HomeMy WebLinkAbout2014-11-10 SummitPacket
Budget Collaboration-Financial Summit 2
November 10, 2014
7:00 p.m.
Public Services Building Cafeteria
Agenda
1. FY2016 Revenue Projections
Overview (Carl Valente)
Revenue Projection by Source (Rob Addelson)
Policy Issues (Carl Valente)
o Proposed Appropriation from Reserve Funds (Health Ins. Trust Fund
for OPEB; Use of Capital Projects/Debt Service Reserve/Building
Renewal Stabilization Fund)
o Proposed Appropriation to Reserve Funds
o Use of Projected Revenue for as yet identified needs
o Capital, Capital, Capital
o FY15 Property Value Changes (Rob Addelson)
2. Request for Special Town Meeting by School Committee
Cubist Request for Zoning Change
3. Date for Financial Summit 3: Thursday, December 11, 7:00 p.m.
Town of Lexington
FY 2016 Revenue Projections
Town Manager's Office
Finance Department
Issued November 10, 2014
Town of Lexington
Revenue Projections
Revenue Executive Summary
General Fund Revenue Summary FY13 Actual FY14 Actual FY15 Estimated FY16 Projected $%
Property Tax Levy (Table 1)135,386,783$ 141,842,484$ 148,148,150$ 154,351,854$ 6,203,704$ 4.2%
State Aid (Table 2)9,410,134$ 10,214,580$ 11,193,462$ 11,430,692$ 237,230$ 2.1%
Local Receipts (Table 3)12,092,846$ 14,355,470$ 10,769,383$ 11,433,694$ 664,311$ 6.2%
Available Funds (Table 4)7,249,652$ 12,473,510$ 11,935,109$ 15,544,229$ 3,609,120$ 30.2%
-$ -$ 919,000$ 1,318,500$ 399,500$ 43.5%
Revenue Offsets (Table 5)(1,645,350)$ (1,644,621)$ (2,450,757)$ (1,987,549)$ 463,208$ -18.9%
Enterprise Receipts (Table 6)1,512,892$ 1,497,405$ 1,487,905$ 1,532,542$ 44,637$ 3.0%
164,006,957$ 178,738,828$ 182,002,252$ 193,623,962$ 11,621,710$ 6.4%
6,339,044$ 16,129,376$ 14,849,660$ 14,878,634$ 28,974$ 0.2%
Net General Fund Revenues 157,667,913$ 162,609,452$ 167,152,592$ 178,745,328$ 11,592,736$ 6.9%
Detailed Description:
FY 15-16 Change
Less - Revenues Set-Aside for
Designated Purposes
Other Available Funds - Use of Capital
Project/Debt Service Reserve/Building
Renewal Stabilization Fund (Table 4a)
Total General Fund Operating Revenues
This revenue projection is being submitted to the Board of Selectmen as required under Section 13 of Chapter 753 of the Acts of 1968, as amended,
An Act Establishing the Selectmen-Town Manager Form of Government in the Town of Lexington. The projection is based on the most current data
available. As new information becomes available, the projections may be revised. The summary below presents Total General Fund Revenues and
Net General Fund Revenues. Total General Fund Revenues include annually recurring and non-recurring sources of revenue. Net General Fund
Revenues are Total General Fund Revenues less revenues recommended to be set-aside to fund designated expenses. In FY2016, Total General
Fund Operating Revenues are projected to increase by approximately $11.62 million, or 6.4%. Net General Fund Revenues, those available to
support school and municipal operating budgets, are projected to increase by $11.59 million, or 6.9%.
Local Receipts:FY2016 projections for each category of receipt are based on the history of actual collections and projections of 3 and 5 year
historical averages, unless otherwise specified in the supplemental tables of this document. FY2016 local receipts are estimated to increase by
approximately $664,000 or 6.2% over FY15 estimates. The major contributor to this growth is an increase in the estimate for Motor Vehicle Excise of
$400,000. Of note is an increase in payments in lieu of tax of $43,000 of which $30,000 is attributable to a $30,000 annual payment commencing in
FY15 for 20 years for solar panels in the process of being installed on the roofs of various town and school buildings.
Property Tax Levy: The FY2016 property tax levy is projected to increase approximately $6.2 million, or 4.2%. The projected levy is a function of
the FY2015 levy limit increased by 2.5% per Proposition 2 1/2, plus an increment for new growth. FY2016 new growth will be a function of
construction activity for the period July 1, 2014 to June 30, 2015. FY2016 new growth is estimated at $2,500,000 based on a review of historical
data on new growth. FY15 new growth has yet to be certified by the Department of Revenue. The preliminary estimate of that growth is $2.76
million.
State Aid: FY2016 state aid is projected to increase 2.1% from its FY2015 level. Final FY2016 state aid numbers are likely to be known in June
2015 when the Legislature adopts, and the Governor signs, the FY2016 State budget.
Available Funds:Available Funds are projected to increase by approximately $3.61 million or 30.2%. This increase is driven predominantly by two
factors. The first is an increase in free cash of $2.8 million from the 7/1/13 certification of $10.3 million to the 7/1/14 certification of $13.1 million.
The second factor is the proposed use of $1.86 million from the Town's Health Claims Trust Fund which is a portion of the balance in the fund that
was the repository of employer and employee contributions when the Town's employee health insurance program was self-insured. It is proposed
that this amount be used to underwrite the Town's share of FY16 GIC premiums thus freeing up $1.86 million in the tax levy to continue progress in
funding the Town's OPEB liability. The amount of the HCTF being applied in FY15 is $1 million.
Other components of Available Funds include the proposed use of parking meter receipts, cemetery funds, and the Transportation Demand
Management Stabilization Fund. Though not considered an operating revenue, another source of available funds is the proposed use of $1.32
million from the Capital Projects/Debt Service Reserve/Building Renewal Stabilization Fund to to fund the ongoing mitigation of the debt service
impacts of the financing of the LHS modular classrooms construction. In FY15, $919,000 was appropriated for this purpose.
Revenue Offsets: Revenue Offsets are projected to decrease by approximately $459,000 or 18.7%. Revenue Offsets represent the set-aside of a
portion of projected revenues needed for particular purposes including:
(1) components of state aid (Public Library aid and School Lunch reimbursements) that are distributed as Cherry Sheet aid, but, in fact, are
categorical grants that are not available to support general fund operations;
(2) cherry sheet assessments - estimated charges to be levied by the Commonwealth to cover the costs of state and regional services provided to
the Town. Cherry Sheet Assessments assume a 3.5% increase in FY 2015;
(3) the Assessor's Overlay account which covers the cost of abatements and exemptions granted to property taxpayers (FY15 is a revaluation year
so the FY15 overlay is $900,000. It will drop to $750,000 in FY16, a non-revaluation year); and,
(4) potential snow and ice deficits.
The FY16 decrease in total revenue offsets is driven primarily by 2 factors. The first is a decrease in the FY15 set-aside for the FY14 snow and ice
deficit of $653,006 to $300,000 in FY16 to cover a prospective FY15 snow and ice deficit. The second is the decrease in the overlay account.
Revenue Executive Summary
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11/7/2014
Town of Lexington
Revenue Projections
Revenue Executive Summary
Free Cash Tax Levy Other 1 Total Notes
1 Set-Aside for Unanticipated
Current Fiscal Year Needs
200,000$ -$ -$ 200,000$
2 OPEB 3,247$ 1,858,947$ -$ 1,862,194$
3 Cash Capital 2,500,000$ 2,500,000$
4 Capital Stabilization Fund 6,405,035$ 120,000$ -$ 6,525,035$
5 Debt Service Mitigation 1,318,500$ 1,318,500$
6 Street Reconstruction -$ 2,270,145$ -$ 2,270,145$
7 Reserve for Federal Budget
Reductions
TBD -$ -$ TBD
8 Municipal Building Envelope
and Systems
-$ 182,760$ -$ 182,760$
9 Senior Tax Work-Off Program -$ 20,000$ 20,000$
10 Subtotal 9,108,282$ 4,451,852$ 1,318,500$ 14,878,634$
11 Operating Budget 4,000,000$ -$ -$ 4,000,000$
11 Grand Total 13,108,282$ 4,451,852$ 1,318,500$ 18,878,634$
Reserved for appropriation at the
2014 annual town meeting to fund
supplemental appropriations to
the FY14 budget.
$1.86 million resulting from use of
Health Insurance Claims Trust
Fund to fund FY16 Health
Insurance
Financing Sources
Set-aside to offset potential
federal budget cuts that will
impact School grant programs.
Initially funded in 2006 override;
increases by 2.5% per year.
Revenues Set-Aside for Designated Purposes
To mitigate debt service impact of
LHS Modular Buildings
construction financing. Amount is
based on last year's projection of
FY16 debt service and therefore is
subject to revision.
To meet future capital/debt
service needs, including $966,500
to offset FY17 debt service
attributable to modular classroom
construction at LHS. $120,000
from the tax levy is attributable to
savings in the DPF electricity
budget from the installation of
solar panels on the roofs of
various school and town buildings.
Set-aside to offset potential
federal budget cuts that will
impact School grant programs.
Consistent with long-term street
maintenance plan.
1 "Other" financing source for Debt Service Mitigation is the Capital Projects/Debts Service Reserve/Building Renewal Stabilization Fund.
