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HomeMy WebLinkAbout2021-09-22 Fall Fiscal Guidelines Summit Packet - Released S elect Board, S chool C ommittee,Appropriation C ommittee, C apital E xpe nditure s C o mmitte e September 22, 2021 7:00 PM Conducted by Remote Participation* AGENDA ITEMS FOR INDIVIDUAL CONSIDERATION 1. F all F is c al Guidelines S ummit 7:OOpm • F is c al Year 2021 O p erating R es ults and F ederal F und s R eview • P ro p o s ed C ap ital S tab ilizatio n F und F ramewo rk • Other F is c al Guideline C onsiderations • Fall 2021 STM Articles and Proposed Budget Revisions • Establish Date:Fiscal Year 2023 Budget Summit I ADJOURN 1. Anticipated Adjournment 8:30pm *An Act Extending C ertain C O VID-19 Measures: http s://v��ww.mas s.gov/s ervic e-detaiLs/updated- guidance-on-holding-meetings-pursuant-to-the-act-extending-certain-covid-l9-measures Membe�s of the public can view the meeting webina�f�o�n thei�computer o�tablet by clicking on the following link at the time of the jneeting: http s://us06web.zoom.us/j/81764742339?pwd=dE 1 VS E56cXpBaTc2ZkdYW S 9ENytodz09 iP ho ne o ne-tap: +13017158592„81764742339# or+13126266799„81764742339# Telephone:+1 301 715 8592 or+1 312 626 6799 or+1 929 436 2866 or+1 253 215 8782 or+1 346 248 7799 or+1 669 900 6833 Webinar ID: 817 6474 2339 Passcode: 347191 T he next regularly s c heduled meeting o f the S elec t B o ard will b e held o n Mo nd ay, S ep temb er 27, 2021 at 7:OOp m via remo te p artic ip atio n. Hea�ing Assistance Devices Available on Request � All agenda time and the or�de�of items a�e apprnximate and subject to change. � � �� Recarded by LexMedia AGENDA ITEM SUMMARY LEXINGTON BOARD OF SELECTMEN MEETING AGENDA ITEM TITLE: Fall Fiscal Guidelines Summit PRESENTER: ITEM James Mallo Town Mana er• NUMBER: Y� g � C aro lyn Ko sno ff,As s istant Town Mana er fo r F inanc e I.1 g Sub Item: • Fiscal Year 2021 Operating Results and Federal Funds Review • Proposed Capital Stabilization Fund Framework • Other Fiscal Guideline Considerations • Fall 2021 STM Articles and Proposed Budget Revisions • Establish Date: Fiscal Year 2023 Budget Summit I S UMMARY: Staff will present the FY2021 operating results and federal funds review;proposed Capital Stabilization Fund framewo rk; o ther fis c al guid eline c o ns id eratio ns; the fall 2021 S p ec ial To wn Meeting artic le s and p ro p o s ed budget revision; and, establish the date for the FY2023 Budget Summit I meeting. 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l� ���� , i� � %�,,,» �� �� °�"C�"� �ra���-�tau�r�a��u��a '"""�t ��������"��,�� F � � IIIIIIII II IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIII � II IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIII I IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII � IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII � ����� � I ���,,,� I � ,,, ���� �, ����a�j�,�, ��,'��" "�"� �,,. /�� „��..p��;p�r„°n°���rs � �.. ��, 1"� �`''C��; l� ���� , i� � %�,,,» �� �� °�"C�"� �ra���-�tau�r�a��u��a '"""�t ��������"��,�� F -� � �'������, ����, � � `; �� � � ���.. 1� � � ;I Y� �� 1�l ,� ��' �u I�.,��.,. 1�"w� Y � �,�„ �� =a�' I�lf '� � �-� � � � ,,'��'� �I � ;°�% � �I���I�q�c»�,,,�� ;,,- ^'.�"�1 d'��".�`�.��" � MEMORANDUM � TO: Select Board FROM: James Malloy, Town Manager Carolyn Kosnoff,Assistant Town Manager for Finance Jennifer Hewitt, Budget Officer DATE: September 17, 2021 SUBJECT: FY2021, 4th Quarter Budget Status Report Summary This report provides 4th quarter FY2021 analysis of Budget to Year-to-Date revenues and expenditures as of June 30, 2021 for General, Enterprise and Revolving Funds. The General Fund accounts for the Town's annual operating budget. Water, sewer and recreation/community programs are reflected in the Enterprise Funds. Revolving funds are self-supporting operations for a specific task or program. For the purpose of analysis, it is assumed that as of the end of 4th quarter, 100% of estimated revenues should have have been collected, and that departments will have similarly spent 100% of their appropriation. In general, both expenditures and revenues are in line with management's expectations as of the end of the 4th quarter of FY2021. A detailed breakdown of revenue collections can be found on pages 8-11, with expenditures on pages 12-24. The summary table below indicates the total activity for these items: Summary of Operating Revenues and Expenditures Revenue �A) (B) (A-B) B�A Estimates Collections Uncollected % Collected General Fund $ 244,510,999 $ 246,563,259 $ (2,052,260) 100.84% Enterprise Funds $ 24,853,846 $ 28,543,486 $ (3,689,640) 114.85% (A) (B) (C) (D) (B+C)/A (B/A) Expenditures Revised % Used % Used Budget* Expenditures Encumbered Available (Exp. & Enc.) (Exp. Only) General Fund $ 225,860,768 $ 210,833,677 $ 5,715,786 $ 9,311,305 95.88% 93.35% Enterprise Funds $ 24,467,540 $ 23,855,006 $ 221,475 $ 391,059 98.40% 97.50% G ra n d Total $ 250,328,308 $ 234,688,683 $ 5,937,261 $ 9,702,364 96.12% 93.75% *Incorporates($129,562)in net General Fund budget adjustments and$1.36 million in Enterprise budget reductions approved at Special Town Meeting 2020-3(of which$1.01 million was a reduction in the Recreation Enterprise due to reduced programming during the pandemic),and$459,851 in net General Fund budget adjustments approved at 2021 Annual Town Meeting. FY2021, Quarter 4 Budget Status Report 1 Genera/Fund Revenue Collections Revenue collections were largely in line with estimates. As of June 30, 2021, 100.84% or $246,563,259 of total estimated revenue for FY2021 ($244,510,999) had been collected. The majority of revenue (84.7%) is received from