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STATE OF THE TOWN

STATE OF THE TOWN

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STATE OF THE TOWN

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  1. STATE OF THE TOWN State of the Town 2007Presented by:Hopkinton Chamber of Commerce

  2. To provide the community the business perspective on the state of the town in advance of town meeting, town elections, and the start of a new business cycle for town boards, committees and organizations. Purpose and Intent

  3. Presented by: Anthony Troiano, Town Manager Budget Process

  4. Levy Limit $32,945,498 2 ½ Increase 823,637 New Growth 993,743 2 ½ Override 1,933,119 Existing Debt Exclusion 2,837,621 FY2007 Tax Levy Limit $39,533,618 FY2007 Tax Levy

  5. Levy Limit $36,695,997 2 ½ Increase 917,400 New Growth 800,000 2 ½ Override 0 Existing Debt Exclusion 3,318,989 FY2008 Tax Levy Limit $41,732,386 FY2008 Tax Levy

  6. FY2008FY2007 Levy Limit $36,695,997 $32,945,498 2 ½ Increase 917,400 823,637 New Growth 800,000 993,743 2 ½ Override 0 1,933,119 Existing Debt Exclusion 3,318,989 2,837,621 Tax Levy $41,732,386 $39,533,618 FY2008/2007 Comparisons

  7. Actual Tax Levy $41,732,386 Local Receipts 3,600,000 Enterprise Funds 3,213,903 State Aid 9,831,852 Free Cash 522,133 Transfers 852,805 Overlay Surplus 26,720 Total Revenues $59,779,799 FY2008 Available Funds

  8. Actual Tax Levy $41,732,386 Local Receipts 3,600,000 Enterprise Funds 3,213,903 State Aid 9,831,852 Free Cash 522,133 Transfers 852,805 Overlay Surplus 26,720 Total Revenues $59,779,799 Charges Against Revenue ($1,070,016) FY2008 Available Funds $58,788,803 FY2008 Available Funds

  9. FY2008FY2007 Actual Tax Levy $41,732,386 $39,533,618 Local Receipts 3,600,000 3,540,440 Enterprise Funds 3,213,903 2,787,398 State Aid 9,831,852 9,987,636 Free Cash 522,133 1,096,071 Transfers 852,805 311,448 Overlay Surplus 26,720125,000 Total Revenues $59,779,799 $57,803,079 Charges Against Revenue ($1,015,996)($1,071,017) Available Funds $58,763,803 $56,310,595 FY2008/2007 Comparison

  10. Available Funds FY2008 $58,763,803 Available Funds FY2007 56,310,595 Additional Available Funds FY2008 $2,453,208 Less: Allocated Enterprise Funds $426,504 Debt & Interest 391,789 Benefits & Health Insurance 890,569$1,708,862 Available Funds FY2008 Budgets $ 744,346 Available Funds FY2008 Budgets

  11. Level Services Budget $60,716,776 Available Funds FY2008 58,733,063 Deficit/Shortfall ($ 1,983,713) Cost/Yr/Avg Household $363.00 Level Services Budget FY2008

  12. Presented by: Maureen Dwinnell, Town Treasurer Financial Process

  13. Capital Exclusions New Debt Exclusions Reduced Property Values Increased Tax Rate Other Impacts FY2008 Taxes

  14. DPW Highway: Dump Truck $180,000 Dump Truck 150,000 East Main Sidewalk 90,000 Recreation: EMC Field Lighting 75,000 EMC Pole Lighting 40,000 Town Common – Gazebo 60,000 Cemetery 25,000 Dam Maintenance 90,000 Downtown Revitalization 25,000 Total Capital Exclusions $735,000 Cost/Yr/Avg Household $133.50 FY2008 Capital Exclusion

  15. Previously Voted: School Plans $150,000 To Be Voted TM2007: School Repairs 79,825 School Fields 87,500 Fire Rescue 17,000 Grandstand 11,250 Total New Debt Exclusions $345,575 Cost/Yr/Avg Household $61.00 FY2008 New Debt Exclusion

  16. East Hop Fire Station Woodville Fire Station DPW Facility Early Child School School Administration Hopkins School Elmwood School Capital Improvements Plan • Recreation Fields • Town Hall • School Plans • Middle School • Stadium • Fire Truck • Boiler

  17. Year Current Projected 2009 $3,102,640 $4,941,838 2010 2,929,789 6,954,928 2011 2,706,444 6,911,281 2012 2,518,076 6,639,612 2013 2,288,731 6,437,904 2014 2,684,044 6,680,556 2015 2,462,867 6,345,932 2016 1,853,192 5,622,812 2017 1,689,695 5,345,868 2018 1,412,314 4,955,042 Projected Debt Exclusion

  18. Roads – General Budget & Ch. 90 Wells/Water Mains – User Fees WWTFs Construction – Betterments Operating – User Fees Non-Excluded Items

  19. Bond Rating Open Space CPA Funds Other Tax Impacting Items

  20. Municipal Plan Financial Plan Commercial Base Property Values Tax Collections/Delinquencies Bond Rating - AA

  21. Level Funding – Very Difficult Budget Cuts – Commonplace Overides – Annual Event Capital Improvements – Delayed Concerns

  22. Presented by: Ron Roux, Hallmark Companies Commercial Base

  23. Class Valuation % of Total Residential $2,617,019,595 84.95 Open Space 444,700 .01 Commercial 85,836,034 2.79 Industrial 307,307,939 9.98 Personal 70,038,180 2.27 Total $3,080,646,448 100.00 Tax Base FY2007

  24. Class Acreage % of Total Residential 6,976 48.3 Commercial 306 2.1 Industrial 1,035 7.1 Open Space 5,678 39.4 Municipal 195 1.4 Institutional 241 1.7 Total 14,431 100.0 Land Use

  25. Area Assessed Value Downtown $ 18,347,500 South Street 238,215,070 Elmwood Park 26,802,700 All Other 109,778,703 Personal 70,038,180 Total $ 463,182,153 Commercial/Industrial Base

  26. Objective – “Boutique” Retail/Office Gathering Place for the Community Downtown Revitalization Committee Rezoning 2006 Town Meeting Hopkinton Village Center Projected Buildout – Double Existing Commercial Base Downtown Potential

  27. Objective – Increased Utilization Rezoning 2006 Town Meeting Hopkinton Square Zoning Initiative – 2007 Town Meeting Taller buildings Targeted Buildout – Increase Commercial Base $200,000,000 South Street Potential

  28. Objective – Increased Utilization Zoning Initiative – 2008 Town Meeting Taller buildings Uses/Hotels Targeted Buildout – Triple Existing Commercial Base Elmwood Park/495 Potential

  29. Erickson Retirement Community Potential $250,000,000 Weston Nurseries Liberty Mutual Harvey’s Recycling Center Other Potential Commercial

  30. Presented by: Scott Richardson, Gorman Richardson Architects Plan of Action

  31. Collectively work to create an environment that is conducive to commercial expansion … actively engaging all stakeholders in the process. Objective

  32. Create the Proper Zoning Initiatives Build the Necessary Infrastructure Develop Private/Public Initiatives Erickson Retirement Communities Weston Nurseries Streamline the Process Next Steps

  33. Waste Water Treatment Facilities Public Water Supply Traffic Improvements Critical Infrastructure Needs

  34. Upcoming Town Meeting South Street Zoning WWTF Funding Upcoming Elections Implement Infrastructure Improvements Immediate Action Items

  35. The degree to which a community succeeds in achieving its goals and objectives is directly tied to the constructive involvement of all its stakeholders … the alternative is unacceptable. Conclusion