$4,000,000 of Free Cash to
support the FY16 operating
budget.
Enterprise Receipts: This category represents transfers from the water, sewer and recreation enterprise funds to the general fund to cover
general fund expenditures that support the operations of the water, sewer and recreation departments. Water & Sewer Indirects were reduced by
$61,549 annually from FY07 through FY13 as per BOS vote on October 30, 2006 to bring historical levels of indirect costs in line with actual costs.
FY14 and FY15 amounts are based on the results of indirect cost analyses conducted by the Finance Department. FY16 is preliminarily projected to
increase by 3% subject to revision at the conclusion of an updated indirect cost analysis that is currently in progress
Revenues Set Aside for Designated Purposes:This represents components of Total General Fund Revenues that are set aside for designated
purposes. The proposed purposes are shown below.
Revenue Executive Summary
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11/7/2014
Town of Lexington
Revenue Projections
Revenue Summary
FY13
Actual
FY14
Actual
FY15
Estimated
FY16
Projected $%
Table 1: Property Tax Levy
Tax Levy 128,662,664$ 135,440,316$ 141,843,659$ 148,148,150$ 6,304,491$ 4.4%
Prop. 2.5%3,217,107$ 3,386,008$ 3,546,091$ 3,703,704$ 157,612$ 4.4%
New Growth 3,560,545$ 3,017,335$ 2,758,400$ 2,500,000$ (258,400)$ -9.4%
Override/Excess Levy Capacity (53,534)$ (1,175)$
Subtotal 135,386,783$ 141,842,484$ 148,148,150$ 154,351,854$ 6,203,704$ 4.2%
Table 2: State Aid
Chapter 70 7,876,799$ 8,657,571$ 9,584,428$ 9,824,039$ 239,611$ 2.5%
Charter School Reimbursement 18,769$ 12,628$ 1,786$ 20,571$ 18,785$ 1051.8%
Unrestricted General Government Aid 1,296,276$ 1,326,917$ 1,363,715$ 1,397,808$ 34,093$ 2.5%
Veterans' Benefits & Exemptions 156,539$ 147,543$ 169,557$ 127,726$ (41,831)$ -24.7%
Offsets (School Lunch & Library)61,751$ 69,921$ 73,976$ 60,549$ (13,427)$ -18.2%
Subtotal 9,410,134$ 10,214,580$ 11,193,462$ 11,430,692$ 237,230$ 2.1%
Table 3: Local Receipts
Motor Vehicle Excise Tax 4,300,549$ 4,695,332$ 4,100,000$ 4,500,000$ 400,000$ 9.8%
Other Excise 1,415,189$ 1,608,573$ 1,380,000$ 1,460,000$ 80,000$ 5.8%
Penalties & Interest 468,003$ 670,076$ 342,000$ 347,000$ 5,000$ 1.5%
PILOT's 539,258$ 535,492$ 546,000$ 589,000$ 43,000$ 7.9%
Rentals 336,836$ 384,180$ 322,500$ 257,230$ (65,270)$ -20.2%
Departmental-Schools 272,741$ 272,741$ 408,910$ 502,000$ 93,090$ 22.8%
Departmental-Municipal 1,516,166$ 1,584,849$ 1,493,000$ 1,531,000$ 38,000$ 2.5%
Licenses & Permits 2 1,698,028$ 1,689,164$ 1,538,973$ 1,597,464$ 58,491$ 3.8%
Special Assessments 24,312$ 103,086$ 20,000$ 17,000$ (3,000)$ -15.0%
Fines & Forfeits 335,984$ 376,800$ 336,000$ 345,000$ 9,000$ 2.7%
Investment Income 272,998$ 278,458$ 282,000$ 288,000$ 6,000$ 2.1%
Miscellaneous Non-Recurring 912,784$ 2,156,721$ -$ -$ -$
Subtotal 12,092,846$ 14,355,470$ 10,769,383$ 11,433,694$ 664,311$ 6.2%
Table 4: Available Funds
Parking 335,000$ 335,000$ 335,000$ 335,000$ -$ 0.0%
Cemetery 105,000$ 105,000$ 105,000$ 105,000$ -$ 0.0%
Free Cash 6,269,024$ 11,650,931$ 10,303,125$ 13,108,282$ 2,805,157$ 27.2%
Health Claims Trust Fund -$ 1,000,000$ 1,858,947$ 858,947$ 85.9%
Insurance Proceeds 200,000$ -$ -$ ---
Transp.Demand Mgmt. Stab. Fund 85,160$ 90,000$ 88,000$ 137,000$ 49,000$ 55.7%
250,000$ 250,000$ 49,096$ -$ (49,096)$ -100.0%
5,468$ 42,579$ 54,888$ (54,888)$ -100.0%
Subtotal 7,249,652$ 12,473,510$ 11,935,109$ 15,544,229$ 3,609,120$ 30.2%
Table 4a: Other Available Funds
-$ -$ 919,000$ 1,318,500$ 399,500$ 43.5%
Subtotal -$ -$ 919,000$ 1,318,500$ 399,500$ 43.5%
Table 5: Revenue Offsets
Cherry Sheet Assessments (813,255)$ (795,309)$ (833,000)$ (877,000)$ (44,000)$ 5.3%
Cherry Sheet Offsets -$ ---
School Lunch (24,262)$ (30,207)$ (25,716)$ (23,099)$ 2,617$ -10.2%
Public Libraries (37,489)$ (39,714)$ (39,034)$ (37,450)$ 1,584$ -4.1%
Overlay (abatements)(770,344)$ (779,391)$ (900,000)$ (750,000)$ 150,000$ -16.7%
Snow Deficit -$ -$ (653,006)$ (300,000)$ 353,006$ -54.1%
Subtotal (1,645,350)$ (1,644,621)$ (2,450,757)$ (1,987,549)$ (803,683)$ 48.8%
Table 6: Enterprise Receipts
Water 665,848$ 818,689$ 789,275$ 812,953$ 23,678$ 3.0%
Wastewater (Sewer)623,444$ 450,116$ 465,030$ 478,981$ 13,951$ 3.0%
Recreation 223,600$ 228,600$ 233,600$ 240,608$ 7,008$ 3.0%
Subtotal 1,512,892$ 1,497,405$ 1,487,905$ 1,532,542$ 44,637$ 3.0%
Gross General Fund Revenues 164,006,957$ 178,738,828$ 182,002,252$ 193,623,962$ 11,621,710$ 6.4%
6,339,044$ 16,129,376$ 14,849,660$ 14,878,634$ 28,974$ 0.2%
157,667,913$ 162,609,452$ 167,152,592$ 178,745,328$ 11,592,736$ 6.9%
FY15-16 Change
Revenues Set Aside for Designated
Expenses
Net General Fund Revenues Available for
Appropriation
Balances from Prior Yr. Capital Articles
Avalon Bay School Enrollment Mitigation Fund
Capital Project/Debt Service Reserve/Building
Renewal Stabilization Fund
Revenue Summary
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11/7/2014
Town of LexingtonRevenue ProjectionsTable 1-A: Tax Levy HistoryFiscal YearPrevious Year Levy LimitAllowable 2 1/2% IncreaseAllowable New ConstructionVoter Approved OverrideTotal Tax Levy LimitExempt Debt ServiceAllowable Amount which may be raised from Property TaxUnused Tax CapacityActual Tax Levy1996 48,752,066$ 1,218,802$ 325,180$ 1,500,000$ 51,796,048$ 1,412,532$ 53,208,580$ 50,219$ 53,158,361$ 1997 51,796,048$ 1,294,901$ 478,191$ -$ 53,569,140$ 1,174,088$ 54,743,228$ 29,327$ 54,713,901$ 1998 53,569,140$ 1,339,229$ 954,493$ -$ 55,862,862$ 1,100,500$ 56,963,362$ 22,726$ 56,940,636$ 1999 55,862,862$ 1,396,572$ 644,859$ -$ 57,904,293$ 1,033,500$ 58,937,793$ 8,416$ 58,929,377$ 2000 57,904,293$ 1,447,607$ 1,970,649$ -$ 61,322,549$ 120,000$ 61,442,549$ 298,410$ 61,144,139$ 2001 61,322,549$ 1,533,064$ 1,535,451$ 3,440,829$ 67,831,893$ 950,625$ 68,782,518$ 47,630$ 68,734,888$ 2002 67,831,893$ 1,695,797$ 1,573,592$ -$ 71,101,282$ 1,708,200$ 72,809,482$ 37,717$ 72,771,765$ 2003 71,101,282$ 1,777,532$ 1,350,048$ -$ 74,228,862$ 1,567,988$ 75,796,850$ 931$ 75,795,919$ 2004 74,230,931$ 1,855,773$ 1,915,573$ -$ 78,002,277$ 4,189,338$ 82,191,615$ 2,120$ 82,189,495$ 2005 78,000,157$ 1,950,957$ 1,692,120$ 4,224,340$ 85,867,574$ 5,325,045$ 91,192,619$ 36,195$ 91,156,424$ 2006 85,867,574$ 2,146,689$ 1,854,326$ -$ 89,868,589$ 4,943,313$ 94,811,902$ 51,242$ 94,760,661$ 2007 89,868,589$ 2,246,715$ 2,036,789$ 1,858,435$ 96,010,528$ 5,127,256$ 101,137,784$ 62,994$ 101,074,790$ 2008 96,012,202$ 2,400,305$ 2,485,650$ 3,981,589$ 104,879,746$ 5,372,874$ 110,252,620$ 45,961$ 110,206,659$ 2009 104,879,746$ 2,621,994$ 3,276,649$ -$ 110,778,389$ 5,632,642$ 116,411,031$ 72,867$ 116,338,164$ 2010 110,778,389$ 2,769,460$ 2,431,902$ -$ 115,979,750$ 