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APPROPRIATION COMMITTEE-2019 ATM
<br /> FY2020 Revenue and Budget
<br /> The main body of this report contains the Committee's analysis of all the appropriation requests that make
<br /> up the next fiscal year's budget. Here we discuss some of the overarching trends in Town finance.
<br /> The Town Manager's report at the start of the Brown Book provides a comprehensive overview of the
<br /> FY2020 estimated revenue and proposed budget,which are summarized in the following two tables.
<br /> Revenue Source FY2019 Tax FY2020 $ % % of Total
<br /> Recap Projected Change Change Revenue
<br /> Property Tax $172,804,577 $183,792,412 $6,987,835 4% 80.3%
<br /> State Aid $15,996,335 $16,187,516 $191,181 1.2% 7.1%
<br /> Total Local Receipts $13,727,959 $14,086,885 $358,926 2.6% 6.2%
<br /> Available Funds $14,485,806 $15,473,392 $987,586 6.8% 6.8%
<br /> Other Available Funds: Use $573,000 -of Capital Stabilization Fund ($573,500) (100.0%)
<br /> Revenue Offsets ($1,983,075) ($2,213,983) ($230,908) 11.6% (LO%)
<br /> Enterprise Receipts $1,646,939 $1696,348 $49,409 3.0% 0.7%
<br /> Gross General Fund $221,252,041 $229,022,571 $7,770,529 3.5% 100.0%
<br /> Revenues
<br /> Less—Revenue Set-Aside for $13,651,982 $12,228,710 ($1,423,272) (10.4%) 5.3%
<br /> Designated Expenses
<br /> Net General Fund Revenues $207,600,059 $216,793,860 $9,193,801 4.4% 94.7%
<br /> Gross revenue is projected to increase 3.5% in FY2020, which is similar to last year, but still modest in
<br /> comparison to the average rate of about 5% over the last eight years. The growth in State Aid has slowed
<br /> dramatically from prior years with the legislature's reduced emphasis on boosting Chapter 70 aid, but the
<br /> budget assumes that Cherry Sheet assessments will maintain a typical growth rate of 3.5%.
<br /> When the Town's "new growth" tax revenue is certified in the fall, the actual gross revenue may be in-
<br /> creased from the amount projected here.
<br /> Budget Program FY2019 FY2020 $ %
<br /> Appropriated Recommended Change Change
<br /> Education $110,237,662 $116,023,888 $5,786,226 5.2%
<br /> Shared Expenses $59,508,858 $60,541,457 $1,032,599 1.7%
<br /> Municipal Departments $38,282,035 $40,228,516 $1,946,481 5.1%
<br /> Subtotal Operating Budget $208,028,555 $216,793,861 $8,765,306 4.2%
<br /> Cash Capital $7,549,138 $7,220,666 ($328,472) (4.4%)
<br /> Other(Approp. to reserves,misc.)1 $5,674,3481 $5,008,0441 ($666,304) (11.7%)
<br /> Total General Fund 1 $221,252,041 $229,022,5711 $7,770,530 3.5%
<br /> The proposed budget is balanced, as required by law, and will not require an operating override. It will
<br /> provide the consistent and reliable level of service that is expected by residents.
<br /> It is notable that two of the main components of the Operating Budget,Education and Municipal programs,
<br /> are growing faster than the long-term average. That growth is offset by the unusually low rate for Shared
<br /> Expenses, and short-term declines in cost for Cash Capital, and Other programs. The low rate for Shared
<br /> Growth is due to a more modest increase in health benefits combined with cyclical decline for within-levy
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