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Finance Committee Members

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  1. Finance Committee Members • Geoffrey Buswick, Chair • Michael White, Vice-Chair • Peter Bernardin • Robert Fanning • Susan Fowler • Marc Mercier • John Powell

  2. Budget Process • Special Town Meeting - October • Estimate Revenues - November • Formal Capital Request Presentations to the Capital Budget Committee - Nov./Dec. • Issue Budget Guidelines to Town Departments, Elementary School & Masco - Nov./Dec. • Review Department Requests - Jan to Apr. • Seek Approval of Town Budget at ATM - May

  3. Budget Objectives & Policies • Fund Recurring Expenses (Operating Budget) from Recurring Revenues • Fund Capital and other Warrant Articles from Free Cash or excluded debt • One-time expenses from one-time sources • Maintain Reserve Balances: • Unused Levy Capacity • Free Cash • Stabilization Fund • Finance Committee Reserve • Maintain low per capita debt ratios

  4. Proposed Use of Free Cash Free Cash Certified (Sept 2011) $3,042,619 Less Policy Target of 5% Previous Year’s Budget $1,277,635 Amount Available for Appropriation $1,764,984 Proposed Articles: Art. 3 Replace rescue & vehicle extraction tool $33,500 Art. 4 Fire Station repave & repair entry floor $33,700 Art. 5 Main St. Fire water filter system $ 3,200 Art. 9 Expenses for Boxford v. MassDot lawsuit $50,000 Free Cash Balance if All Articles Approved $1,644,584 (OPEB funding as future use of Free Cash is on the table for future TM vote)

  5. Budget Update FY 12

  6. FY12 FY13 FY14 FY15 Property Taxes 21,395,045 22,029,921 22,730,669 23,473,936 Property Taxes (excluded debt) 1,303,375 1,388,475 1,392,799 1,420,086 SBA 321,379 131,379 131,379 131,379 State Aid Other 2,115,712 2,107,000 2,149,140 2,213,614 Local Receipts 1,661,370 1,650,000 1,699,500 1,750,485 Total Revenues 26,796,881 27,306,775 28,103,487 28,989,500 Committed Expenses 752,695 815,000 835,375 856,259 Town 7,394,950 7,616,799 7,845,302 8,080,662 Elem. School 9,545,220 9,831,577 10,126,524 10,430,320 Masco 7,465,696 7,689,667 7,920,357 8,157,968 Debt 1,638,320 1,554,233 1,558,078 1,584,887 Total Expenses 26,796,881 27,507,275 28,285,636 29,110,095 Budget Gap 0 -200,500 -182,149 -120,595 3-Year Forecast

  7. Today’s Capital Articles • Article 6 – Spofford School Water Treatment Plant - $510,000 • Article 7 – Spofford School Unit Ventilators - $410,000 • Article 8 – Purchase Colby Property - $295,000 less donations

  8. Summary • Boxford’s relatively positive position is due to conservative forecasting and thoughtful authorizations • Town reserves are within policy • Capital projects are mounting • Current debt service level is favorable • Pension, benefit & OPEB pressures will begin to pressure budget decisions • Management is looking at options to control those looming challenges