2007-11-BOS-min - Laserfiche WebLink

Browse Search

Budget Collaboration/Financial Summit 2 November 13, 2007 A joint meeting of the Board of Selectmen, School Committee and Finance Committees was held on Wednesday, November 13, 2007, at 7:30 p.m. in the Selectmen Meeting Room, Town Office Building. Present: Chairman Krieger, Mr. Kelley, Mr. Cohen, Mr. Manz and Mr. Burnell; Mr. Valente, Town Manager, Ms. Pease, Executive Clerk; Dr. Ash, Superintendent; Ms. Dunn, Assistant Superintendent; all members of the School Committee, with the exception of Mr. Sakhuja; all members of the Appropriation Committee; and Mr. Kanter and Ms. Stoltz of the Capital Expenditures Committee. 1. FY2009 Revenue Projections Mr. Valente and Mr. Addelson presented the FY2009 Revenue Summary: ?? Gross General Fund Revenues up $5.95 million or 4.66% (vs. $2.97 million or 2.5% from November 2006 projection) ?? Net General Fund Revenues up $4.94 million or 3.93% (vs. $3.17 million or 2.7% from November 2006 projection) Mr. Addelson reviewed the FY2009 projections and the FY2008-2009 change for State Aid, Local Receipts, Available Funds, Revenue Offsets and Enterprise Revenues. State Aid is projected to increase by $206,000 (or 2.27%). Chapter 70 has been projected to increase in FY2009. Will not know for sure until Governor submits budget for FY2009. Lottery needs to be watched; currently assuming will be level funded, but state lottery funds currently have a shortfall. Local Receipts are expected to increase by $444,376 (or 3.61%). One reason is the anticipation of the two Sheraton hotels coming on line and the increase price of jet fuel, which increases Other Excise by 165%. Pilots are decreasing by 21.81 percent due to decreasing reliance; this is Year 3 of a 4-year plan to reduce Pilots from the Town. Available Funds are expected to increase by $937,169 (20.94%). This includes Free Cash of $4,861,516, which was certified by the State as of July 1, 2007. Revenue Offsets for FY2009 are projected to be $1,832,210. Enterprise Revenues are expected to decrease by $41,998 (-2.4%). One reason is health costs for recreation department employees will be paid from the Recreation Enterprise Fund. Mr. Valente reviewed the FY2009 Free Cash Spending Recommendation: Certified Free Cash – 7/1/07 $ 4,861,516 Operating $(1,800,000) Stabilization Fund (Reserves) $(1,000,000)