5,746,384$ 121,726,134$ 58,674$ 121,667,460$ 2011 115,934,719$ 2,898,368$ 3,426,550$ -$ 122,259,637$ 5,753,550$ 128,013,187$ 57,464$ 127,955,723$ 2012122,259,637$ 3,056,491$ 3,346,536$ -$ 128,662,664$ 5,379,620$ 134,042,285$ 46,950$ 133,995,335$ 2013 128,662,664$ 3,217,107$ 3,538,945$ -$ 135,440,316$ 6,199,081$ 141,639,396$ 53,534$ 141,585,863$ 2014 135,440,316$ 3,386,008$ 3,017,335$ -$ 141,843,659$ 6,927,654$ 148,771,313$ 1,175$ 148,770,138$ 2015 141,843,659$ 3,546,091$ 2,758,400$ -$ 148,148,150$ 7,988,780$ 156,136,930$ NANA2016 148,148,150$ 3,703,704$ 2,500,000$ 154,351,854$ 7,714,132$ 162,065,986$ NANANote: FY15 new growth is a preliminary estimate subject to final review and certification by the Department of Revenue. Table 1-A. Tax Levy History5 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 1-B: New Tax Levy GrowthFiscal Year ResidentialCommercial / IndustrialPersonal Total Three Year Average FY 2013-20151998$420,000$116,000$418,000$954,000C/I/P$1,591,5591999$216,000$325,000$104,000$645,000Residential$1,513,3342000$354,000$898,000$719,000$1,971,000Total$3,104,8932001$622,000$293,000$621,000$1,536,0002002$710,000$49,000$814,000$1,573,000Five Year Average FY 2011-20152003$890,000$47,000$413,000$1,350,000C/I/P$1,843,3662004$836,241$125,767$953,565$1,915,573Residential$1,374,9262005$866,131$320,315$505,674$1,692,120Total$3,218,2922006$1,037,304$127,221$689,801$1,854,3262007$1,093,643$0$943,146$2,036,789Ten Year Average FY 2006-20152008$1,156,124$474,999$854,527$2,485,650C/I/P$1,532,1942009$1,526,313$533,896$1,216,440$3,276,649Residential$1,289,4212010$1,206,197$206,414$1,058,669$2,471,2802011$1,112,487$1,212,054$1,105,704$3,430,245Total$2,821,6162012$1,222,142$960,174$1,164,220$3,346,5362013$1,400,099$1,297,354$841,492$3,538,9452014$1,451,904$635,052$930,379$3,017,3352015 (preliminary)$1,688,000$284,400$786,000$2,758,400Totals$16,120,585$7,621,246$13,352,617$39,852,848SummaryFY2016 new growth is estimated at $2,500,000.
Town of LexingtonRevenue ProjectionsTable 2-A: State Aid (Cherry Sheet)FY 2010FY2010FY2011FY2012FY2013FY2014FY2015FY2016State Aid-Cherry Sheet:ActualActualActualActual Actual EstimatedProjectedEducation:Chapter 707,449,035$ 7,013,863$ 7,051,517$ 7,876,799$ 8,657,571$ 9,584,428$ 9,824,039$ 30,816$ 17,418$ 23,222$ 18,769$ 12,628$ 1,786$ 20,571$ Offset Items:School Lunch20,744$ 17,758$ 22,523$ 24,262$ 30,207$ 26,514$ 23,099$ General Government:Unrestricted General Government Aid1,350,288$ 1,296,276$ 1,202,550$ 1,296,276$ 1,326,917$ 1,363,715$ 1,397,808$ Lottery, Beano, Charity GamesPolice Career Incentive46,751$ 22,509$ Veterans' Benefits15,454$ 8,949$ 41,729$ 68,476$ 70,490$ 92,504$ 41,020$ Exemptions: Vets, Blind, Surviving Spouses154,200$ 92,127$ 22,088$ 88,063$ 77,053$ 77,053$ 86,706$ Offset Items:Public Libraries34,268$ 37,791$ 37,988$ 37,489$ 39,714$ 47,462$ 37,450$ Sub-Total, General GovernmentGross Cherry Sheet Totals9,101,556$ 8,506,691$ 8,401,617$ 9,410,134$ 10,214,580$ 11,193,462$ 11,430,692$ Less Offset Items:(55,012)$ (55,549)$ (60,511)$ (61,751)$ (69,921)$ (73,976)$ (60,549)$ Net Cherry Sheet Totals9,046,544$ 8,451,142$ 8,341,106$ 9,348,383$ 10,144,659$ 11,119,486$ 11,370,143$ Charter Tuition ReimbursementSub-Total, All Education Items
Town of LexingtonRevenue ProjectionsTable 3-A: Local Receipts Summary10010070-41801FY2010 FY2011 FY2012FY2013FY15 ProjectedFY10 Actual FY11 ActualFY12 ActualFY13 ActualFY14 ActualFY15 EstimatedFY16 Projected Motor Vehicle Excise Tax 3,664,627$ 4,044,449$ 3,924,928$ 4,300,549$ 4,695,332$ 4,100,000$ 4,500,000$ Other Excise 627,587$ 1,192,678$ 1,525,700$ 1,415,189$ 1,608,573$ 1,380,000$ 1,460,000$ Penalties & Interest397,037$ 568,595$ 461,887$ 468,003$ 670,076$ 342,000$ 347,000$ PILOT's463,500$ 500,045$ 488,569$ 539,258$ 535,492$ 546,000$ 589,000$ Rentals325,879$ 314,443$ 336,842$ 336,836$ 384,180$ 322,500$ 257,230$ Departmental-Schools417,908$ 549,295$ 576,164$ 272,741$ 272,741$ 408,910$ 502,000$ Departmental-Municipal1,650,246$ 1,469,900$ 1,522,991$ 1,516,166$ 1,584,849$ 1,493,000$ 1,531,000$ Licenses & Permits2,047,345$ 1,789,613$ 1,513,734$ 1,698,028$ 1,689,164$ 1,538,973$ 1,597,464$ Special Assessments47,904$ 32,689$ 24,885$ 24,312$ 103,086$ 20,000$ 17,000$ Fines & Forfeits365,677$ 329,394$ 344,126$ 335,984$ 376,800$ 336,000$ 345,000$ Investment Income289,337$ 309,099$ 247,761$ 272,998$ 278,458$ 282,000$ 288,000$ Miscellaneous Non-Recurring 431,610$ 890,801$ 1,372,744$ 912,784$ 2,156,721$ -$ -$ Total10,728,657$ 11,991,001$ 12,340,331$ 12,092,846$ 14,355,470$ 10,769,383$ 11,433,694$ $10,728,657 $11,991,001 $12,340,331 $12,092,846 $14,355,470 $10,769,383 $11,433,694 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000FY10ActualFY11ActualFY12ActualFY13ActualFY14ActualFY15EstimatedFY16ProjectedLocal Receipts FY10 - FY16 ProjectedSummaryLocal Receipts make up 5.9% of the projected FY2016 total revenues for the Town of Lexington. Local receipts are one indicator of the status of economic growth in the community. Certain local receipts (e.g. motor vehicle excise, licenses and permits, investment income, hotel/motel) are closely related to the overall growth in the State's economy. Table 3-A. Local Reciepts Sum.8 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 3-B (1): Local Receipt Detail - Motor Vehicle Excise TaxFY10 Actual FY11 ActualFY12 ActualFY13 ActualFY14 ActualFY15 EstimatedFY16 ProjectedTOTAL3,664,627$ 4,044,449$ 3,924,928$ 4,300,549$ 4,695,332$ 4,100,000$ 4,500,000$ 10010050 41570 MOTOR VEHICLE EXCISE TAX-PR3,419$ 1,414$ 1,354$ 10010050 41595 95 MOTOR VEHICLE EXCISE TAX-$ 21$ 16$ 10010050 41596 96 MOTOR VEHICLE EXCISE TAX-$ -$ 26$ 10010050 41597 97 MOTOR VEHICLE EXCISE TAX-$ -$ 144$ 33$ 10010050 41598 98 MOTOR VEHICLE EXCISE TAX-$ -$ 54$ 10010050 41599 99 MOTOR VEHICLE EXCISE TAX-$ 41$ 244$ 19$ 10010050 41500 00 MOTOR VEHICLE EXCISE TAX-$ 247$ 370$ 29$ 10010050 41501 01 MOTOR VEHICLE EXCISE TAX59$ 100$ 25$ -$ 10010050 41502 02 MOTOR VEHICLE EXCISE TAX201$ 188$ 22$ 71$ 10010050 41503 03 MOTOR VEHICLE EXCISE TAX78$ 50$ 30$ 10010050 41504 04 MOTOR VEHICLE EXCISE TAX362$ 845$ 31$ 106$ 10010050 41505 05 MOTOR VEHICLE EXCISE TAX686$ 908$ 100$ 181$ 89$ 10010050 41506 06 MOTOR VEHICLE EXCISE TAX405$ 649$ 204$ 359$ 602$ 10010050 41507 07 MOTOR VEHICLE EXCISE TAX2,857$ 2,025$ 1,218$ 516$ 1,042$ 11,143$ 2,607$ 1,644$ 654$ 718$ 482,932$ 26,064$ 5,053$ 1,233$ 652$ 3,162,487$ 576,133$ 11,978$ (1,215)$ 1,423$ NA3,433,157$ 478,146$ 14,750$ 6,023$ NANA3,424,575$ 669,300$ 4,427$ NANANA3,614,417$ 731,036$ NA3,949,111$ 10010050 41513 14 MOTOR VECHICLE EXCISE TAX10010050 41513 13 MOTOR VECHICLE EXCISE TAXLocal Receipt Category10010050 41509 09 MOTOR VEHICLE EXCISE TAX10010050 41511 12 MOTOR VECHICLE EXCISE TAX10010050 41511 11 MOTOR VECHICLE EXCISE TAX10010050 41510 10 MOTOR VEHICLE EXCISE TAX10010050 41508 08 MOTOR VEHICLE EXCISE TAXTable 3-B-a. MV Receipts9 of 2711/7/2014
