2014-03-ATM-AC-rpt - Laserfiche WebLink

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APPROPRIATION COMMITTEE REPORT TO THE MARCH 2014 ATM The FY2014 snow and ice budget is in deficit and may require a Reserve Fund transfer once the final costs are known. The FY2015 Budget The Town Manager has proposed a balanced, level service budget that does not require an operating over- ride. The table and chart below comprise the General Fund budget totaling $181,109,226. This does not include enterprise funds, revolving funds, CPA, grants, or exempt debt. Facilities Benefits & 5.5% Insurance Reserve 16.5% 0.5% Debt (within levy) 3.7% Municipal Capital 17.6% 3.2% Other 4.5% Education 48.5% Pro-Pro- DescriptionAmountDescriptionAmount gramgram Education$87,868,313 10002100Benefits & Insurance$29,824,628 2400Facilities$9,897,675 3000Public Works$8,721,4862300Reserve Fund$900,000 4000Public Safety$12,087,4912200Debt (within-levy)$6,730,641 Shared Expenses$47,352,943 5000Culture & Recreation$2,180,5692000 6000Human Services$1,220,132 Capital$5,708,117 7000Community Devel.$1,832,823 8000General Government$5,914,810 Municipal$31,957,311Other$8,222,542 Property tax revenue is projected to grow by 4.1% which is below the average of 5.0% for the last four years. The average residential tax bill is projected to increase by 2.76%, and the budget includes the use of $1,869,000 from the CP/DSR/BR fund to mitigate the increase in the property tax due to debt service. The Town’s participation in the Group Insurance Commission continues to control annual increases in health insurance costs. The Town also recently learned that the health insurance premiums for this year would be increasing by much less than the original budgeted amount, allowing $1 million to be reallocat- ed for capital spending. 2