Town of PlymouthAnnual Town MeetingBudget Information Saturday, April 6, 2013
Revenue Picture • Continue to rely heavily on the property taxes to support operational needs • Local Receipts gradual increase due to improvements in the local economy • State aid is level funded in the town’s recommended budget • Governor’s Budget • Significant Increase for expanded programs at the education level • Incentive program for the general government side • His budget relies heavily on a comprehensive tax package which includes an increase to the state personal income tax rate and a decrease to the sales tax rate • Has to go through the legislative process
Massachusetts Department of Revenue Division of Local Services FY2014 Local Aid Estimates PLYMOUTH
Expenditure Picture • General Fund Operating Budget • Includes new Department of Marine and Environmental Affairs: • Environmental Management • Harbor Master • Animal Control • Hazardous Waste • Includes new fixed cost items that were previously voted on in separate articles: • School Medicaid Program • Out of District Transportation • Unemployment Compensation • OPEB Trust Funding
Expenditure Picture Fixed Costs Budget includes an almost 5% increase in health insurance, 6% increase in the pension assessment and those costs that in the prior year were funded through separate articles at town meeting. Debt Service budget includes remaining estimate to be borrowed for the PNHS project completion and other school and town related projects. Borrowing happening in May based on interest rate estimate of 4%. Debt service budget is within the low to moderate carrying charge of 6 to 8% of the budget as viewed by the rating agencies.