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Boxford Finance Committee: FY14 Budget Objectives and Future Forecasts

The Boxford Finance Committee, led by Chair Robert Fanning and Vice-Chair Michael White, has outlined key objectives for the FY14 budget. The plan focuses on funding recurring expenses through recurring revenues, supporting capital and warrant articles with free cash, and maintaining reserve balances. The committee highlights a favorable debt service level and adherence to town policies. While the capital project vetting process has improved, there's a need for further enhancement. OPEB funding remains a challenge as Boxford prepares for potential future financial difficulties.

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Boxford Finance Committee: FY14 Budget Objectives and Future Forecasts

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  1. MEMBERS: Robert Fanning, Chair Michael White, Vice-Chair Peter Bernardin Geoffrey Buswick Susan Fowler Carl Noblett FINANCE COMMITTEE UPDATE

  2. Budget Objectives & Policies • Fund Recurring Expenses (Operating Budget) from Recurring Revenues • Fund Capital and Other Warrant Articles from Free Cash (One-Time Expenses from One-Time Sources) • Maintain Reserve Balances Unused Levy Capacity Free Cash Stabilization Fund • Maintain Low Per Capita Debt Ratios

  3. Free Cash Status

  4. Budget 2014

  5. Three Year Forecast

  6. Accuracy of ProjectionsAnnual Town Meeting 2011

  7. Summary • The FY14 Budget presented adheres to all Town Policies • Capital Project vetting process has been strengthened and is working but needs to be improved • Debt Service level is favorable • No proposed override for FY14 • OPEB funding continues to be a challenge • Boxford remains prepared for the expected difficult challenges in the years ahead

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