Property Tax receipts, which are currently at 99.47% of budgeted levels. This is in line with overall collections from prior years and does not appear to reflect any negative impact from the pandemic. In addition, a total of$213,324 has been received from Supplemental Tax Billing. This amount is captured as Misc. Non-Recurring Revenue in the table below. A breakdown of General Fund Revenue is shown below: Summary of Revenue Collections - General Fund (A) (B) (A-B) (B/A) FY2021 Revenue Percent Estimates* Collections Uncollected Collected Property Tax $ 207,014,710 $ 205,926,584 $ 1,088,126 99.47 % State Aid $ 16,270,878 $ 16,157,540 $ 113,338 99.30 % Local Receipts $ 12,104,341 $ 15,358,065 $ (3,253,724) 126.88 % Motor Vehicle Excise $ 5,391,573 $ 5,335,129 $ 56,444 98.95 % Other Excise(meals,jet fuel,hotel/motel) $ 412,000 $ 813,643 $ (401,643) 197.49 % Penalties and Interest $ 341,500 $ 445,590 $ (104,090) 130.48 % Payment in Lieu of Taxes(PILOTS) $ 683,000 $ 660,966 $ 22,034 96.77 % Rentals of Town Buildings $ 393,275 $ 473,201 $ (79,926) 120.32 % Departmental-School $ 88,500 $ 337,909 $ (249,409) 381.82 % Departmental-Municipal $ 2,522,525 $ 2,396,261 $ 126,264 94.99 % Licenses&Permits $ 1,906,600 $ 3,544,914 $ (1,638,314) 185.93 % Special Assessments $ 14,368 $ 25,644 $ (11,276) 178.48 % Fines and Forfeitures $ 101,000 $ 59,820 $ 41,180 59.23 % Investment Income $ 250,000 $ 277,170 $ (27,170) 110.87 % Misc. Non-Recurring Revenue $ - $ 987,817 $ (987,817) --- Interfund Operating Transfers $ 9,121,070 $ 9,121,070 $ 100.00 % Total General Fund Revenue $ 244,510,999 $ 246,563,259 $ (2,052,260) 100.84 % *Does not include Free Cash appropriated under Article 4 to support the FY2021 Operating Budget Explanation of Significant Variances 1. Motor Vehicle Excise -The Treasurer issued a second round of bills from the Registry in late May, which positively impacted collections from the cautionary note included in the Q3 report. 2. Other Excise - This revenue stream reflects meals and hotel/motel local option excise tax collections, and has been the area most directly impacted by the pandemic. In the updated FY2021 budget, staff assumed a very conservative forecast, using 25% of historic revenues. Actual collections have been higher than forecasted. Meals excise has been particularly strong, whereas Hotel/Motel, our largest revenue stream in this category, has continued to lag behind pre-pandemic levels (though still meeting revised budget targets). Further detail can be found in the Revenue Report (page 8). The level of consumer activity as the economy reopens will have a direct impact on this area. FY2021, Quarter 4 Budget Status Report 2 3. Penalties and Interest- In FY2020, the Select Board adopted a policy to extend the due date of property tax bills and waive interest until June 30th for bills due after March 15th. Due to this policy change, FY2020 demand notices were not mailed until the beginning of the new fiscal year. If a resident overlooked their original bill, they did not receive a reminder until July, and interest had been applied back to the due date, which was in March for Motor Vehicle Excise, and June 30th for all other overdue bills. This anomaly in policy and timing is behind the larger than expected revenues. 4. Departmental - School - The largest driver of school revenue is from Medicaid reimbursements, which were originally projected to decline sharply due to a change in reimbursement rules. Due to the pandemic the reimbursement changes were delayed, and revenues are above original projections. The Medicaid forecast for FY2022 was increased from $50,000 to $200,000 based on this experience and further input from school leaders. 5. Licenses & Permits - Building Permits include more than $650,000 from three commercial developments which were permitted in late 2020, including 1050 Waltham Street, and strong residential permitting activity. Continued revenues will be dependent on timing of activity in the market. 6. Special Assessments include amounts paid in advance when a property is sold or refinanced. 7. Fines and Forfeitures is primarily made up of parking fines. Revenue has been minimal as the Town stopped enforcing parking violations during the pandemic. In September 2021, the Town's new Pay- by-Phone application will go live and the police department will resume issuing fines at unpaid meters. This revenue stream is expected to pick back up in FY2022. 8. Misc. Non-Recurrinq Revenue is not budgeted due to the one-time nature of the revenue received. For instance, the FY2021 amounts include FEMA snowstorm payments ($222,000); reimbursements for the LED Street Light project ($320,300); and Supplemental Billing revenues ($213,324). Genera/Fund Expenditures As of June 30, 2021, 93.35% of the FY2021 General Fund budget of$225,860,768 has been expended and 95.88% has been expended or encumbered. Expenditures represent actual payments made for goods and services and encumbrances are reservations of budgets for goods or services ordered but not paid in FY2021. The revised budget in the Spending Report reflects the end-of-year transfers approved by the Select Board and Appropriation Committee in July, as well as the approved transfers from the Salary Adjustment accou nt. A breakdown of the General Fund Operating Budget is shown below: Summary of Operating Expenditures -General Fund (A) (B) (C) (D) (B+C)/A (B/A) Revised % Used % Used Budget* Expenditures Encumbered Available (Exp. & Enc.) (Exp. Only) Education $ 121,220,803 $ 114,222,861 $ 3,915,097 $ 3,082,845 97.46% 94.23% Shared Expenses $ 63,073,305 $ 58,548,340 $ 783,821 $ 3,741,145 94.07% 92.83% Municipal $ 