Table 3-B(2): Motor Vehicle Excise Billing & HistoryAmount Committed by Calendar Year200820092010201120122013commit# of BillsTotal CommitmentAvg./Bill# of BillsTotal CommitmentAvg./Bill# of BillsTotal CommitmentAvg./Bill# of BillsTotal CommitmentAvg./Bill# of BillsTotal CommitmentAvg./Bill# of BillsTotal CommitmentAvg./Bill1239072,907,239$ $121.61224812,833,733$ $126.0523,295 2,812,245$ 120.72$ 23,574 2,943,325$ 124.85$ 23,710 3,073,254$ 130$ 23,797 3,264,869$ 137$ 108635,286$ $410.3010768$ $76.8112 724$ 60.30$ 2 56$ 27.76$ 10 2,721$ 272$ 11207,732$ $386.58356,096$ $174.1811 198$ 17.98$ 1 16$ 16.25$ 126922$ $153.732 30$ 15.00$ 132940279,700$ $297.551899414,502$ $218.271,131 346,419$ 306.29$ 1,370 483,882$ 353.20$ 1,240 461,889$ 372$ 1,205 490,233$ 407$ 25262831026345,424$ $336.67580132,752$ $228.88785 226,721$ 288.82$ 726 213,929$ 294.67$ 812 271,486$ 334$ 1,076 327,748$ 305$ 9960 7,485$ 124.75$ 58 7,434$ 128$ 64 6,653$ 103.95$ 65 5,556$ 85.48$ 30313241093303,326$ $277.521046308,590$ $295.021,156 245,496$ 212.37$ 945 237,699$ 251.53$ 882 210,947$ 239$ 654 156,553$ 239$ 5767127,011$ $165.59758128,456$ $169.47767 114,872$ 149.77$ 816 127,371$ 156.09$ 743 118,902$ 160$ 873 140,301$ 161$ 663774,069$ $116.2866378,509$ $118.42754 71,445$ 94.75$ 791 87,457$ 110.57$ 688 67,177$ 98$ 737 73,667$ 100$ 743123,195$ $53.8221530,782$ $143.17557 22,744$ 40.83$ 582 23,438$ 40.27$ 613 30,866$ 50$ 605 25,124$ 42$ 812913,192$ $102.274209$ $52.245 495$ 99.00$ 25 4,344$ 173.78$ 5 147$ 29$ 914712,349$ $84.01251,626$ $65.03109 6,767$ 62.08$ 7 772$ 110.30$ 2 199$ 99.53$ Totals29,189 4,129,445$ $141.47 27,716 3,936,023$ $142.01 28,711 3,860,333$ 134.45$ 28,901 4,129,804$ 142.89$ 28,705 4,237,588$ 147.63$ 29,005 4,485,928$ 154.66$ Actual Collections received in each FY200820092010201120122013Pre-2000653$ 3,419$ 1,476$ 1,614$ 243$ FY 20001,208$ 35$ -$ 247$ 370$ 29$ FY 2001614$ 195$ 59$ 100$ 25$ FY 20021,413$ 486$ 201$ 188$ -$ 22$ FY 2003302$ 699$ 78$ 50$ -$ 30$ FY 2004(977)$ 1,449$ 362$ 845$ -$ 31$ FY 20056,540$ 1,385$ 686$ 908$ 100$ 181$ FY 200645,318$ 6,012$ 405$ 649$ 204$ 359$ FY 2007662,807$ 31,434$ 2,857$ 2,025$ 1,218$ 516$ FY 20083,040,817$ 901,560$ 11,143$ 2,607$ 1,644$ 654$ FY 20093,217,408$ 482,932$ 26,064$ 5,053$ 1,233$ FY 20103,162,487$ 576,133$ 11,978$ (1,215)$ FY 20113,433,157$ 478,146$ 14,750$ FY 20123,424,575$ 669,300$ FY 20133,614,417$ FY 2014Totals3,758,043$ 4,161,316$ 3,664,628$ 4,044,449$ 3,924,928$ 4,300,549$ Actual vs. Billed200820092010201120122013Billed4,129,445$ Billed3,936,023$ Billed3,860,333$ Billed4,129,804$ Billed4,237,588$ Billed4,485,928$ Actual3,758,043$ Actual4,161,316$ Actual3,664,628$ Actual4,044,449$ Actual3,924,928$ Actual4,300,549$ 95.9%91.0%92.6%97.9%105.7%94.9%Table 3-B-b. MV Excise History10 of 2711/7/2014 / 3:34 PM
Town of LexingtonRevenue ProjectionsTable 3-C: Local Receipt Detail - Other ExciseFY10 ActualFY11 ActualFY12 ActualFY13 ActualFY14 ActualFY15 Estimated FY16 Projected10010070-41801627,587$ 1,192,678$ 1,525,700$ 1,415,189$ 1,608,573$ 1,380,000$ 1,460,000$ 10010080 41901 OTHER EXCISE-HOTEL/MOTEL 357,276$ 590,720$ 718,706$ 750,723$ 762,630$ 730,000$ 740,000$ 10010080 41902 OTHER EXCISE-JET FUEL176,943$ 263,510$ 445,559$ 250,928$ 419,411$ 250,000$ 320,000$ 10010080 41903 OTHER EXCISE - MEALS93,367$ 338,449$ 361,435$ 413,538$ 426,532$ 400,000$ 400,000$ Notes:Local Receipt CategoryThe 0.75% local option meals excise tax became effective on January 1, 2010. The 2% local optionHotel/Motel excise became effective on July 1, 2010. Table 3-C. Other Excise11 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 3-D: Local Receipt Detail - Penalties & InterestFY10 ActualFY11 ActualFY12 ActualFY13 ActualFY14 ActualFY15 EstimatedFY16 ProjectedPenalties & Interest397,037$ 568,595$ 461,887$ 468,003$ 670,076$ 342,000$ 347,000$ 10010080-41701 PENALTIES AND INTEREST P.P. TAX15,302$ 12,913$ 5,215$ 14,996$ 12,586$ 12,000$ 12,000$ 10010060 41702 PENALTIES & INTEREST R.E. TAX319,224$ 270,581$ 227,958$ 230,127$ 231,154$ 230,000$ 230,000$ 10010060 41703 PENALTIES & INTEREST TAX LIENS13,806$ 222,574$ 172,326$ 167,194$ 363,927$ 50,000$ 50,000$ 10010060 41704 PENALTIES & INTEREST M.V. TAX48,706$ 62,528$ 56,388$ 55,686$ 62,409$ 50,000$ 55,000$ Local Receipt CategoryTable 3-D. Penalties&Interest12 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 3-E: Local Receipts Detail - Payments-In-Lieu-Of-Taxes (PILOT'S)FY10 ActualFY11 ActualFY12 ActualFY13 ActualFY14 Actual FY15 Estimated FY16 Projected463,500$ 500,045$ 488,569$ 539,258$ 535,492$ 546,000$ 589,000$ Town of Arlington, MA2,048$ 1,536$ 2,048$ 2,048$ 2,048$ 1,870$ 1,870$ City of Cambridge, MA1,985$ 1,985$ 1,985$ 1,985$ 1,985$ 1,710$ 1,710$ Lexington Lodge #2204 BPOE (Elks)5,703$ 5,712$ 5,883$ 6,060$ 6,242$ 5,020$ 5,020$ Brookhaven404,309$ 416,438$ 428,931$ 441,799$ 455,053$ 468,705$ 482,766$ Trustees of the Supreme Council (Masons)16,139$ 16,623$ 17,122$ 17,636$ 18,165$ 16,620$ 16,620$ Waldorf School (formerly classified as Rental Receipt)33,322$ 31,557$ 32,346$ 32,950$ 33,565$ 34,751$ 33,565$ Lexington Housing Authority-$ -$ -$ 36,533$ 18,171$ 17,600$ 17,600$ Ameresco (solar arrays on town/school buildings) -$ -$ -$ -$ -$ -$ 30,000$ Miscellaneous 43,584$ 26,192$ 252$ 246$ -$ -$ Notes:PILOTs projected on the basis of historical averages with the exception of Brookhaven and Waldorf School which increase annually per written agreements.Local Receipt Category10010070-41801Table 3-E. PILOTS13 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 3-F: Local Receipt Detail - Rentals FY10 Actual FY11 ActualFY12 ActualFY13 ActualFY14 Actual FY15 EstimatedFY16 Projected 325,879$ 314,443$ 336,842$ 336,836$ 384,180$ 322,500$ 257,230$ Buildings 10010100-4360133,910$ 32,217$ 45,560$ 47,876$ 48,720$ 48,680$ 49,321$ Cell Towers 10010090-43298291,969$ 282,227$ 291,282$ 288,959$ 335,466$ 273,826$ 207,912$ MWRA95,006$ 78,762$ 80,978$ 59,527$ 113,100$ 88,057$ 90,699$ Nextel37,142$ 38,256$ 39,404$ 40,586$ 41,803$ 43,058$ -$ Verizon36,458$ 37,552$ 38,678$ 57,445$ 41,034$ 42,265$ 43,533$ Sprint/Nextel35,739$ 38,356$ 39,507$ 40,692$ 41,913$ -$ -$ AT&T (formerly Cingular)36,013$ 34,994$ 36,043$ 36,657$ 37,015$ 39,386$ 40,567$ T-Mobile (now USA Mobility)25,862$ 29,001$ 29,421$ 28,260$ 51,011$ 32,149$ 33,114$ Metro PCS25,750$ 25,307$ 27,252$ 25,793$ 9,590$ 28,911$ -$ Notes:Buildings 10010100-43601: based on rental agreements with the Waldorf School and LexFarm, and sidewalk agreements with Bertuccis and PeetsCell tower revenues based on terms of existing