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HomeMy WebLinkAbout2005-04-06-TM-FY 2006 Recommended Budget-rpt2 Slide 1 Town of Lexington FY 2006 Recommended Budget Linda Crew Vine –Acting Town Manager -April 6, 2005 Slide 2 Town of Lexington FY 2006 Recommended Budget FY 2006 Recommended Budget -$130,636,232 •Non-Tax Levy Revenues of $36,573,656 •Tax-Levy Revenues of $89,119,263 •Debt Exclusion of $4,943,313 Overall Budget up 2.98% from FY 2005 Recap • ($3,780,624) April 6, 2005 Slide 3 Town of Lexington FY 2006 Recommended Budget FY 2006 Recommended Budget –Budget Goals -To develop a budget without the need for an operating override, -To develop a budget that continues to build cash reserves, -To restore staffing levels in general government, -To sustain core services in the public schools and maintain the instructional infrastructure, -To continue a minimum investment in the town’s building and enterprise assets. -And to continue to positively respond to Moody’s Investor’s Service “negative outlook”and build financial flexibility. April 6, 2005 Slide 4 Town of Lexington FY 2006 Recommended Budget What worked in our favor this year: -We were able to take advantage of issuing short-term notes (or BANS) saving approximately $1 million in FY 06. -We used a one-time payment from NESWC of $575,000 to place in the stabilization fund and balance the budget. -We have planned to ask the Board of Assessors to release $425,000 from the overlay account. This sum of money has accumulated from previous year’s overlay appropriations and can now be released for other purposes. April 6, 2005 Slide 5 Town of Lexington FY 2006 Recommended Budget What worked in our favor this year (con’t): -The schools received $350,000 in Special Education Circuit Breaker funds. -We were able to increase the estimate for new growth based upon the restoration and creation of two positions within the Assessor’s Office. -We were able to increase revenues for both Municipal and Education services. April 6, 2005 Slide 6 Town of Lexington FY 2006 Recommended Budget Moody’s Reasons for “Aaa” w/ Negative Outlook ? Lexington has a strong tax base, ? We have a manageable debt position, ? We successfully passed an operating override, ? But we have experienced major Transitions in Senior Management, ? And we continue to have Diminished reserves. April 6, 2005 Slide 7 Town of Lexington FY 2006 Recommended Budget Capital $713,000 total for Cash Capital: ? $570,000 for capital projects (Article 31 & 32) ? $60,000 for small ticket operating projects within DPW (Article 37) ? $83,000 for supplemental projects (Article 35) April 6, 2005 Slide 8 Town of Lexington FY 2006 Recommended Budget Restorations ? Public Safety Dispatcher ? Administrative Support for Fire Department ? Water/Sewer Analyst Position ?? Property Inspector ?? Commercial Appraiser ?? Administrative Support for Town Clerk’s Office ?? Field Support for Cemetery ? Administrative Support for Library April 6, 2005 Slide 9 Town of Lexington FY 2006 Recommended Budget Thank You April 6, 2005