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2024 ATM APPROPRIATION CoXMTTEE 13 MARCH 2024
<br /> Wastewater Enterprise Funds were reconciled with the final MWRA assessments, resulting in decreases of
<br /> roughly$500,000 for each enterprise fund.
<br /> • Article 6 appropriated $187,927 from the Statewide Opioid Settlement into the General Fund. These funds
<br /> may only be used to fund opioid prevention, harm reduction, treatment and recovery programs, and will be
<br /> managed by the Health Department.
<br /> FY2025 Budget
<br /> Here we discuss some of the overarching factors that affect our Town finances and the proposed budget for the
<br /> upcoming fiscal year.
<br /> Budget Overview
<br /> The first two tables below are based on the Town Manager's Report in the FY2025 Recommended Budget and
<br /> Financing Plan (the "Brown Book"). They provide a comprehensive overview of the estimated revenue and
<br /> proposed budget for the coming fiscal year.
<br /> Revenue Source FY2024 FY2025 $ % %of
<br /> Tax Recap Projected Change Change Revenue
<br /> Property Tax Revenue $ 227,334,427 $ 236,032,572 $ 8,698,145 3.8% 80.0%
<br /> Tax Levy Dedicated to CSF $ 2,303,236 $ 4,036,373 $ 1,733,137 75.2% 1.4%
<br /> Tax Levy Dedicated to Pension $ 1,086,500 $ 1,113,663 $ 27,163 2.5% 0.4%
<br /> State Aid $ 19,633,417 $ 19,943,523 $ 310,106 1.6% 6.8%
<br /> Local Receipts $ 14,771,452 $ 16,115,992 $ 1,344,541 9.1% 5.5%
<br /> Available Funds $ 17,328,585 $ 18,473,850 $ 1,145,265 6.6% 6.3%
<br /> Revenue Offsets $ (1,890,555) $ (2,348,657) $ (458,102) 24.2% (0.8)%
<br /> Enterprise Receipts $ 1,894,067 $ 1,835,478 $ (58,589) (3.1)% 0.6%
<br /> Gross General Fund Revenues $ 282,461,129 $ 295,202,794 $ 12,741,665 4.5% 100.0%
<br /> Less -Revenue Set-Aside for $ 21,958,142 $ 20,475,778 $ (1,482,364) (6.8)% 6.9%
<br /> Designated Expenses
<br /> Net General Fund Revenues $ 260,502,987 $ 274,727,016 $ 14,224,029 5.5% 93.1%
<br /> The gross General Fund Revenue for FY2025 is projected to increase by 4.5%. State aid is estimated to grow by
<br /> only 1.6%this year. State aid in FY2024 grew by 7.1%, but the lower growth rate for the coming fiscal year was
<br /> anticipated.
<br /> Once the Town's "new growth" tax revenue is certified in the fall, the tax levy may increase resulting in higher
<br /> gross revenue, and creating free cash that may be appropriated at a subsequent special town meeting.
<br /> The following table summarizes the FY2025 recommended budget in comparison to FY2024.
<br /> Budget Program FY2024 FY2025 $ %
<br /> Appropriated Recommended Change Change
<br /> Education 1000 $ 138,232,221 $ 143,914,762 $ 5,682,541 4.1%
<br /> Shared Expenses 2000 $ 68,868,939 $ 72,296,815 $ 3,427,876 5.0%
<br /> Municipal Departments 3000-8000 $ 47,117,941 $ 49,056,323 $ 1,938,382 4.1%
<br /> Subtotal- Operating Budget $ 254,219,101 $ 265,267,900 $ 11,048,798 4.3%
<br /> Cash Capital $ 16,342,464 $ 16,775,891 $ 433,427 2.7%
<br /> Other(Approp.to reserves,misc.) $ 8,106,841 $ 8,008,968 $ (97,873) (1.2)%
<br /> Total - General Fund $ 278,668,406 $ 290,150,632 $ 11,482,225 4.1%
<br /> Tax Levy Dedicated to the Capital Stabilization Fund (CSF)
<br /> The Town continues to follow a budget guideline recommended by the Town Manager's Financial Guideline
<br /> Working Group, making annual appropriations into the CSF. The size of the appropriation is based in part on the
<br /> cumulative new growth in the tax levy from developments approved by town meeting in accordance with a
<br /> Preliminary Site Development and Use Plan or in the Hartwell Ave. commercial district since FY2022, and will top
<br /> 2
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