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COVENTRY FY20 BUDGET PRESENTATION 5/22/19

COVENTRY FY20 BUDGET PRESENTATION 5/22/19. COVENTRY 2019-2020 BUDGET. BUDGET INCREASES AND ADDITIONAL INFORMATION PROPOSED INCREASE IN MUNICIPAL BUDGET: $1,315,859 Increase on Police Pension ARC/ADC: $206,000 Increase in Municipal Pension ARC/ADC: $51,000

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COVENTRY FY20 BUDGET PRESENTATION 5/22/19

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  1. COVENTRY FY20 BUDGET PRESENTATION 5/22/19

  2. COVENTRY 2019-2020 BUDGET BUDGET INCREASES AND ADDITIONAL INFORMATION • PROPOSED INCREASE IN MUNICIPAL BUDGET: $1,315,859 • Increase on Police Pension ARC/ADC: $206,000 • Increase in Municipal Pension ARC/ADC: $51,000 • Increase in the School SRP Pension ARC/ADC: $172,000 (town paid) • Increase to Debt Services Town (DHS/PD bond): $261,000 • Increase in Medical & Dental Rates: $70,000 • Refuse disposal increase:$53,000 • Contract services (for DPW) increase:$60,000 • Police Salary increase: $134,000 • Tax Assessor Statistical Revaluation: $228,000 • Total mandated budget increases: $1,235,000 • Move partial Cov/WW IMA cost to Operating Budget: $200,000 • REQUIRED TAX LEVY INCREASE FOR MUNICIPAL BUDGET: $1,247,818 • NO CAPITAL IMPROVEMENT FUNDS ALLOCATED AT THIS TIME

  3. COVENTRY 2019-2020 BUDGET SCHOOL FUNDING • PROJECTED STATE AID INCREASE: $1,684,660 • TC PROPOSED TOWN FUNDING INCREASE: $1,468,474 • REQUIRED TAX LEVY INCREASE FOR SCHOOL BUDGET: $1,468,474 • NO CAPITAL IMPROVEMENT FUNDS ALLOCATED AT THIS TIME

  4. COVENTRY 2019-2020 BUDGET POSSIBLE REDUCTION OPTIONS BY LEVY PERCENTAGE 2.54% 1.96% 0% TOWN $350,000 $350,000 $1,247,818 SCHOOL $600,000 $1,000,000 $1,468,474 TAX RATE RESIDENTIAL $22.00 $21.84 $21.37 COMMERCIAL $26.62 $26.33 $25.76 CURRENT TAX RATE RESIDENTIAL $21.61 COMMERCIAL $26.05

  5. COVENTRY 2019-2020 BUDGET

  6. COVENTRY FY20 FTM BUDGET PRESENTATION

  7. COVENTRY 2019-2020 BUDGET

  8. COVENTRY 2019-2020 BUDGET THE TOWN COUNCIL’S RECOMMENDED BUDGET Maximum Tax Levy increase: 4% $2,785,022 Requested Tax Levy Increase: 3.9% $2,716,292 Current Tax Rates: Rate with 3.9% Levy Increase: Increase: Residential: $21.609 $22.34 $0.73/$1,000 Commercial: $26.047 $26.93 $0.88/$1,000 MV $18.75 No Change Tangible $21.609 $22.34 $0.73/$1,000 The 3.9% Levy increase causes an approximate Tax Increase of 3.38%

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