2011-11-17-AC-min -summit 2 - Laserfiche WebLink

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Summit Meeting — November 17, 2011 Local Receipts FY2013 projections for each category of receipt is based on inspection of the history of actual collections and projections of 3 and 5 year historical averages, unless otherwise specified in the supplemental tables of the report presented. FY2013 local receipts are estimated to increase by approximately $398,000 or 4.08% over FY2012 estimates as revised in November, 2011. The major contributor to this growth is an increase in the estimate for motor vehicle excise based on a review of actual FYI collections. Available Funds Staff has identified $8.9 million as available to fund the FY13 budget. The major component of the projected available funds is undesignated fund balance or free cash at $8.13 million. The amount of free cash proposed to support the FYI operating budget is $4 million. Free cash used to support the FY12, FY 11, FY 10 and FY09 budgets was $4.1 million, $3.9 million, $3.7 million and $2.8 million respectively. As was the case in FY12, the School Department is recommending that $250,000 from the Avalon Bay School Enrollment Mitigation Fund be appropriated to fund a portion of the FYI School Budget. Other components of Available Funds include parking meter receipts, cemetery funds, and the Transportation Demand Management Stabilization Fund. Proposed Designations of Revenue Mr. Addelson then discussed components of Gross General Fund revenues that are set aside for designated purposes. The amounts proposed for FY2013 and their financing sources are $200,000 (free cash) for unanticipated needs of the current fiscal year; $500,000 (free cash) to be used for supplemental funding of the Other Post Employment Benefits (OPEB) account; $1,370,000 (free cash) to be applied to cash capital; $419,096 (free cash) set -aside for potential cuts in state aid; and $1,654,004 (free cash) for as yet unidentified capital needs. Potential uses of the $1,654,004 might be to augment the recommended appropriation for cash capital or an appropriation into a debt service fund to mitigate costs of future capital needs. Assuming all the proposed uses of free cash as just described that leaves a residual balance of $4 million to be applied to support the FY2013 operating budget. Other General Fund revenue set - asides include $860,736 from the tax levy for the Street Reconstruction program of which $579,502 (adjusted by 2.5% per year) was funded in the 2001 override and $281,234 represents the maintenance of the supplemental funds added in FY12; $169,712 (tax levy) for the Building Envelope capital program funded in the 2006 override, and the $45,000 (tax levy) for the Senior Work -Off program. Policy Issues Mr. Valente asked the group to consider the following policy issues for discussion at an upcoming Summit: 1. $500,000 of Free Cash for Other Post Employment Benefits (OPEB) 2. $100,000 reduction in Free Cash to support Operating Budget