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Town Meeting

Join the Belmont Town Meeting on June 13, 2005 to discuss financial planning in challenging times. Explore ways to confront financial realities, prioritize needs, and make choices that align with our community's vision. Discover cost-saving efforts, revenue opportunities, and long-term investment commitments for a sustainable future.

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Town Meeting

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  1. Town Meeting Financial Planning June 13, 2005

  2. Planning to achieve our community’s vision in challenging times • Cuts in state and federal aid • Rising costs – especially health care • Income uncertainty for families and seniors

  3. Working Together . . . • Board of Selectmen • Warrant Committee • School Committee • Capital Budget Committee • Town Staff – Administrator, Town Accountant, Treasurer, Assessors • Financial Advisors

  4. . . . and with you • Full transparency • Avoid surprises • Broad public discussion • Town Meeting • Citizens

  5. We shall . . . • Confront Belmont’s financial realities • Match costs and revenues • Make choices about priorities • Stop sending bills to our children • Define long-term commitments to investment in our community

  6. Understanding Capital Needs • Inventory major capital needs (1999-2002) • Define and price solutions (1999-2004, updated periodically) • Prioritize needs in long-term framework (2002 and updated periodically) • Define asset management plan for infrastructure (still a work in progress)

  7. Understanding Operating Needs • Surveys of citizen service priorities – (Financial Task Force, Vision 21) • Benchmarking comparisons to other towns (selective/comprehensive) • Cost-implications of collective bargaining (ongoing)

  8. Financial Planning • Multi-year cost and revenue projection (starting in 2000) • Integrate capital plan with operating projections (2004) • Define reserve policy (2005) • Present long term perspective on investment growth rate options (2005)

  9. Growth of the Single Family Tax Bill

  10. Leaving no stone unturned • Cost savings • Long term pressures have squeezed costs for many years • Continue to search for structural efficiencies • Facilitating development consistent with town vision

  11. Cost savings over past 5 years • Lower-cost Health Care Provider • Consolidation of Public Works • Limited Wage Growth (FY04 and FY05 and reasonable adjustments for 06 and 07) • New Solid Waste Disposal Contract • Restrictions on Town-Owned Vehicles • Targeted Early Retirement Incentive • Energy Savings for Town/School Buildings • Reviewing Overtime Practices

  12. Benchmarking shows we are getting our money’s worth. • General government • Police and fire • Education • Public works • Library

  13. Continuing cost-saving efforts • Address health care cost crisis • Further regionalization of services • Further consolidation of infrastructure management • Further expansion of cooperative purchasing • More effective use of information technology • Take advantage of out-sourcing opportunities • Moving to sell underused town properties

  14. Continuing revenue efforts • Finishing off McLean transaction • Uplands development • South Pleasant Street development • Enhancing our business centers

  15. We can earn credibility, but we cannot avoid hard choices. • Periodic operating overrides and debt exclusions OR • Substantial reductions in services to the community The choices will be up to the voters.

  16. Likely 2006 Choices • Senior Center Debt Exclusion • Operating Override • Town and school services • Roads and capital needs • Wellington School (depending on state funding schedule)

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