41,566,660 $ 38,062,477 $ 1,016,868 $ 2,487,315 94.02% 91.57% Total $ 225,860,768 $ 210,833,677 $ 5,715,786 $ 9,311,305 95.88% 93.35% *Incorporates($129,562)in net General Fund budget adjustments approved at Special Town Meeting 2020-3,and$459,851 in net General Fund budget adjustments approved at 2021 Annual Town Meeting. Explanation of Significant Variances - 1. Education - The school department spending ended the year in line with expectations. Schools are turning back $3.08 million, of which $2.14 million is related to personal services and $941,498 is from expenses. FY2021, Quarter 4 Budget Status Report 3 2. Shared Expenses captures health benefits, debt service and Public Facilities, among others. Shared expensed ended the fiscal year in line with expectations, and much of the turn-back is related to the health insurance line item and unused reserve funds. Public Facilities ended the year within budget due to many public buildings remaining closed throughout the year. HVAC filtration and more frequent/deep cleaning at the schools due to COVID-19 were not budgeted, and therefore qualified for reimbursement under the CARES Act. Expenses covered by Federal funds are not reflected in this presentation. 3. Municipal - Municipal department spending ended the year in line with expectations. Municipal departments are turning back $2.49 million, of which $647,731 is related to personal services and $1.84 million is from expenses. Summary of COVID Expenses and Federal Funding In March 2020, the Federal government approved the Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act. Funding was provided to states, and Massachusetts provided a significant portion to municipalities, including $2,979,363 for Lexington to cover unanticipated and emergency expenses resulting from the COVID-19 pandemic. In addition to this municipal allocation the CARES Act provided further emergency assistance through the Federal Emergency ManagementAgency (FEMA), education support through the Department of Elementary and Secondary Education (DESE), and various other Federal and State agencies in the from of smaller sized grants. Eligible uses and spending deadlines for these funds have continued to change and evolve over the last 18 months, and expenses after December 31, 2020 are provided on a reimbursement basis. Lexington's use of CARES Act funds included the following: a. HVAC testing and improved filtration in our school and municipal buildings b. School department's pooled testing program (split allocation between CARES Act and FEMA) c. IT equipment and software for remote working and holding virtual public meetings, including remote Town Meeting d. Specialized ambulance equipment for the Fire department to safely and effectively transport and treat COVI D patients e. Personal protective equipment and cleaning supplies for all town departments f. Temporary health department staffing, primarily contact tracers g. Daily deep cleaning of the Lexpress busses h. Supplies for curbside pickup at the Library i. Election expenses including additional staffing and postage due to a significant volume of mail-in ballots and early voting for the primary and general elections j. Unemployment expenses for Town and School employees k. Support for Minuteman Tech's COVID needs (other member Towns also contributed) The deadline for spending CARES Act funds is October 29, 2021, and all associated reporting is due shortly thereafter. Management has made every effort to maximize the use of these funds to supplement our local budget. The table below summarizes our inception-to-date spending, by department, that has been, or is expected to be, reimbursed by the CARES Act via our municipal allocation and by FEMA. FY2021, Quarter 4 Budget Status Report 4 Quarterly Spending of CARES/FEMA Funding by Department Department FY2020 FY2021 -Q1 FY2021 -Q2 FY2021 -Q3 FY2021 -Q4 Total Facilities $ 35,079 $ 80,522 $ 165,362 $ 225,992 $ 170,553 $ 677,508 Fire $ 105 $ 27,954 $ 164,946 $ 74,810 $ 267,814 IT $ 46,585 $ 13,404 $ 28,443 $ 128,087 $ 54,527 $ 271,046 Schools, Inc. MM $ 807,153 $ 65,840 $ 67,325 $ 266,930 $ (598,911) $ 608,338 Other Depts. $ 73,676 $ 195,643 $ 104,120 $ 113,684 $ 13,142 $ 500,265 Total $ 962,598 $ 355,409 $ 393,204 $ 899,639 $ (285,879) $ 2,324,971 Plus FY2022 Expenses & Encumbrances $ 241,443 Total Committed $ 2,566,414 CARES Funding Available $ 2,979,363 Remaining Balance $ 412,949 Approved FEMA Reimbursement $ 422,527 Projected FEMA Reimbursement(Including School Testing Program) $ 458,304 Total Anticipated FEMA Funding $ 880,831 In March 2021, the Federal government passed theAmerican Rescue Plan Act (ARPA). ARPA has made a significant amount of new funding ($9,903,381) available directly to the Town of Lexington. The federal government has indicated the primary objectives and broad categories of eligible expenses for this funding including: • Support for government services in the form of revenue replacement • General pandemic response including public health expenditures, assistance to households, small businesses, non profits, and aid for impacted industries including travel, tourism and hospitality • Addressing the unequal public health and economic impact of the pandemic has had on certain populations • Premium pay for eligible essential workers • Investment in water, sewer and broadband infrastructure. The school department will receive and additional $1,202,445 in funding through ARPA in the form of an ESSER III grant to offset the continued impact of the pandemic on schools. Many other pools of ARPA funding are available on a grant basis for a variety of purposes including health, public