Finance Committee Key Points for FY 2018 Budget Finance Committee - - PowerPoint PPT Presentation

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Jan 16, 2023 145 likes •263 views

Finance Committee Key Points for FY 2018 Budget Finance Committee Considerations Serve the needs of operating the entire town for people of all ages Consider Public safety-police, fire, roads, water, Education State and

SLIDE 1

Finance Committee Key Points for FY 2018 Budget

SLIDE 2

Finance Committee Considerations

 Serve the needs of operating the entire town for people

f all ages

 Consider

 Public safety-police, fire, roads, water,  Education  State and federal regulatory requirements

 Maintain adequate reserves

 Unexpected critical needs  Favorable bond rating to avoid excess interest expense

SLIDE 3

FY18 Budget

 Wrentham budget as proposed is $41.398 million  This is a $1.752 million increase (4.23%) from FY 17  The percent increase is a little high-average over 6 years has

been 3.7%

 Over six years, average increase to KP is $436K. If that

average was applied to this year’s budget, our total increase would be 3.31% -not 4.23%

 Budget is funded through $424 thousand of real revenue

AND the use of $1.33 million of Free Cash

 The Free Cash spent for the operating budget is an all time

high – in part because instead of using $350K for capital, we’re using if for KP

SLIDE 4

The Overwhelming Percent of Town Revenue Comes From Property Tax

Water 1% Prop Tax 90% State &Local Receipts 8% Other 1%

SLIDE 5

Cuts Already Made in Order to give KP a 2% increase Further cuts will be needed based on Regional Town Meeting Results

Capital Cuts $231,000 Police – 2 cruisers Replace/add servers and phone system Replace Voting Machines Operating - Payroll Cuts $319,988 Police, Fire, Wrentham Elementary, Public Works, Library, Recreation Operating - Expense Cuts Selectmen, Police, Fire, DPW Highway, $61,700 DPW Wastewater, Library

SLIDE 6

2018 Budget Percent Increases Over FY 2017 by Area

3.36 2.5

1.1 0.07 2.6 8.2

2 4 6 8 10

Gen. Govt Human

Serv. Public Wrks Public Safety

Cult. &

Rec Wren. Elem KP Percent Increase

SLIDE 7

2018 Budget Dollar Increases Over FY 17 by Area

$200,000

$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Gen Govt Human Serv Public Wrks Public Safety

Cult. & Rec

Wrentham Elem KP

SLIDE 8

Both Types of Town Debt Are Declining

500000 1000000 1500000 2000000 2500000 2018 2019 2020 2021 2022 2023 Principal & Expense

Anticipate a Debt Exclusion Request as Debt Declines for Key Town Building Infrastructure!

Exempt Non Exempt

SLIDE 9

Key Messages

 This year was challenging due to the KP Budget Requests  All other Wrentham Department Managers and Heads

came in with responsible, level funded budgets.

 The Finance Committee was asked for just a few

incremental changes from level funded budgets for a couple of areas-none were approved

 KP started from what would have been a 20% increase to

prior year for Wrentham (due to regional funding equation)

 The recommended increase for King Philip is even more

than we can afford and has already resulted in cuts to all

ther town departments.

 Further cuts will be needed if our recommendations don’t

match the other two towns

SLIDE 10

Key Messages

 Insurance Costs remain a key concern and driver for the

town-this is being actively addressed

 Debt is declining but there is a true need to obtain a debt

exclusion in the near future in order to maintain needed town infrastructure-taxpayers be aware!

 The capital day to day operating needs for the town cannot

be neglected year to year in order to fund an increasing

perating budget for the high school.

 What has been put off this year to fund KP will just need to

be purchased next year.