32.22 32.12 32.02 31.92 31.82 MILL RATE 7,250 7,592 7,583 7,559 7,536 7,513 7,490 7,466 7,443 7,420 7,397 $ TAXES 342 333 309 286 263 240 216 193 170 147 $ INCREASE 4.72% 4.59% 4.27% 3.95% 3.62% 3.30% 2.98% 2.66% 2.34% 2.02% % INCREASE BUDGET ADJUSTMENT 271,925 543,850 815,775 1,087,700 1,359,626 1,631,551 1,903,476 2,175,401 2,447,326 8
PROPORTIONATE BUDGET REVISIONS TOWN / BOARD OF EDUCATION FY2018 - TOWN MANAGER'S RECOMMENDED BUDGET BOARD OF EDUCATION $ 70,831,288 69.51% TOWN 31,070,115 30.49% TOTAL (Excluding debt service, CNR contributions, and contingency) $101,901,403 1/10 MILL $ 271,925 $ - EDUCATION 189,014 TOWN 82,911 2/10 MILL 543,850 EDUCATION 378,028 TOWN 165,822 3/10 MILL 815,775 EDUCATION 567,042 TOWN 248,733 4/10 MILL 1,087,700 EDUCATION 756,056 TOWN 331,644 5/10 MILL 1,359,625 EDUCATION 945,070 TOWN 414,555 6/10 MILL 1,631,550 EDUCATION 1,134,084 TOWN 497,466 7/10 MILL 1,903,475 EDUCATION 1,323,098 TOWN 580,377 .05 MILL 135,963 EDUCATION 94,507 TOWN 41,455 9
Budget Schedule Fiscal Year 2017-2018 Revised April 4, 2017 Public Information Session April 5, 2017 Budget Workshop April 7, 2017* Public Hearing Deadline April 10, 2017 Budget Workshop April 12, 2017 Budget Workshop April 17, 2017 Budget Adoption April 17, 2017* Budget Adoption Deadline May 11, 2017* Budget Petition Deadline June 20, 2017* Budget Referendum Deadline June 27, 2017* Final Budget Adoption Deadline *Charter imposed deadlines 10
11 THE END
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