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APPROPRIATION COMMITTEE-2.020 ATM 25 March 2020
<br /> The Town Manager's report at the start of the Brown Book provides a comprehensive overview of the
<br /> FY2021 estimated revenue and proposed budget,which are summarized in the following two tables.
<br /> Revenue Source FY2020 Tax FY2021 $ % %of Total
<br /> Recap Projected Change Change Revenue
<br /> Property Tax $184,821,513 $192,311,761 $7,490,249 4.1% 80.9%
<br /> State Aid $16,283,199 $16,517,703 $234,504 1.4% 7.0%
<br /> Total Local Receipts $14,082,119 $14,280,713 $198,594 1.4% 6.0%
<br /> Available Funds $14,314,142 $14,942,168 $628,026 4.4% 6.3%
<br /> Other Available Funds: Use of
<br /> Capital Stabilization Fund — — 0.0% —
<br /> Revenue Offsets $(1,860,652) $(2,181,086) $(320,434) 17.2% (0.9%)
<br /> Enterprise Receipts $1,696,348 $1,749,435 $53,087 3.1% 0.7%
<br /> Gross General Fund Revenues $229,336,668 $237,620,694 $8,284,025 3.6% 100.0%
<br /> Less—Revenue Set-Aside for $12,495,310 $11,641,422 $(853,888) (6.8)% 4.9%
<br /> Designated Expenses
<br /> Net General Fund Revenues $216,841,358 $225,979,271 $9,137,913 4.2% 95.1%
<br /> Gross revenue is projected to increase 3.6% in FY2021, which is similar to last year, and also suggests a
<br /> declining trend away from the average of 5%growth we have seen in the recent past. State Aid is estimated
<br /> to grow by only 1.4%this year.
<br /> When the Town's "new growth"tax revenue is certified in the fall,the revenue from property tax may be
<br /> increased, resulting in higher gross revenue.
<br /> Budget Program FY2020 FY2021 $ %
<br /> Appropriated Recommended Change Change
<br /> Education 1000 $116,023,888 $121,220,803 $5,196,915 4.5%
<br /> Shared Expenses 2000 $60,541,457 $62,727,317 $2,185,860 3.6%
<br /> Municipal Departments 3000-8000 $40,276,016 $41,582,360 $1,306,344 3.2%
<br /> Subtotal—Operating Budget $216,841,361 $225,530,480 $8,689,119 4.0%
<br /> Cash Capital $8,137,274 $7,743,515 $(393,759) (4.8)%
<br /> Other(Approp. to reserves, misc.) $4,358,036 $4,346,699 $(11,337) (0.3)%
<br /> Total General Fund $229,336,671 $237,620,694 $8,284,023 3.6%
<br /> The proposed budget is balanced,as required by law,and it will provide the consistent and reliable level of
<br /> service that is expected by residents.
<br /> Fiscal Policy Guidelines
<br /> The following description is taken from the Brown Book Overview,p. iii:
<br /> In May and October of 2019, the Select Board, School Committee,Appropriation Committee and Cap-
<br /> ital Expenditures Committee reviewed and reaffirmed the Town's fiscal guidelines. The FY2021 annual
<br /> operating budget adheres to the following principles in order to preserve the Town's long-term finan-
<br /> cial condition:
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