safety, transportation, and direct aid for economically disadvantaged households and small businesses. Town staff is developing plans and recommendations for allocating the ARPAfunds which will be presented to the Select Board, other stakeholder committees and the public in the coming months.ARPA fund are available for spending through December 31, 2024. FY2021, Quarter 4 Budget Status Report 5 Enterprise Fund Revenue Collections As of June 30, 2021, 114.8% or$28,543,486 of total estimated revenue for FY2021 ($24,853,846) had been col lected. A breakdown of Enterprise Fund Revenue, by fund, is shown below: Summary of Revenue Collections - Enterprise Funds (A) (6) (A-B) (B/A) FY2021 Percent Estimates* Collections Uncollected Collected Water User Charges $ 11,414,329 $ 13,560,393 $ (2,146,064) 118.80% Non-Rate Revenue $ 308,000 $ 347,875 $ (39,875) 112.95% Retained Earnings $ $ $ % Total Water $ 11,722,329 $ 13,908,268 $ (2,185,939) 118.65% Sewer Charges for Services $ 10,401,319 $ 10,763,060 $ (361,741) 103.48% Non-Rate Revenue $ 362,000 $ 398,183 $ (36,183) 110.00% Retained Earnings $ $ $ % Total Sewer $ 10,763,319 $ 11,161,243 $ (397,924) 103.70% Recreation and Community Programs Recreation Fees $ 464,036 $ 1,062,285 $ (598,249) 228.92% Community Center Fees $ 153,135 $ 252,313 $ (99,178) 164.76% Golf User Charges $ 757,111 $ 1,162,256 $ (405,145) 153.51% Non-Fee Revenues $ $ 3,206 $ (3,206) % Transfer from General Fund $ 618,916 $ 618,916 $ 100.00% Retained Earnings $ 375,000 $ 375,000 $ 100.00% Total Recreation/CP $ 2,368,198 $ 3,473,975 $ (1,105,777) 146.69% Total Enterprise Fund Revenue $ 24,853,846 $ 28,543,486 $ (3,689,640) 114.85% *Inclusive of revenue to fund indirect costs. Explanation of Significant Variances - 1. Water/Sewer- Both Water and Sewer enterprises generated revenues higher than budget with Water revenues being particularly strong. Higher water usage was primarily due to excess irrigation during the summer of 2020. 2. Recreation - Going into FY2021, Recreation and Community Programs dramatically reduced their revenue projections in anticipation of program cancellations and closures due to COVID-19. Actual results for FY2021 were significantly better than the adjusted targets, with Golf Course revenue being a highlight. Many other programs came in higher than originally expected including aquatics, field permits, camps and clinics, and tennis/ pickleball. FY2021, Quarter 4 Budget Status Report 6 Enterprise Fund Expenditures As of June 30, 97.5% of the FY2021 Enterprise Fund budgets of$24,467,540 has been expended and 98.4% has been expended or encumbered, leaving $391,059 of the budget available. A breakdown of the Enterprise Fund Operating Budgets is shown below: Summary of Operating Expenditures - Enterprise Funds (A) (B) (C) (D) (B+C)/A (B/A) Revised % Used % Used Budget* Expenditures Encumbered Available (Exp. & Enc.) (Exp. Only) Water $ 11,522,329 $ 11,418,792 $ 97,570 $ 5,967 99.95% 99.10% Sewer $ 10,663,319 $ 10,419,912 $ 73,529 $ 169,879 98.41% 97.72% Recreation/CP $ 2,281,892 $ 2,016,302 $ 50,376 $ 215,214 90.57% 88.36% Total $ 24,467,540 $ 23,855,006 $ 221,475 $ 391,059 98.40% 97.50% *Exclusive of indirect costs;incorporates$1.36 million in Enterprise budget reductions approved at Special Town Meeting 2020-3. Explanation of Significant Variances 1. Water/Sewer- none. 2. Recreation/CP - For FY2021 Recreation and Community Program adjusted their spending levels to remain in line with reduced revenues and lower demand for in-person programming. FY2021, Quarter 4 Budget Status Report 7 Revolving Fund Revenues and Expenditures This report reflects a quarter-end snapshot of Revolving Funds. Generally, these funds maintain a balance from year to year, and generate revenue during the year that covers expenses. Revolving Funds cannot spend more than they have in available revenue, and have an annual spending limit set by Town Meeting. For FY2021 there are 12 active revolving funds, listed below. In the second half of FY2020 and all of FY2021 several of the Town's revolving funds experienced significant reductions in operations which had a negative impact on revenue, in particular the Visitors Center, Liberty Ride and School Bus Transportation funds. Management closely monitored these revolving funds and took steps where necessary to reduce operating losses. The Town anticipates that ARPA funds may be utilized to support these operations in future periods. A B C D E YTD YTD Beginning Revenue- Spending - Current Fund June 30, June 30, Encumb- Balance FY2021 Revolving Fund Department Balance 2021 2021 ered (A+B-C-D) Authorization School Bus Schools $ 465,025 $ 552,073 $ 295,684 $ 19,773 $ 701,641 $ 1,150,000 Transportation Building Rental Facilities $ 404,878 $ 32,591 $ 114,231 $ - $ 323,238 $ 560,000 Revolving Fund DPW Burial Containers Public Works $ 261,783 $ 35,680 $ 20,315 $ 1,500 $ 275,648 $ 50,000 Lexington Tree Fund Public Works $ 175,437 $ 54,120 $ 23,450 $ - $ 206,107 $ 45,000 DPW Compost Public Works $ 598,365 $ 804,309 $ 844,534 $ 20,940 $ 537,200 $ 870,000 Operations Minuteman Household Hazardous Waste Public Works $ 59,424 $ 206,854 $ 202,197 $ 53,252 $ 10,830 $ 250,000 Program Regional Cache- Public Works $ 24,616 $ 9,248 $ 1,883 $ - $ 31,981 $ 20,000 Hartwell Avenue Senior Services Human � 42,438 $ 8,151 $ 6,469 $ - $ 44,121 $ 75,000 Program Services Residential Land Use $ - $ - $ - $ - $ - $ 57,600 Engineering Review Health Programs Land Use $ 72,475 $ 21,342 $ 26,531 $ 821 $ 66,465 $ 45,000 Tourism/Liberty Ride Land Use $ (4,195 $ 790 $ - $ - $ (3,404 $ 200,000 Visitors Center Land Use $ (11,686 $ 74,242 $ 59,470 $ - $ 3,086 $ 