|
SEPTEMBER 14, 2016
<br />SPECIAL TOWN MEETING 2016 -5
<br />APPROPRIATION COMMITTEE
<br />Special Town Meeting 2016 -5
<br />Analysis and Recommendations
<br />The Warrant for Special Town Meeting 2016 -5 contains 6 financial articles. The primary motivation for
<br />this Special Town Meeting was the opportunity to acquire the property at 171 -173 Bedford Street, which
<br />will require timely action from the Town to complete. As usual, there are some related requests and some
<br />routine budget - related items that it will be advantageous for the Town to bring before Town Meeting now
<br />rather than waiting for the next Annual Town Meeting.
<br />Several of the articles include appropriations that specify the General Fund (GF) as the funding source.
<br />The General Fund has grown since the adoption of the FY2017 budget, as shown below:
<br />The $200,000 increase in property tax levy is attributed to a revised estimate of new growth, which had
<br />been estimated at $2.5 million at the 2016 ATM, and is now estimated at $2.7 million. It is likely that the
<br />final new growth number could end up being in excess of $3 million, but the precise new - growth amount
<br />is still being determined by the Assessing Department, and will be finalized no later than the time the
<br />FY2017 Tax Classification packet is released to the Board of Selectmen in November — December 2016.
<br />The $1,512,488 increase in State aid is based on the final Cherry Sheet numbers from the FY2017 State
<br />Budget approved by the Legislature. Approximately $1.46 million of that increase is attributed to an in-
<br />crease in Chapter 70 Education Aid over what had been estimated at the prior Annual Town Meeting.
<br />The additional $289,993 from lowered revenue offsets is attributed principally to the standard $300,000
<br />set -aside in the FY2017 budget to cover a potential snow - and -ice deficit from FY2016. At the conclusion
<br />of FY2016, infra- budget transfers were sufficient to balance the snow - and -ice budget, leaving this set -
<br />aside untouched, and it is now safe to reallocate it to other purposes. The Town's Cherry Sheet assess-
<br />ment was increased by $10,369, but the Town's Cherry Sheet offset was also increased by $362. The net
<br />impact is $300,000 - $10,369 + $362 = $289,993.
<br />All told, the Town has $2,002,481 in additional funds that it may appropriate under the FY2017 budget.
<br />These funds are used under Articles 4, 5, 6, and 7 in the current Special Town Meeting, with the bulk be-
<br />ing appropriated into the Capital Stabilization Fund for later use on capital projects.
<br />3
<br />FY17 Revenue
<br />as Adopted
<br />FY17 Revenue
<br />Revised
<br />Change
<br />Property Tax Levy
<br />$161,138,273
<br />$161,338,273
<br />$200,000
<br />State Aid
<br />$11,804,630
<br />$13,317,118
<br />$1,512,488
<br />Local Receipts
<br />$12,130,550
<br />$12,130,550
<br />-
<br />Available Funds
<br />$13,120,492
<br />$13,120,492
<br />-
<br />Other Available Funds
<br />$710,000
<br />$710,000
<br />-
<br />Revenue Offsets
<br />$(1,943,061)
<br />$(1,653,068)
<br />$289,993
<br />Enterprise Receipts
<br />$1,629,135
<br />$1,629,135
<br />-
<br />Gross General Fund Revenue
<br />$198,590,019
<br />$200,592,500
<br />$2,002,481
<br />The $200,000 increase in property tax levy is attributed to a revised estimate of new growth, which had
<br />been estimated at $2.5 million at the 2016 ATM, and is now estimated at $2.7 million. It is likely that the
<br />final new growth number could end up being in excess of $3 million, but the precise new - growth amount
<br />is still being determined by the Assessing Department, and will be finalized no later than the time the
<br />FY2017 Tax Classification packet is released to the Board of Selectmen in November — December 2016.
<br />The $1,512,488 increase in State aid is based on the final Cherry Sheet numbers from the FY2017 State
<br />Budget approved by the Legislature. Approximately $1.46 million of that increase is attributed to an in-
<br />crease in Chapter 70 Education Aid over what had been estimated at the prior Annual Town Meeting.
<br />The additional $289,993 from lowered revenue offsets is attributed principally to the standard $300,000
<br />set -aside in the FY2017 budget to cover a potential snow - and -ice deficit from FY2016. At the conclusion
<br />of FY2016, infra- budget transfers were sufficient to balance the snow - and -ice budget, leaving this set -
<br />aside untouched, and it is now safe to reallocate it to other purposes. The Town's Cherry Sheet assess-
<br />ment was increased by $10,369, but the Town's Cherry Sheet offset was also increased by $362. The net
<br />impact is $300,000 - $10,369 + $362 = $289,993.
<br />All told, the Town has $2,002,481 in additional funds that it may appropriate under the FY2017 budget.
<br />These funds are used under Articles 4, 5, 6, and 7 in the current Special Town Meeting, with the bulk be-
<br />ing appropriated into the Capital Stabilization Fund for later use on capital projects.
<br />3
<br />
|