F.Y. 17-18 GENERAL OPERATING BUDGET TOWN COUNCIL PROPOSALS APRIL - - PowerPoint PPT Presentation

TOWN COUNCIL PROPOSALS

APRIL 4, 2017

F.Y. 17-18

GENERAL OPERATING BUDGET

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%

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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

• ur 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)

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

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1.23% Increase from FY 16-17 Budget 32.22 Mill Rate .5 Mill Decrease from Town Manager Proposed

FY 16-17 Adopted Budget FY 17-18 Council Proposed Adjustment From FY 16-17 Adjustment From FY 18 Town Manager 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.

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.77% Increase from FY 16-17 Budget 32.03 Mill Rate .69 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 $ 108,626,679 $ 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

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.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

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MILL RATE COMPARISON

CURRENT PROPOSED

MILL RATE DECREASE

0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9

MILL RATE

31.19 32.72 32.62 32.52 32.42 32.32 32.22 32.12 32.02 31.92 31.82

$ TAXES

7,250 7,592 7,583 7,559 7,536 7,513 7,490 7,466 7,443 7,420 7,397

$ INCREASE

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%

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

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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

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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

THE END

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