205,000 Items of note - • School Bus Transportation -The combination of hybrid learning and pandemic restrictions dramatically decreased revenues for school bus transportation in FY2021; however, we were obligated to contractual expenses and incurred additional cleaning expenses.Additional cleaning expenses were covered by Federal Aid and are not reflected in the revolving fund. Much of the FY2021 bus expenses were shifted to the school's operating budget to close the fund deficit prior to year-end, with the remaining fund balance representing prepaid fees for FY2022. • Tourism/Liberty Ride -The Liberty Ride did not operate throughout FY2021 due to the pandemic. Operations resumed on a limited basis in July of 2021 and ridership and revenue are expected to pick back up in Fall of 2021 during peak tourist season. • Visitors' Center- Due to the pandemic and slow winter season, the Visitors' Center temporarily closed from January through March, and reopened in April 2021. The Economic Development budget had built-in support of$69,000 that was used to offset expenses, and the Visitors' Center ended the year with a positive fund balance. Staff will continue to closely monitor operations with our new building and enhanced offerings, and revenue is expected to pick back up in FY2022. FY2021, Quarter 4 Budget Status Report 8 FY2021 4th Quarter General Fund Revenue Report ,,,, ,,, %;,, / �%/� oi ,� oii iii%/„ii//;,iiii a000iiiiiiiiiaoiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii/ �%�� / ��[[[[[;;;r���/€ ,��������//////: ;;�� �� , i i , . FY2021 Uncollected Revenue from Collections as as of Percent PERSONAL PROPERTY TAX Recap of 6/30/2021 6/30/2021 Collected 10004110 411021 21 PERSONAL PROPERTY TAX $ 6,508,069 $ 6,431,856 $ 76,212 98.83% 10004110 Prior Years Personal Property Tax $ 64,510 $ 64,510 -% TOTAL PERSONAL PROPERTY$ 6,508,069 $ 6,496,367 $ 11,702 99.82% REAL ESTATE TAXES 10004120 412021 21 REAL ESTATE TAX $200,506,641 $ 198,296,009 $ 2,210,632 98.90% 10004120 412020 20 REAL ESTATE TAX $ 1,423,602 $ (1,423,602) -% 10004120 412019 19 REAL ESTATE TAX $ 28,185 $ (28,185) -% 10004120 Prior Years Real Estate Tax $ (681,155) $ 681,155 -% 10004120 413000 DEFERRED TAXES $ 152,337 $ (152,337) -% 10004199 414200 TAX LIENS/TITLES REDEEMED $ 211,240 $ 211,240 -% TOTAL REAL ESTATE $200,506,641 $ 199,430,217 $ 1,076,424 99.46% TOTAL PROPERTY TAX $207,014,710 $205,926,584 $ 1,088,126 99.47% , ,, , ,, , ,, „ , ,, ,,, , ,,,, , �� ,„ ,,, ,,, ,, ,, ,, , � ,, ,, ,,, , ,, „ �. , , FY2 21 ,, ,, ,; 0 ,, ,, ,, ,, �� ,, ,, ,, % ,,,,,, , „ ,, ,, ,,,,,,,,,,,, ,, ,, ,.. 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Reca of 6/30/2021 of 6/30/2021 Collected p 10004180 418000 PAYMENT IN LIEU OF TAXES $ 683,000 $ 660,966 $ 22,034 96.77% TOTAL PAYMENT IN LIEU OF TAXES(PILOTs) $ 683,000 $ 660,966 $ 22,034 96.77% „ „ „ „ „ „ „ ,, „ ,, ,, „ FY2021 „ ,, ,, ,, „ ,,, ,, ,,,, ,, ,,, ;�;� ,, ,, , „ ,,,% Rvn frm II i n n II Pr n �;;;;�„ �� e e ue o Co ect o s as U co ected as e ce t ;;;;;,,,, , �� ,, , ,,, , „ ,, ,, � � ,, , ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, %,,;, ;, ' ' �����= �������� %' Recap of 6/30/2021 of 6/30/2021 Collected �� ;. 10123437 437014 CELL TOWER REVENUE $ 352,133 $ 403,301 $ (51,168) 114.53% 10123437 436000 RENTALS OF TOWN BUILDINGS $ 41,142 $ 69,900 $ 28,758 169.90% TOTAL RENTALS $ 393,275 $ 473,201 $ (79,926) 120.32% , „ ,,,,; , „ ,,,, , ,, ,,, , ,, aoo,0 0 �i= r � FY2 21 „ 0 „ ,,,,,,,,� ,,,� „ ,,, , ,,, ,, ,,,,,,,,,,,,,,,,, ,, � oo����i ,, i ,, io „ �� . //,/ �,,,,,,, ,,,,,,, ///////////////////% �� i////// „ ooi� 00000000000�a y� �� ���y� „ ,,,,,,,o ,,,,,,, ,, ,,,�� ���� ,,,,,,,,,�� ,, ,,: ��������������� ,, ,,, iii `aoi �� ���� i �� �������ii �i �� iiiirr �,- // / 0000000iiiiiiiii00000000000000ii �� �� //� ������������������ i �� ������������ � �� /,,,,,, /� // ////// i % oii,,,� ///////////////////////// R v n fr m II ti n n II t P r nt ,, „ ,,, ���� e e ue o Co ec o s as U co ec ed as e ce , „��. ,,,,�� ,;, ,, �� . �/ o ,,,, ,,,, ,// , � ,,,,,,,,,, i � aoiiiiiia0000000�ai////////// / ri [[[[[__' // i,i i / //////, /////////// ///// y ii ,,,,ir r i, / �r /. /, �,<, / //1�9�9�9919/ ;;;;;[[[[[I// ;; ,,,,, ,,,,,,,,,,;;;;;;;;;;;;;;;,�;r�i;;;;;:::. ;;s, o;;;;;;;,�,,, ,,,,,,,.,, €€€€€,,,;,;,,;;;,,,,,,,,;;,, ;,,,,;,,,„,,,,'„[[;;;;;,,,t!,r i,,,,,,,,,"` ;iiiiiii€ ,€„ ,o�„,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,„--' '�1��; i i€,,,,,,,,,,,,,,,,,, €€,,,x iii,,,,,,;;;;;;;;;,,,,,,,, / €€€€€;;;;;;,, ;;; �r, : ,,,,�,,,,, ;; ;;,,,;;;;;;;;,,€€,„,€€€€€€€€[€€€€€,;;;,,,;;;;;, ,,,,,,; ,,,,,,,,,;,r,;;;;;;;;;s ,,,,,, ,;;aiio€€€€€, ;; ;;;; ;;;;;;;;,,,; ,,,,,, ;;,,,, „,,,;,,,,;;;; ;;;,�iiiiii[,,7iiiiiiiiiii,,,;,,,�� ,,� �; , , ;;; ;,,,;;;, ,, % Reca of 6/30/2021 of 6/30/2021 Collected p 10300437 434000 TUITION $ - $ 10,942 $ (10,942) -% 10300437 432022 TRANSCRIPT FEES $ 30,000 $ 36,078 $ (6,078) 120.26% 10300480 484010 MEDICAID REIMBURSEMENT $ 50,000 $ 287,285 $ (237,285) 574.57% 10300437 432021 STUDENT PARKING FEES $ 8,500 $ 3,605 $ 4,895 42.41% 10300437 435100 HOMELESS STUDENT TRANSPORTATION $ - $ - $ - -% TOTAL DEPARTMENTAL-SCHOOLS $ 88,500 $ 337,909 $ (249,409) 381.82% , ,, , ,, , ,, , ,, , ,, , ,, FY2021 , ,, ,,,, ,, , ,,,,,,,,,,, , , ,,,,,,,, ,, % � ,, ,,� ,,,,,,,,�i „ ,, � „ ,, ,, ,, ,, ,, ,,,;;;;,,,, ,,, ,,,, „ �� ,, ,, „ ,,, ,, , U,, ,,,, � ���������ii � � R v n f r m I I i n n I I P r n ,, e e ue o Co ect o s as U co ected as e ce t , , ,, ,, ,, , ,,,,,,,,, iii „ ,, � ,,,,, a � „� �ii � � �� � �� �� ,,, � � � .,, iic ///�// �/� i ,i „,„ iiiiii/ „ �� „ oi /���// //////////////////////////0//// /,,,,� „���<�r �, �ii. � � „ � ,,;; , � .:::::::::::: , . // „::........:. � ,;; ��„,,::,,,, / ��:,.. „ � ,, , , ,::. , i ��/ ,,..,,,,,, , � � ��ir �,,,,.,,,:,... ,::::::,......,,,,,:: , ,;;,,,,,,,,,, r6 �� ,,.. ,.. ,, . , ,. ,�,,... ,,.. F Recap of 6/30/2021 of 6/30/2021 Collected �. 