cell tower lease agreements.Local Receipt CategoryTable 3-F. Rentals14 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 3-G: Local Receipt Detail - Schools Departmental RevenueFY10 ActualFY11 Actual FY12 Actual FY13 Actual FY14 Actual FY15 EstimatedFY16 Projected10010070-41801417,908$ 549,295$ 576,164$ 272,741$ 807,116$ 408,910$ 502,000$ 10010200 43401 TUITION9,800$ -$ 13,000$ 41,815$ -$ -$ 10010200 48403 MEDICAID REIMBURSEMENT227,477$ 359,676$ 444,360$ 151,494$ 711,015$ 343,000$ 435,623$ 10010200 43404 MUSIC FEES110,905$ 126,535$ 84,935$ 150$ -$ -$ 10010200 43405 STUDENT PARKING FEES14,149$ 14,472$ 14,821$ 13,800$ 4,800$ 13,630$ 10,500$ 23,334$ 29,080$ 29,435$ 27,341$ 28,176$ 27,280$ 28,317$ 32,244$ 19,532$ 2,614$ 66,956$ 15,785$ 25,000$ 28,452$ 10010200-43402 SCHOOL BUS TICKETS-$ -$ -$ -$ 5,525$ -$ -$ Notes:10010200 43404 MUSIC FEES: Music Fees were eliminated by a vote of School Committee in 2012.10010200 48403 MEDICAID REIMBURSEMENT: After the books were closed for FY13, it was discovered the $347,490 of FY13 Medicaid reimbursement was inadvertently posted to the Metco account in June 2013. This error was corrected in FY14. Had this mis-posting been identified timely, actual FY13 receipts would have been $498,984. All things being equal, FY14 receipts will be artificially higher than estimates as a result of this correction.Local Receipt Category10010200 43406 TRANSCRIPT FEES10010090 43299 E-Rate Filing ReimbursementTable 3-G. Schools Dept. Rev. 15 of 2711/7/2014
Town of Lexington Revenue ProjectionsTable 3-H: Local Receipt Detail - Municipal Departmental Revenue FY10 Actual FY 11 Actual FY12 Actual FY13 Actual FY14 Actual FY15 Estimated FY16 Projected Departmental-Municipal1,650,246$ 1,469,900$ 1,522,991$ 1,516,166$ 1,584,849$ 1,493,000$ 1,531,000$ 10010090 42701 FIRE DEPT REC-AMBULANCE FEE903,953$ 899,776$ 917,229$ 891,544$ 963,526$ 931,000$ 931,000$ 10010090 42702 FIRE DEPT REC-FIRE ALARM FEES7,250$ 16,050$ 7,450$ 32,750$ 10,250$ 15,875$ 10010090 42703 POLICE DEPT REC-HOUSE ALARM15,200$ 20,120$ 12,570$ 28,960$ 14,440$ 18,842$ 15,000$ 10010090 43201 PHOTOCOPIES-$ -$ -$ 10010090 43202 CERTIFICATE OF REDEMPTION4$ 48$ 68$ 84$ 31$ 51$ 10010090 43205 MUNICIPAL LIEN CERTIFICATES37,585$ 40,975$ 49,005$ 47,765$ 32,079$ 43,853$ 41,482$ 10010090 43208 SEALER OF WTS & MEASURES FEES1,595$ 1,208$ 1,278$ 1,256$ -$ 1,247$ 845$ 10010090 43210 PROTECTED TREE FEES10,589$ 9,795$ 27,819$ 29,235$ 24,285$ 17,804$ 20,345$ 10010090 43213 FEES FOR ENGINEERING SERVIC1,726$ 4,728$ 3,636$ 3,499$ 393$ 3,130$ 2,509$ 10010090 43214 LIBERTY RIDE MERCHANDISE-$ -$ -$ -$ -$ 10010090 43216 LIBERTY RIDE TICKET SALES-$ -$ -$ -$ -$ 10010090 43217 TOWING FEES-$ 10010090 43219 BATTLE GREEN GUIDES/CHARTERS580$ 500$ 400$ 510$ 660$ 470$ 523$ 10010090 43220 LIBERTY RIDE FEES50$ 10010090 43221 LEXPRESS FARES92,089$ 89,128$ 88,530$ 87,724$ 89,867$ 82,500$ 88,707$ 10010090 43222 LIBERTY RIDE ADVERT REVENUE-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 10010090 43224 LIBERTY RIDE CHARTER-$ -$ -$ -$ -$ 10010090 43225 SELECTMAN ADMIN FEE-$ 46,100$ 31,960$ 31,690$ 32,315$ 34,205$ 31,988$ 32,737$ 10010090 43227 TOWN CLERK FEE52,601$ 47,645$ 37,629$ 33,151$ 37,085$ 31,100$ 35,955$ 10010090 43228 POLICE DEPT FEE59,478$ 53,208$ 55,749$ 66,721$ 68,889$ 55,000$ 60,809$ 10010090 43229 REGISTRY SURCHARGE FEE30,100$ 31,090$ 32,935$ 35,275$ 33,325$ 30,900$ 32,545$ 10010090 43230 DPW FEES FOR SERVICE918$ 768$ 600$ 665$ 490$ 630$ 585$ 10010090 43231 P.B. FILING & REVIEW FEES17,400$ 23,900$ 17,400$ 15,825$ 34,500$ 15,800$ 21,805$ 10010090 43232 B & Z MICROFILM FEES12,567$ 13,838$ 12,856$ 13,783$ 11,765$ 12,000$ 12,801$ 10010090 43233 B.O.A. HEARING FEES32,300$ 15,650$ 18,564$ 21,519$ 13,526$ 18,577$ 17,870$ 10010090 43234 P.B. SALE OF MAPS & DEV. RE802$ 446$ 523$ 214$ 270$ 394$ 336$ 10010090 43235 ANR PLAN FILING FEES700$ 400$ 500$ 700$ 500$ 533$ 560$ 10010090 43236 RENTAL CAR SURCHARGE FEES2,202$ 2,382$ 2,665$ 3,145$ 3,181$ 2,614$ 2,715$ 10010090 43238 CONSERVATION FEES25,916$ 29,967$ 29,094$ 25,635$ 32,751$ 28,232$ 28,672$ 10010090 43239 ANIMAL ADOP/BOARDING FEE#DIV/0! #DIV/0!10010090 43240 CEMETERY PREPARATION150,120$ 119,688$ 139,063$ 122,321$ 122,087$ 127,024$ 127,824$ 10010090 43299 MISC. FEES123,977$ 25,515$ 20,709$ 23,806$ 27,190$ 25,000$ 23,902$ 10010090 43302 AVLAON BAY MONITORING SERVICES-$ -$ -$ -$ 19,300$ 9,650$ 10010090 43545 SUPPORTIVE DAY CARE FEES16,693$ -$ -$ 15,862$ -$ 15,000$ -$ -$ -$ -$ -$ -$ -$ 6,450$ 7,217$ 7,000$ 4,556$ 6,450$ Notes:FY2016 projections based on inspection of history of actual collections and projections of 3 and 5 year historical averages 10010090 43547 TRENCH PERMIT FEES PATRIOT PARTNERS PAYMENT- SHADE ST. TRAFFIC MITIGATION STUDY10010090 43223 LIBERTY RIDE GRANT/DONATIONS10010090 43226 FIRE DEPARTMENT FEELocal Receipt CategoryTable 3-H. Municipal Dept. Rev16 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 3-I: Local Receipt Detail - Licenses & Permits FY10 Actual FY11 ActualFY12 ActualFY13 ActualFY14 Actual FY15 Estimated FY16 Projected Licenses & Permits2,047,345$ 1,789,613$ 1,513,734$ 1,698,028$ 1,689,164$ 1,538,973$ 1,597,464$ 10010120 44105 ALCOHOL & BEVERAGE LIC76,650$ 80,550$ 76,600$ 75,675$ 85,175$ 77,608$ 79,150$ 10010120 44201 BUILDING PERMITS1,551,593$ 1,164,601$ 929,458$ 1,052,466$ 1,045,324$ 975,000$ 1,009,083$ 10010120 44202 GAS PERMITS23,128$ 22,388$ 33,381$ 29,204$ 27,871$ 26,741$ 27,194$ 10010120 44203 WIRING PERMITS141,300$ 232,327$ 165,171$ 209,317$ 189,587$ 184,407$ 187,540$ 10010120 44204 PLUMBING PERMITS61,111$ 62,233$ 62,633$ 69,326$ 64,076$ 62,374$ 65,345$ 10010120 44205 SHEET METAL PERMITS-$ -$ 10,840$ 23,978$ 27,012$ 10,000$ 12,366$ 10010120 44223 COMBINED PERMITS450$ 630$ 2,510$ -$ 1,080$ -$ 10010120 44224 MECHANICAL PERMITS23,918$ 41,873$ 40,675$ 45,833$ 50,086$ 35,480$ 40,477$ 10010120 44225 SELECTMEN'S LIC. & PERMITS2,755$ 9,535$ 2,955$ 2,490$ 2,905$ 2,700$ 2,783$ 10010120 44227 BOARD OF HEALTH LIC. & PERMITS47,195$ 51,782$ 47,792$ 48,241$ 50,750$ 46,320$ 48,927$ 10010120 44229 FIRE DEPT LIC. & PERMITS27,464$ 32,325$ 32,930$ 28,225$ 30,250$ 28,382$ 30,239$ 10010120 44230 B & Z MISC PERMITS645$ 360$ 5,265$ 7,831$ 8,923$ 300$ 1,000$ 10010120 44253 CABLE FRANCHISE LICENSE3,947$ 7,330$ 4,201$ 4,299$ 4,328$ 4,000$ 4,276$ 10010120 44258 FIREARMS LICENSE1,388$ 2,263$ 3,113$ 4,125$ 3,700$ 2,000$ 2,918$ 10010120 44290 TOWN CLERK'S LIC & PERMITS42,250$ 46,480$ 46,928$ 48,595$ 49,485$ 45,383$ 46,748$ 10010120 44293 DPW STREET OPENING PERMITS39,662$ 30,813$ 44,758$ 42,704$ 44,948$ 33,350$ 35,000$ 10010120 44294 RIGHT OF WAY OBSTRUCTION-$ -$ 600$ 100$ -$ -$ 10010120 44296 DRAIN LAYERS LICENSE1,500$ 1,260$ 1,300$ 1,160$ 1,210$ 1,240$ 1,223$ 10010120 44299 MISC. LICENSE & PERMITS2,390$ 2,865$ 3,225$ 3,960$ 3,535$ 2,608$ 3,195$ Notes:FY2016 projections based on inspection of history of actual collections and projections of 3 and 5 year historical averages Local Receipt CategoryTable 3-I. Licenses & Permits17 of 2711/7/2014