10220420 427201 FIRE DEPT REC-AMBULANCE FEES $ 1,280,000 $ 1,157,735 $ 122,266 90.45% 10220420 427202 FIRE DEPT REC-FIRE ALARM FEES $ 13,675 $ 10,095 $ 3,580 73.82% 10210420 427203 POLICE DEPT REC-HOUSE ALARMS $ 12,000 $ 7,720 $ 4,280 64.33% 10123437 432001 PUBLIC RECORDS REQUEST FEE $ - $ 104 $ (104) -% 10145437 432002 CERTIFICATE OF REDEMPTION $ 100 $ 92 $ 8 92.00% 10145437 432003 MUNICIPAL LIEN CERTIFICATES $ 32,000 $ 42,645 $ (10,645) 133.27% 10294437 432004 PROTECTED TREE FEES $ 7,500 $ 690 $ 6,810 9.20% 10411437 432006 FEES FOR ENGINEERING SERVICES $ 50 $ (2,000) $ 2,050 (4000.00)°/ 10184437 432009 BATTLE GREEN CHARTERS $ 500 $ - $ 500 -% 10489420 424051 LEXPRESS FARES $ 30,000 $ 9,506 $ 20,494 31.69% 10220437 432000 FIRE FEE-CERT OF COMPLIANCE $ 20,000 $ 37,300 $ (17,300) 186.50% 10161437 432000 TOWN CLERK FEE $ 35,900 $ 36,943 $ (1,043) 102.90% 10210437 432000 POLICE DEPT FEE $ 85,000 $ 70,286 $ 14,714 82.69% 10161437 432011 REGISTRY SURCHARGE FEE $ 10,000 $ 10,020 $ (20) 100.20% 10420437 432000 DPW FEES FOR SERVICE $ 150 $ 114 $ 36 76.00% 10175437 432012 P.B. FILING&REVIEW FEES $ 10,000 $ 24,000 $ (14,000) 240.00% 10241437 432013 B&Z MICROFILM FEES $ 6,000 $ 9,470 $ (3,470) 157.83% 10241437 432014 B.O.A. HEARING FEES $ 3,000 $ 12,752 $ (9,752) 425.07% 10175437 432015 ANR PLAN FILING FEES $ 10,000 $ 9,000 $ 1,000 90.00% 10161437 432016 RENTAL CAR SURCHARGE FEES $ 3,000 $ 1,199 $ 1,801 39.96% 10171437 432000 CONSERVATION FEES $ 38,000 $ 27,353 $ 10,647 71.98% 10491437 437403 CEMETERY PREPARATION $ 180,000 $ 164,198 $ 15,802 91.22% 10491482 482400 CEMETERY INTERESTALLOCATION $ 50,000 $ 72,925 $ (22,925) 145.85% 10123437 432000 MISC. FEES $ 9,500 $ 7,266 $ 2,234 76.48% 10220420 427204 AVALON BAY MONITORING SERVICES $ 9,650 $ 5,850 $ 3,800 60.62% 10241437 432025 TRENCH PERMIT FEES $ 6,500 $ 6,700 $ (200) 103.08% 10123437 437016 NET METERING CREDIT REVENUE $ 670,000 $ 674,298 $ 4,298 100.64% TOTAL CHARGES FOR SERVICES $ 2,522,525 $ 2,396,261 $ 126,264 94.99% FY2021, Quarter 4 Budget Status Report 10 // // EEEEEE,'�� iiiiiiii// [;;;;;, iiiiiiii// � [;;;;;, iiiiiiii// � [wx, iiiiiii(//.... � [wx, iiiiiiii//.... � [;;;;;, [wx, iiiiii((//.. FY2 21 , ,, , 0 , , , , ,, ,, ,, , �„ � ,, ,,,,,,, ,,,,,�� �� �� �� , 0 � . �� �� �or� �� o �� �� �� �� �i , .� �� �� �� i� /OG%%%/ o % ����� ///0 ////////////////////0 ,, o00000000 �„ %%9/.. i/ oo�a �o�o ,, ���o %%%%%%%%%%%%%%%9/ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,��� ,,,,,, ii� �� � „ �,,,,, �� � �� �� R v n fr m ti n n t P r nt ,,, ,,,,, e e ue o Co ec o s as U co ec ed as e ce ,,,,,,, ,,,,,,,,,,,,,,,, , ,,,,,,,,,, ,,,i� ,,,,,,, � „ ,, a// �� iiiiiiiiiii /. //// o iiiii/ ///, iiii iG ,,,,�� r, i ,,,, ,,,,/-, / h, �� ' ,,,,,,,,, „ „y„n 2 ';;,,,; �;'[[ r ;,�0000..;:, � [[[[[[[[[[,,...,iiiiiiiiiiiiiii;,;;:;,,,,.. // �� � ; , Reca of 6/30/2021 of 6/30/2021 Collected �, „, p ; 10161440 441000 ALCOHOL&BEVERAGE LIC $ 60,000 $ 67,250 $ (7,250) 112.08% 10241440 445001 BUILDING PERMITS $ 1,300,000 $ 2,564,055 $ (1,264,055) 197.24% 10241440 445002 GAS PERMITS $ 28,200 $ 24,795 $ 3,405 87.93% 10241440 445003 WIRING PERMITS $ 200,000 $ 371,267 $ (171,267) 185.63% 10241440 445004 PLUMBING PERMITS $ 112,000 $ 77,554 $ 34,446 69.24% 10241440 445005 SHEET METAL PERMITS $ 2,000 $ 34,968 $ (32,968) 1748.40% 10241440 445007 MECHANICAL PERMITS $ 25,000 $ 83,668 $ (58,668) 334.67% 10122440 442000 SELECTMAN'S LIC. &PERMITS $ 2,500 $ 3,560 $ (1,060) 142.40% 10512440 445009 BOARD OF HEALTH LIC&PERMITS $ 22,500 $ 51,912 $ (29,412) 230.72% 10220440 445010 FIRE DEPT LIC. &PERMITS $ 45,000 $ 55,120 $ (10,120) 122.49% 10241440 445011 B&Z MISC PERMITS $ 8,000 $ 5,465 $ 2,535 68.31% 10123440 442001 CABLE FRANCHISE LICENSE $ 6,000 $ 3,715 $ 2,285 61.92% 10210440 442002 FIREARMS LICENSE $ 2,800 $ 5,100 $ (2,300) 182.14% 10161440 442000 TOWN CLERK'S LIC&PERMITS $ 40,000 $ 46,366 $ (6,366) 115.92% 10420440 445012 DPW STREET OPENING PERMITS $ 48,750 $ 143,375 $ (94,625) 294.10% 10420440 445013 RIGHT OF WAY OBSTRUCTION $ 100 $ 150 $ (50) 150.00% 10420440 445014 STORM WATER/DRAIN PERMIT $ 2,000 $ 660 $ 1,340 33.00% 10420440 442003 DRAIN LAYERS LICENSE $ 1,250 $ 990 $ 260 79.20% 10171440 442000 MISC. LICENSE&PERMITS $ 500 $ 4,943 $ 4,443 988.68% TOTAL LICENSE&PERM ITS $ 1,906,600 $ 3,544,914 $ (1,638,314) 185.93% , , , , , / ,/ i ,/ � ,� � FY2 21 �,� 0 , ;;;;;;;;;;;;;;,,,,. �„� ,,,, ,,,, [[[�[[[�iiiiiiiiiiiiiiiiiiiiiiii000i// [[[[[�// iii;,,, [[[[[[[[[[�iiiiiiiii0000i// [[[[[[[[�����������// ///.. [� //........ /////,/:.: ////////////////////////////////// x o ,ii000000iii oi///// � o�'- � ,,,,,,,,,... o0 [[[[[/////// ""�////////////////// ,,,,... [[____;;;�______ ,,,,... "`/0 ..///////.. ,,,,,,,,,,,,,,;z �/////// .� //// i/ .i// ..//.. ii�:�:�:� � ,,,,,i......0000�U Oi//.. ,,,,,,,�e.. iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii.... ����,,,,,,,,,,,,,,,,, , , , R v n fr m I I ti n n I I t P r nt - ,,, e e ue o Co ec o s as U co ec ed as e ce ,,,,,,,,,,,, „ „ ,,,,, ,,,,,,,,,, ,,, „ � ,,, ,,,,,,,,,,, , �„ , „ ,,,,, ,, o�i, iiiii iiii ��� „ ,. a � o i iiiiiiii ,. oi� �i ,, ., i �n% ,,�, ��,;/ iiiiiiiiiiiiiiiiiiii�iii- _[[[���,�€€;;; %,,,,,,,,,;;;, ,,,€€€€€€€€[[[[[„�„,,, „�ii;;;;;,,�,,,,,;, ,, ;_ '�%i [,,,€„ ; / ;;,,,,,;,,;; ;,,, €€€€` ;,,,,,,,,,,,,,,,;,,,��; �iiii€;"€€€,� ,,r„f�,r,,,,,,,€€,,,,,,,;,,;;.