Table 3-J: Local Receipt Detail - Special Assessments
FY10
Actual
FY11
Actual
FY12
Actual
FY13
Actual
FY14
Actual
FY15
Estimated
FY16
Projected
47,904$ 32,689$ 24,885$ 24,312$ 103,086$ 20,000$ 17,000$
10010160 47502 STREET BTMT PD IN ADVANCE 23,644$ 32,689$ 1,734$ 4,296$ 78,518$
10010160 47691 STREET BTMT PRINCIPAL 14,812$ -$ 15,095$ 12,671$ 17,673$
10010160 47690 STREET BTMT INTEREST 9,448$ -$ 8,057$ 7,345$ 6,894$
Local Receipt Category
Table 3-J. Special Assessments 18 of 27 11/7/2014
Town of Lexington
Revenue Projections
Table 3-K: Local Receipts Detail - Fines & Forfeits
FY10
Actual
FY11
Actual
FY12
Actual
FY13
Actual
FY14
Actual
FY15
Estimated
FY16
Projected
Fines & Forfeits 365,677$ 329,394$ 344,126$ 335,984$ 376,800$ 336,000$ 345,000$
10010170 47702 PARKING FINES 122,985$ 87,106$ 104,709$ 120,898$ 141,422$ 109,000$ 115,424$
10010170 47704 NON CRIMINAL FINES 9,845$ 16,360$ 10,585$ 10,526$ 14,295$ 10,000$ 11,802$
10010170 47706 REGISTRY CMVI 221,508$ 213,823$ 226,253$ 199,861$ 215,247$ 209,000$ 213,787$
10010150 46801 COURT FINES 11,340$ 12,105$ 2,580$ 4,700$ 5,836$ 8,000$ 4,372$
Local Receipt Category
Notes: Projections are based on inspection of 3 and 5 year averages.
Table 3-K. Fines & Forfeits 19 of 27 11/7/2014
Town of LexingtonRevenue ProjectionsTable 3-L.: Local Receipt Detail - Investment IncomeFY10 ActualFY11 Actual FY12 Actual FY13 Actual FY14 Actual FY15 Estimated FY16 Projected Investment Income289,337$ 309,099$ 247,761$ 272,998$ 278,458$ 282,000$ 288,000$ 10010180 48211 INT EARNED ON SAVINGS289,337$ 309,099$ 247,761$ 272,998$ 278,458$ 282,000$ 288,000$ Local Receipt CategoryTable 3-L. Investment Income20 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 3-M: Local Receipt Detail - Miscellaneous Recurring & Non-RecurringFY10 ActualFY11 Actual FY12 Actual FY13 Actual FY14 Actual FY15 Estimated FY16 Projected 431,610$ 890,801$ 1,372,744$ 912,784$ 2,156,721$ -$ -$ Miscellaneous Non-Recurring-$ 495,589$ 373,160$ 336,411$ 717,439$ -$ -$ NESWC Settlement Money-$ -$ -$ -$ -$ -$ -$ Cary Library Settlement100,000$ -$ -$ -$ -$ -$ -$ Premium on Debt-$ -$ 534,041$ 456,998$ 1,436,035$ -$ -$ Medicare Part D/RDS Subsidy331,610$ 395,212$ 465,544$ 119,375$ 3,247$ -$ -$ Notes:Local Receipt CategoryNo estimate is made for this category of revenue as they are unpredictable with the exception of the Medicare Part D / RDS Subsidy. The Medicare Part D / RDS Subsidy was received annually as a result of Lexington providing retiree health coverage and was applied in the year after its receipt toward funding of the Town's OPEB liability. Beginning in FY13, the Town joined the Commonwealth's Group Insurance Commission (GIC). As a result, the Medicare Part D/RDS Subsidy is now passed through the to the Town in the form of a credit against the monthly premium The Town pays to the GIC.Table 3-M. Misc. Rec & Non-Rec21 of 2711/7/2014
Table 4-A: Available FundsAvailable Fund CategoriesAppropriated Fiscal 2010Appropriated Fiscal 2011 Appropriated Fiscal 2012 Appropriated Fiscal 2013 Appropriated Fiscal 2014 Appropriated Fiscal 2015 Projected Fiscal 2016 Parking325,000$ 335,000$ 335,000$ 335,000$ 335,000$ 335,000$ 335,000$ Cemetery120,000$ 120,000$ 120,000$ 105,000$ 105,000$ 105,000$ 105,000$ Free Cash5,481,717$ 6,159,509$ 7,125,000$ 6,269,024$ 11,650,931$ 10,303,125$ 13,108,282$ Health Claims Trust Fund-$ -$ -$ -$ -$ 1,000,000$ 1,858,947$ Capital Projects/Debt Service Reserve/Building Renewal Stabilization Fund-$ -$ -$ -$ -$ 919,000$ 1,318,500$ Overlay Surplus104,965$ -$ -$ -$ -$ -$ -$ Transp.Demand Mgmt. Stab. Fund72,000$ 83,000$ 83,560$ 85,160$ 90,000$ 88,000$ 137,000$ Center Improvement District Stabilization Fund-$ -$ 15,000$ -$ -$ -$ -$ Brookhaven-$ -$ -$ -$ -$ -$ Insurance Proceeds52,387$ 117,796$ 4,610$ 200,000$ -$ -$ -$ Proceeds from the Sale of Assets27,550$ -$ -$ -$ -$ -$ School Bus Stabilization Fund70,000$ 4,587$ -$ -$ -$ -$ -$ Avalon Bay School Enrollment Mitigation Fund-$ -$ 250,000$ 250,000$ 250,000$ 49,096$ -$ Balances from Prior Yr. Capital Articles -$ -$ 42,046$ 5,468$ 42,579$ 54,888$ -$ Stabilization Fund-$ -$ -$ -$ -$ -$ -$ Total Available Funds6,253,619$ 6,819,892$ 7,975,216$ 7,249,652$ 12,473,510$ 12,854,109$ 16,862,729$ Table 4-A. Available Funds22 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 4-B: Parking Meter Fund Revenuesorg 24049310FY 2009FY 2010FY 2011FY 2012FY2013FY2014Beginning Balance498,597$ 521,938$ 533,574$ 517,135$ 521,705$ 596,625$ Budgeted (Expenses)(325,000)$ (325,000)$ (335,000)$ (335,000)$ (335,000)$ (335,000)$ Actual Collected348,341$ 336,636$ 318,562$ 339,570$ 409,920$ 416,918$ Ending Balance521,938$ 533,574$ 517,136$ 521,705$ 596,625$ 678,543$ Notes:Parking Fund does not include fines from tickets - only permit sales & meter collections. Appropriated from the Parking Meter FundProgramDepartmentCategoryFY 2009FY 2010FY 2011FY2012FY2013FY2014DPW 3110AdministrationExpenses2,254$ 1,707$ 2,673$ 1,715$ 2,499$ 3210Highway MaintenanceExpenses32,500$ 29,996$ 28,489$ 31,383$ 33,112$ 30,357$ 3610LexpressExpenses3620Parking Operations Personal Services99,355$ 7,654$ 7,375$ 7,910$ -$ -$ Expenses36,963$ 2,402$ 2,399$ 2,584$ -$ -$ DPW Total168,818$ 42,306$ 39,970$ 44,550$ 34,827$ 32,856$ Police4110Police AdminPersonal Services53,301$ 79,243$ 85,511$ 90,002$ 86,452$ 84,744$ 4120Patrol & EnforcePersonal Services28,426$ 197,538$ 203,303$ 194,487$ 194,183$ 196,109$ 4130Parking Meter MaintenancePersonal Services50,622$ 4,164$ 4,066$ 3,905$ -$ -$ Expenses23,833$ 1,749$ 2,150$ 2,056$ -$ -$ 4130Traffic BureauPersonal Services-$ -$ -$ -$ 14,812$ 17,144$ Expenses-$ -$ -$ -$ 4,725$ 4,148$ Police Total156,182$ 282,694$ 295,030$ 290,450$ 300,173$ 302,144$ Total Parking Meter Appropriation325,000$ 325,000$ 335,000$ 335,000$ 335,000$ 335,000$ Table 4-B. Parking Collections23 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 4-C: Free Cash HistoryABCDEFGFY 20011,836,400$ 3,086,536$ 1,208,713$ -$ (692,645)$ 5,439,004$ FY 20022,250,004$ (603,164)$ 487,229$ -$ -$ 2,135,507$ FY 20031,495,174$ (372,684)$ 232,472$ -$ (39,959)$ 1,315,003$ FY 20041,315,003$ (301,684)$ 588,899$ -$ -$ 2,323,303$ FY 20052,123,303$ 1,732,103$ 333,862$ 1,852,214$ (715,232)$ 5,409,985$ FY 20065,409,985$ 3,385,764$ 429,318$ -$ (5,422,720)$ 3,802,347$ FY 20073,802,347$ 2,462,181$ 1,966,642$ 432,693$ (3,802,347)$ 4,861,516$ FY 20084,861,516$ 2,084,646$ 2,967,150$ 429,921$ (4,861,516)$ 5,481,717$ FY 