[[,,,,,,;'i„[[[,,,,,,,,,,,,,;;9Ii/"' :iii, ��� ,,,,, �: ;; Recap of 6/30/2021 of 6/30/2021 Collected 10004750 475001 STREET BETTERMENT $ 14,368 $ 24,187 $ 9,819 168.34% TOTAL SPECIAL ASSESSMENTS $ 14,368 $ 24,187 $ (9,819) 168.34% „ „„ „ ,, ,,,,,,,, „„ „„ „ ,,,,,,,,;; „ ,,, „ „„ FY2021 „ „, „ „, „ ,,,,,,,; ,,. ,: . ,, :,� a��I,,,, ,i „ „ / � � , ,, ///////////////////////////////////////////////////OG// %�. ii,,,,,�,,,, ,,,� , ,, � �i ������ii , , %%%%%/ � ,,,,,o, ,,i �� �� ,,, R v n fr m i n n P r n ������������,,,,,,,, , ,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, e e ue o Co ect o s as U co ected as e ce t „ ,� „ ,, �,,,,, ,, iiiii//// ,, ,,, „ ,,, ii , r/ ,, �/ ,,,,„ ,,,,,,,,, i r , � „ �r" ,, �, , iiir ;„,,,„ � � �! �r , . , ��i i , ,„ ���������� . � r . ;;,; „ , ,, ;; ;, / ;,,,,,,,,,,, ; ,;;; >;,;;;;; ,,,;,. �� ; Recap of 6/30/2021 of 6/30/2021 Collected 10004695 468000 CO U RT F I N ES $ 2,000 $ 643 $ 1,358 32.13% 10213477 477000 PARKING FINES $ 31,500 $ 11,640 $ 19,860 36.95% 10161477 477010 NON CRIMINAL FINES $ 5,000 $ 940 $ 4,060 18.80% 10213477 477020 REGISTRY CMVI $ 62,500 $ 46,598 $ 15,902 74.56% TOTAL FINES& FORFEITURES $ 101,000 $ 59,820 $ 41,180 59.23% ,,, ,, „ „ ,,, „ ,, ,,, „ ,, ,,,o ,, ,, ,,,� ,, ,, ,,,� ,, ,, ,�,� ,, , ,, FY2021 ,, ,,,, , „ �o ,,,, � ,, „ i „ „ „ i ,,,, ,, . ,, ,, �/ „ ,, „ ,,,,,,,,, ,,,,, „ „ ,, ,,,� ,,,,,,,,„ ��ri d ri � o�ri � y�� o �� o�ri �� „iu ��,,,,,,,,,�� 000rr �r ///////////////////////////////////////////////////////////// / /// ////// i a ////// ii �� /////////////////////////////////////////////////////////////////// ii, �� %,,,,,�� ���, �� ii � iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiic iiiiii �� ��,,,,,�i iiiiii � ,,,,,, R v n fr m I I i n n I I P r n ,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, e e ue o Co ect o s as U co ected as e ce t ,, o „ r �� � i„ oifi,. „ i/ o�// ,,,,,,,� a�l�/C..i, �ir.�nni�(al�0 ��in omirnomv .i... [[[[["//,;;� ///,,,,///,��,;g�€€ _;iiii��€�,,,,,,,iiiiir ii��,� ;,.�iv€;' ________ �: ���ii. [[[[[[[';[[; ,;;aa;;;,,�i, €€€;; ,„aa;;;,,�„iiiiii ii€€€€[[[[i[["i,' ;;„����ii�,,,,,,,,,,,����ii ;,,, �/: ; ,;; ,,,,,,,;;,, ///iii[[, €€,,,;�s„€€€,,,€€^^;;;, €r ii,,,,,,4. ,ii,,,driiiii;;;;;;;,,, // [[[ii€,[[[i;,i;;,,,�„ ,,,;€€€€€€;:€€;;,,,;€€€,;r,[[[[€€€€,ii[[€,€i;,�i,,,i:„;€€;;,,,;;;,,!,,,, � �� ; , Recap of 6/30/2021 of 6/30/2021 Collected 10145482 482000 INT EARNED ON SAVINGS $ 250,000 $ 277,170 $ 27,170 110.87% TOTAL INVESTMENT INCOME $ 250,000 $ 277,170 $ (27,170) 110.87% ,,, FY2021 ,,,,, ,,, ,, � ���������������������������������������������������������������������������������������������������ii. ,, / . � % ,, ,, i ///////// ,,,,, ,, ,, [[[�iii////////////////%%%%%%%%%%%,///%� ii/ % �� i � /// �/ �// i/ / � ,,,,,,,,, �o / [[[[[[[[[[ [[ 0 ai�� ff �� �� ii ,,,,,,,,,,,,,,,i '////////////// ii oo�i/.. 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[[ ..,, :,>oi ////����� �„ i oi// // [[[//////�� ii i ii 'lJlJlJIJIJIJIJiiiiii 0 ...,,,,,, �,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,u :a/I.. „ ,,,;;;;,, „ R v n fr m I I ti n n I I t P r nt ,, ��������� ,,,,,�, / „ e e ue o Co ec o s as U co ec ed as e ce ,,,,,, ,,,, , ,, , „ ,,,,,9,,,,,,,,,,, „ ,;;,,,.=ii ///// iiiiiiiiiiiiiiiiirro���o 0 0/ � �:,o,,, ��,� ,„���� i/%//////� o,,,,; � �;,,, ii� �����.,r�, / � ,,,,,i/„, iii �/ ,,,,,�,aaaa� �;�! iiiii ,,,� �.,,,!iiiiiii// ,i ����i i�����;r� //� �/ //�;,,///////��� �i,,,; �ii ��������� /////�; i€€€€ „,aa ,: „aaaaaaa a€€€€€€,,,,, ,,,,aa� aaaa,,,, ,;,,,, /,,,aaaaaaaaa .. ,,,,,,,;�a, ,,a aaaas aa ,,,,;; """, oi/� ,,,,, „„„„ �,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, � ,,.,,,,,,,; „,,,,,;; .,,,, „,,..,,,,,,,,,,,,,,„ i, „,,;„ i „, ,, ,,,,, ,,,,,,, „, ,;" iiii; ;, i„„ ,,,,,„;; ,,,, -,;; iii ,,,,,;; ;ii ,;.„ ,,,;„;,;;,„ ,€€;�� ;,,; „,„ ;€_,,,,s„ ;;;;;;�.°"" .,,. „„ „,,,,, ,,,,„ ,,,,,,,,�-,„,,,,,,,, -;;„ ii„[[ „, „, „,;,,,,,,�,,,,ii ,,,,,„ ,,,,,,,;s,,,, :i//�. €€€€€ „€€€€€€€€€€€€€„ /,,,,,,,,,,,,,,, €€,,,s,,;;,,,,/,,,,,,,,,,,„[[[[[[ ✓iiiiiii " €,,,,,„ /i ,;; „;;;;,;; u, �� ,;; / ; [[,, ,, „ „„; ,- i :,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,;;;;,,,,,,,„,iW;,,;,,,,,,,,,,,,;;,,,,;�, iiiiiii€,,;��,,, r;;;;,,,„,,,,,,,iiiiii �;,,,,,,,,,,,,;;,,,, ;,,,,�„„„r��,;, �i��,ii€,€„,,, ,,,,;,,,€€€„��,„„i�..�;,; ,„ „ �� ;:;,,,,iiii��-€€€,,,,,,, ;ly. � . ;, , � Recap of 6/30/2021 of 6/30/2021 Collected 10123480 480010 MISC NON-RECURRING REVENUE $ - $ 733,154 $ (733,154) -% 10004580 458000 FED REV THRU STATE-MISC $ - $ 9,617 $ (9,617) -% 10004600 468000 MISC. STATE REVENUE $ - $ 31,722 $ (31,722) -% 10145437 433000 SUPPLEMENTAL BILLING $ - $ 213,324 $ 213,324 -% FY2021, Quarter 4 Budget Status Report 11 TOTAL MISC NON-RECURRING REVENUE REVENUE $ — $ 987,817 $ (987,817) —% , ,, , ,, , ,, i , , ,, , i, ,, �, , , ,, o; � Y �� � ��,� , ,,,,, ,,,,,;;y ,,,,,;,,,i ii o i i�; y o i� ii .//�/... �ii.. iiiif ,,,,, iiiii.. iiiiiiii 0000i iiiiiiiii...ii ,, / FY2 21 „ ,, 0 ,, ,, ,, ,, ,, ,,,,,��„ / „ „ ,,,,,,,,,;;;,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,, ,, „ ,, ,,,,,,,,,,,, , ,, ,, ,,,,,ri �,i ,, ,, ri ,, ,, 00000ri �„ „ ,, o , ,, ,, oori �„ , , ,, 000000���000�o o� ,, oo�o // ,, o00000000000�������000�o „ % ,, �„// � aoiii //////////////////////////////////////////////////////////////////////////// �� �, �� a000000000000iii //////////0 �� a0000i�� �, /////// �� i aio // // ,,,,�� ��������� �� 00000i�i// //////////�� / / ���oi �� ���������������� ii 000�0 0 / �o � o // 00000iii000iii ////�� „ a0000iiiaoa �i ii ,;, �� a0000i�� /////////////////////0 0 �� ����ii aiii ��, 0 �� aDIIIliiiiiiii � o / 00000004.... ,,,,,,,, 010�// vvv � � ii ,,,,,,,,,..... vvii. .ii...... //..... ////�..... ///////.i:.. „ , Rvn frm II i n n II Pr n , ,,, , e e ue o Co ect o s as U co ected as e ce t , ,, � �o , „ ,,,,,,,,,, , ��������r ,, ,,,,,,,,,,,,,� , i ,,,,,,, ,,,,,,,, ,,, iiii ,,,,,,,,% ii i,,,, � ��aoii/ �,r,,,,,,.,////////////// „�� // i�000iii ii// �o/ �iiii/ i� �� ir iiiii/ / / r iiiiii ///„ // ///ii / i�� /�� i,,, �����, � � � ° €€€€s; , � , ,,,,,, ,,,,°.