20095,481,717$ 1,669,160$ 3,113,850$ 1,376,499$ (5,481,717)$ 6,159,509$ FY 20106,159,509$ 2,476,716$ 3,772,879$ 875,405$ (6,159,509)$ 7,125,000$ FY 20117,125,000$ 2,392,461$ 4,797,523$ 953,116$ (7,125,000)$ 8,143,100$ FY 20128,143,100$ 3,800,023$ 5,889,241$ 2,911,667$ (8,143,100)$ 12,600,931$ FY 201312,600,931$ 3,751,452$ 4,417,500$ 1,260,573$ (11,727,331)$ 10,303,125$ FY 201410,303,125$ 4,677,709$ 7,407,913$ 422,581$ (9,703,125)$ 13,108,202$ Notes:The table above shows the factors that drive the annual certification of free cash. Cert. F.C. 10010070-41801 Beginning Free Cash Misc. Factors Appropriations from F.C. and other adjustments Receipts in Excess of Estimates Expenditures less than App. Table 4-C. Free Cash24 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 5-A: Revenue OffsetsFY10 FY11 FY12 FY13FY14FY15FY16Actual ActualActualActualActual Estimated ProjectedCherry Sheet Assessments(706,285)$ (737,040)$ (736,561)$ (813,255)$ (795,309)$ (833,000)$ (877,000)$ Cherry Sheet OffsetsSchool Lunch(20,744)$ (17,758)$ (22,523)$ (24,262)$ (30,207)$ (25,716)$ (23,099)$ Public Libraries(34,268)$ (36,090)$ (37,988)$ (37,489)$ (39,714)$ (39,034)$ (37,450)$ Overlay (abatements)(850,587)$ (896,369)$ (1,023,396)$ (770,344)$ (779,391)$ (900,000)$ (750,000)$ Snow Deficit(101,747)$ -$ (654,053)$ -$ -$ (653,006)$ (300,000)$ Overlay Deficits-$ -$ -$ -$ -$ -$ -$ Total Revenue Offsets(1,713,630)$ (1,687,257)$ (2,474,521)$ (1,645,350)$ (1,644,621)$ (2,450,757)$ (1,987,549)$ Notes:FY2016 Cherry Sheet Assessments reflect a 3.5% increase over FY2015 assessments with the exception of the MAPC which is increasing 230% due to a statutory increase in the per capita charge assessed to all member communities.CategoryTable 5-A. Revenue Offsets25 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable 6-A: Enterprise ReceiptsCategoryFY10 AppropriatedFY11 Appropriated FY12 Appropriated FY13 Appropriated FY14 Appropriated FY15 Appropriated FY16 Projected Water782,176$ 743,400$ 704,624$ 665,848$ 818,689$ 789,275$ 812,953$ Wastewater (Sewer)691,763$ 668,990$ 646,217$ 623,444$ 450,116$ 465,030$ 478,981$ Recreation188,583$ 203,583$ 213,600$ 223,600$ 228,600$ 233,600$ 240,608$ Total Enterprise Receipts1,662,522$ 1,615,973$ 1,564,441$ 1,512,892$ 1,497,405$ 1,487,905$ 1,532,542$ Notes:Water & Sewer Indirects were reduced by $61,549 annually from FY07 through FY13 as per BOS vote on October 30, 2006 to bring historical levels of indirect costs in line with actual costs. FY15 Appropriated is based on the results of an indirect cost analysis conducted by the Finance Department. Projected FY16 is based on an assumed 3% increase in costs. These figures will be revised upon completion of an update of last year's indirect cost analysis that is currently in progress. Table 6-A. Enterprise Receipts26 of 2711/7/2014
Town of LexingtonRevenue ProjectionsTable7-A: Revenues Set Aside for Designated PurposesCategoryAppropriated FY2010Appropriated FY2011Appropriated FY 2012Appropriated FY 2013Appropriated FY2014Appropriated FY2015Projected FY2016669,843$ 710,000$ -$ -$ -$ -$ -$ -$ -$ -$ 200,000$ 200,000$ 200,000$ 200,000$ -$ -$ -$ -$ 919,000$ 1,318,500$ 1,600,000$ 4,855,174$ 6,160,726$ 6,525,035$ 400,000$ -$ -$ -$ 216,885$ -$ -$ -$ 822,450$ 1,270,000$ 1,615,000$ 2,307,497$ 4,855,174$ 3,274,891$ 2,500,000$ 440,690$ 479,399$ 500,000$ 500,000$ 775,000$ 1,119,000$ 1,862,194$ 350,000$ 350,000$ -$ 538,125$ 551,578$ 846,602$ 1,425,586$ 1,890,074$ 2,254,924$ 2,270,145$ 157,594$ 161,534$ 165,572$ 169,711$ 173,954$ 178,303$ 182,760$ 45,000$ -$ 10,000$ 20,000$ 20,000$ 20,000$ 20,000$ -$ -$ -$ 316,250$ 3,560,000$ 322,816$ -$ Total Set Aside for Designated Uses3,023,702$ 3,722,511$ 3,554,059$ 6,339,044$ 16,129,376$ 14,849,660$ 14,878,634$ Building Envelope ProgramSenior Work-Off ProgramOther 2General Stabilization FundSet-Aside for as yet identified needs Set-Aside for Unanticipated Current Fiscal Year NeedsSet-Aside for potential reductions in state aidSet-Aside to mitigate debt service impacts of LHS Modular Classroom Financing 2 FY13 amount is for the School Bus Transportation Subsidy approved under Article 17 of the 2012 annual town meeting. FY14 amount is the general fund share of purchase price of the property at 33 Marrett Road. The FY15 amount is the general fund share of the Phase I improvements at 33 Marrett Road voted at the Nov. 2013 special town meeting.1 FY14 amount includes $1.5 million voted for Estabrook School Access Improvements under Article 5 of the November 2012 special town meeting. The FY15 amount includes $350,000 to be deposited into the Fund in anticipation of its appropriation at the 2015 annual town meeting to mitigate FY16 exempt debt service attributable to the Bridge/Bowman and Estabrook School renovation/reconstruction projects.Capital Project/Debt Service Reserve/Building Renewal Stabilization FundSet-Aside for potential cuts in Federal Grants Return Premium to CPA FundCash Capital 1Other Post-Employment Benefit Liability (OPEB)Special Education ReserveStreet Improvement ProgramTable 7-A. Revenues Set Aside for Designated Uses27 of 2711/7/2014
Lexington FY 2015
Assessment Valuation Status Report to
Summit II
Triennial Year Re-Certification Pursuant to the
Massachusetts Department Of Revenue (DOR) Requirements
11/7/2014 1
Single Family Dwelling Values in Lexington
•Results from Assessor’s Office annual review –the ~9,000 Single Family Dwellings
(SFD) show an “average” increase from last fiscal year: +10%
•However, the term “average” masks significant specific-property changes and not
fully describe the range of: -15% to +35% (not related to permits)
•Uneven distribution of increase –varying percentages across segments of
Lexington housing stock (e.g. size/style/location, etc.) were identified during data
collection and analysis –partially due to higher than usual efforts to collect data
•Example: Smaller sized Lexington SFD properties experienced greater percentage
increases in assessed value than mid-sized or larger sized SFDs
11/7/2014 2
Reference Points
•Land value (which constitutes an average of ~50% overall assessed value)
increasing: approx. 15%
•Single Family Dwellings (SFD) overall assessed value increasing: approx. 10%
•Commercial/Industrial increasing: approx.2%
•“Arms-Length” Sales of SFDs in Lexington (qualified by DOR from sales
during calendar 2013) that were analyzed for FY 2015: approx. 350
11/7/2014 3
Independent Market Data
•The on-line commercial listing entity, Multiple Listing Service (MLS) lists sales
during calendar 2013. Although MLS sales do not precisely match the list of DOR
accepted sales, MLS statistics do closely support our market findings for FY 2015.
•2011 Lexington average SFD sale--$864,161; up 4% from prior year
•2012 Lexington average SFD sale--$912,821; up 5% from prior year
•2013 Lexington average SFD sale--$988,183; up 8% from prior year
•2014 [YTD] Lexington average SFD sale--$1,108,425; up 12% from 2013
11/7/2014 4
11/7/2014 5
Residential ( R )Commercial ( C )Industrial (I)
Commercial +
Industrial
Combined
Personal
Property (P)C-I-P Subtotal Total Assessed
FY 14 Assessed Value $7,411,620,000 $659,735,600 $344,486,000 $1,004,221,600 $187,553,750 $1,191,775,350 $8,603,395,350
FY 15 Assessed Value $8,201,523,230 $661,677,370 $363,393,000 $1,025,070,370 $180,027,950 $1,205,098,320 $9,406,621,550
$ increase $789,903,230 $1,941,770 $18,907,000 $20,848,770 ($7,525,800)$13,322,970 $803,226,200
% increase 10.66%0.29%5.49%2.08%-4.01%1.12%9.34%
FY 15 New Growth $108,862,000 $5,458,000 $2,522,000 $7,980,000 $27,151,910 $35,131,910 $143,993,910
FY15 Assessed Value
w/o New Growth
$8,092,661,230 $656,219,370 $360,871,000 $1,017,090,370 $152,876,040 $1,169,966,410 $9,262,627,640
$ inc./decr. over FY 14 $681,041,230 -$3,516,230 $16,385,000 $12,868,770 ($34,677,710)($21,808,940)$659,232,290
% inc./decr. over FY 14 9.19%-0.53%4.76%1.28%-18.49%-1.83%7.66%
FY 14 share of total
value
86.15%7.67%4.00%11.67%2.18%13.85%
FY 15 share of total
value w/o growth
87.37%7.08%3.90%10.98%1.65%12.63%
Change 1.22%-0.58%-0.11%-0.69%-0.53%-1.22%
EXHIBIT D: PRELIMINARY/UNAPPROVED VALUES BY CLASS: FY2014 TO FY2015
Changes in Residential Values Excluding Improved Properties
Range SFD Count As % of Total Count Average Value Change Median Value Change
>-20%3 0.03%$ (405,333)$ (207,000)
-15%-20%2 0.02%$ (208,000)$ (208,000)
-10%-15%11 0.12%$ (139,909)$ (144,000)
-5%-10%49 0.55%$ (59,347)$ (53,000)
0%-5%632 7.15%$ (20,356)$ (17,000)
0%5%1297 14.68%$ 22,567 $ 20,000
5%10%2563 29.02%$ 56,012 $ 50,000
10%15%2444 27.67%$ 82,653 $ 75,000
15%20%1243 14.07%$ 109,969 $ 99,000
20%25%304 3.44%$ 150,480 $ 134,000
25%30%163 1.85%$ 183,509 $ 166,000
30%35%70 0.79%$ 204,943 $ 199,000
35%40%31 0.35%$ 228,000 $ 206,000
40%45%21 0.24%$ 211,619 $ 209,000
8,833
11/7/2014 6
October 30, 2014LEXINGTON PUBLIC SCHOOLSAd hoc Schools Master Plan CommitteeSchool Committee Progress ReportPhase 2 – Elementary Schools
Task One–Relocate space from the Harrington Elementary School to the Central Administration Building (Old Harrington)Task Two–Relocate the entire Pre-K program from the Harrington Elementary School to the Central Administration Building (Old Harrington)–Convert former Pre-K program space in Harrington Elementary School to K-5 Program spaceTask Three–Lease two classroom-sized modular units at each of the Fiske, Bowman and Bridge Elementary SchoolsAgenda
Task OneRelocate Space from the Harrington Elementary School to the Central Administration Building (Old Harrington)
First Floor Plan: Pre-K OT/PT RelocationCentral Administration Building (Old Harrington)Existing to Remain
Schedule –DesignMarch/April 2015–Bid & AwardApril/May 2015–ConstructionJune - August 2015Estimated Cost–Construction Cost$287,275 –Total Project Cost* $429,203*The total project cost includes the construction cost, design and engineering fees, reimbursable expenses, permitting, bid document printing, furniture and equipment relocation /protection and contingencies.
Task TwoRelocate the entire Pre-K program from the Harrington Elementary School to the Central Administration Building (Old Harrington)
Existing Site PlanCentral Administration Building (Old Harrington)Central Administration Building (Old Harrington)Harrington Elementary School
Option One: Site PlanCentral Administration Building (Old Harrington)
Option One: Ground Floor PlanCentral Administration Building (Old Harrington)Existing to RemainRelocated Administration ProgramNew Pre-K Program
Option One: First Floor PlanCentral Administration Building (Old Harrington)Existing to RemainRelocated Storage and Professional Development Space
Schedule –DesignMay - December 2015–Bid & AwardDecember - February 2016–ConstructionFebruary - August 2016Estimated Cost–Construction Cost$11,192,411 –Total Project Cost* $13,699,145*The total project cost includes the construction cost, design and engineering fees, reimbursable expenses, permitting, bid document printing, furniture and equipment relocation /protection and contingencies.
Option Two: Site PlanCentral Administration Building (Old Harrington)
Option Two: Ground Floor PlanCentral Administration Building (Old Harrington)Existing to RemainNew Pre-K Program
Option Two: First Floor PlanCentral Administration Building (Old Harrington)Existing to RemainRelocated Training and Professional Development Space
Schedule –DesignMay - December 2015–Bid & AwardDecember - February 2016–ConstructionFebruary - August 2016Estimated Cost–Construction Cost$ 9,886,063 –Total Project Cost* $12,106,054*The total project cost includes the construction cost, design and engineering fees, reimbursable expenses, permitting, bid document printing, furniture and equipment relocation /protection and contingencies.
Task TwoConvert former Pre-K program space in Harrington Elementary School to K-5 program space
Harrington Elementary School – K-5 SchoolFirst Floor Plan4thK
Harrington Elementary School – K-5 SchoolSecond Floor Plan
Harrington Elementary School – K-5 SchoolFirst Floor Plan
Schedule –DesignJanuary - June 2016–Bid & AwardJune - August 2016–ConstructionSeptember - March 2017Estimated Cost–Construction Cost$204,440 –Total Project Cost* $343,728*The total project cost includes the construction cost, design and engineering fees, reimbursable expenses, permitting, bid document printing, furniture and equipment relocation /protection and contingencies.
Task ThreeLease two classroom-sized modular unitsFiske Elementary SchoolBowman Elementary SchoolBridge Elementary School
Bowman Elementary School – Existing Site Plan
Bowman Elementary School with Two Leased Modulars
Bridge Elementary School – Existing Site Plan
Bridge Elementary School with Two Leased Modulars
Fiske Elementary School – Existing Site Plan
Fiske Elementary School with Two Leased Modulars
Schedule DesignJanuary 15 - February 15, 2015RFP & AwardFebruary 15 - March 22, 2015InstallationJuly 1 - August 15, 2015Estimated Cost–Bowman •Construction Cost$516,808 •Total Project Cost* $706,346–Bridge•Construction Cost$545,216 •Total Project Cost* $742,424–Fiske•Construction Cost$754,822 •Total Project Cost* $993,528*The total project cost includes the construction cost, design and engineering fees, reimbursable expenses, permitting, bid document printing, furniture and equipment relocation /protection and contingencies.