„ �,,,,, ;;;,;; ,,,;[ „€€ iii ;;,,;, ;;;;,,;; „ ,ii iiio� ,,,,r iii, iii iii€,,;;;,,ii„ €€,,,;;��,,,,,;; „ €€,,,,,,,,,,,,,,,€€„,,;,,ii„ -€€€€€€[ ,„,,,, , �� ;;,,,,�;;,;,,,ri,,,;;, .iiiiiiiiiiiiiiiiic ;;; iiii;. ,;;;,, ;,„�iiii €€€€€€„ ;[[;, , ;;, �i{{. [[[[[[[ ,[[i,,,,,,,,,,,,,,,€,„j�„„„i€€€€€€s�€;;;[[[,,,,,,, ���„- ,,, iii iiiii;;;;;,,,�;;;,,,;;;;;;;;,,,,,,;,,„ :��/�;;;;;;;'� ,;,,;��r ,€€ ,,,,,,,,;,;;; ;i;,i€`� ;, ,,,,,,;;iii�„„ ;;;;;,;;<;,, :,� „„;;;;�;;;;;;;,, ;;;;;--��, ii,,,,;;;;;,„„;;;;� „„[€;[[[[,[[,,,, ,,'�;;;;;,,,,,,, ,,,, ;;;;;;;;,„i;;;,;, .,... �� , „ „ ; Recap of 6/30/2021 of 6/30/2021 Collected 10990497 497200 TRANSFERS FROM OTHER SPEC REV $ 1,516,098 $ 1,516,098 $ — 100.00% 10990497 497500 TRANSFERS FROM ENT FUNDS $ 1,749,435 $ 1,749,435 $ — 100.00% 10990497 497600 TRANSFER FROM TRUST FUNDS $ 5,855,537 $ 5,855,537 $ — 100.00% TOTAL INTERFUND OPERATING TRANSFERS $ 9,121,070 $ 9,121,070 $ — 100.00% GRAND TOTAL GENERAL FUND REVENUE $244,510,999 $246,561,802 $ (2,050,804) 100.84% TOTAL ENTERPRISE FUND REVENUE $ 24,853,846 $ 28,543,486 $ (3,689,640) 114.85% GRAND TOTAL REVENUE $269,364,845 $275,105,289 $ (5,740,444) 102.13% FY2021 4th Quarter Enterprise Funds Revenue Report ,, „,, ,„ ,, „,, ,„ ,, �,, ,„ ,, �,,. ,„ ,, �,,. ,,� ,, �,,. ,,� „� �,,. ,,, ,� �,,. , ,,� FY2 21 , „� 0 ,, ,,,,, , �,� „ ,� , , ,,, ,,; ,,, ,,, , y ,, , , �i o��, o iii o ii �� � • o y o / �� o i/ ,,,,,,,,,,,,,,,,,,,,,,,,,,; // o iii , ������� o i 00////////////////////////////////////////////////////,i ii e�ii a00000iiiiiiiiia00000i// � / [[[[[_= iiiiiii /// [[[[[[�_= ii // �� ni �� e.:... /////////////. �, .-, �,,,�� ,�, � ii// /////// ri ////////////// �� // �����! f����� �� // % II ,, ,, R v n ti n P r nt ....////////O ��//////////////////�.... ,,,,,,' ,,;�� oyiiiiiiiiiiii e e ue Co ec o s as e ce [[[[[[[�[[ .ii. ////// ...��� „��.. .....,,,�a�../.. ...//////0 ..,,,,,,�i. , iiiii. ,,,,,,;,,,,,,,,0 .....oon�e00000// / ///// iiiiiiii iiii / [[[, � l�� ;;;,viii��%iiir�i,,,,:�/„ ��e. /„.iiiii„,,,,,,�////////////,,,,,,a,,,,,i ��i/ ,ii,,,,ii, ,r„�;,,,,,,,,, i iiiiiiiiiiiiiiiiiiiiiiiro� �:..///� ,;;,,,, ,,,,, ,, ; ;; ��� ,„,,,,, ,,,�s„� �, ,,,,, ,,,,,,;; � �:�, ;;,,,,;,,,,;,,, ;;,, ,,,,,,..: .::iii. ,„ „ ,,,,,;:;;,,„„ , €;� ,,.,,;;,,,„ , „,[ ,,,,,,i [;, ,,,, „„,,,„ ,„,,,, , ,,,4, ,,, ��.� ' , ;,,„;;;i,,,,ii, „„„,,,,,,,„ ,, _-„__;, ;;;,,, ��:./. [[i„ ,,,, ::.iii ,„,,, ,,, ic :�:. ,,,,,,, , ....,,,[[[ [[[[[[„ ,„„,,;,,,,,,,;;--��, ,[[[[[[[[[[[[[[__`,,, „;, ,,, ,„[[[[[[[[[',,,, ////....... i, p„ ,,,,,, „>'' „ j; ,€�,;;;;;;,.„ ,,, ;;,; ;„;;;;;;"„ � ;i ' ,;:,,, ;€€;,'/�;,'[€`;' ;;;;,[; ii€€€€€€€,,;„ %[[iii€€€�����i�;;;;,,,;,;,„,,,,,;;;;i€€;[[;„,,'€€,,,, �:.:;i; „��` ,. , , .. , , ... , . , � h Estimates of 6/30/2021 Uncollected Collected 71004200 421000 WATER USER CHARGES $ 11,414,329 $ 13,560,393 $ (2,146,064) 118.80% WATER NON-RATE REVENUE $ 308,000 $ 347,875 $ (39,875) 112.95% RETAINED EARNINGS $ — $ — $ — —% TOTAL WATER $ 11,722,329 $ 13,908,268 $ (2,185,939) 118.65% ,,,, ,,,, ,,,, ,,,, � ,, � ,,, 0 ,,, � ,, �,� FY2 21 ,, 0 , ���������������������,,,_�� i iii / /// / 9/ / �� � //%%%%%% 9 � %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%/0// /, ' iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii� %%%%%% iiiiiiii / , „,, %%%%%%////////////%%//,/,/ / ,,,,,,, ,, : ,, ,, ,,,,,,,,,/ ,, , „ %/ ,,,��� iiii// ,, „. o � /// ic , � .....„ ..000�// iii..: �,,..:�:�����// omvii.... .,,, II a� R v n ti n P r nt ,,,,,,,,, e e ue Co ec o s as e ce iio , ,, ,,, ,,,,,,, �,,, , ,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,. � ,, ri , %%%%%%%%%/ ,, / ,,; „ � ����% ,,, ,, , ,,,,,,, , , ii /, r � i. ,,,o � ///:�: ..,,,,,//iiiiiiiiiii// „� ,,,... „ ��,,,,, ��..:„,,,,,,,, :...,��/ %/, // � , ,;,„, , ,;; %/// / �r, , ,,,,,,,,,,, : .,; , z, ,. ,,,:...„,,, ,, ,,,,;.. iiiiiiiiiiiiiiiiii.,,,:.. . , ,.,,, __";;,:. :..............::...„.. , i� ,::.:.,::............. ,;;;;;;.,,,......,;, o'°....,; „ ���..;....,�,:,.:.,..... ;,,.,,,,. , , ��,;;,�; ,--������ �� , f Estimates of 6/30/2021 Uncollected Collected ;, � :. 70004200 421000 SEWER USER CHARGES $ 10,401,319 $ 10,763,060 $ (361,741) 103.48% SEWER NON-RATE REVENUE $ 362,000 $ 398,183 $ (36,183) 110.00% RETAINED EARNINGS $ — $ — $ — —% TOTAL SEWER $ 10,763,319 $ 11,161,243 $ (397,924) 103.70% ,, ,, ,,, ,, ,,,ir,,,, ,� ,, ��,ir,,,;;; ,� Y,� , ir,,,,, Y,� //,,,, � ,//,,, � � Y,//„ �� �� ii //, ,, FY2 21 ,� 0 , ,,, , ,, �; ,� „ �, 0 �;;;;;;;;;;;�� �o ,,,,,�� ,, • � ,,,,,,,,,, ������������������������ ,, [[[111iiiiii ////////�� � oi iiiiiiiiiiiii.,,, o ii [[[[[€€€€€,,. o�// ..,,,,.... �000ii / ,,,,,,,,,,,,,,,,,,,,,,,,,,,������ //////////i „ % ����ic //%..��� �� ii / iirr % � ,,,,,,,,,,,,,,,,,,,,,,�� %%%. �� ,,,,,,,,;;;;;,,,,,,,,,,,,,,,, ,,, R v n I I i n P r n ,,,,,,, ,,,a ,, e e ue Co ect o s as e ce t ��;;;;;; ,,,,o,� 1 i �� � /// ��� �, iii //, [[[[[[;,,,,,,... �.�����.. ..i... ��:/ %//.//. Uo i..... i //////// ,,,,�.. i.. //.. ..v /// .:000i/.. m, ..�oiiii/. .....///////. / �� / � %%%//,. r iiiiiiiiiiiiiiiiiii� ������ ,,,,, i i ::,,; % ,,::,,,,,, ,.,,,,, � ......, �-:::,,,;,r�� �ii �,,,, :::...............::... % ��� . �i =......: ......:.r�.......". >......;'; ......,............. � / , , ;`;; � � �� Estimates of 6/30/2021 Uncollected Collected , ,, , 72004200 424020 RECREATION USER CHARGES $ 464,036 $ 1,062,335 $ (598,299) 228.93% 72004200 424030 CO M M U N I TY CTR REVE N U E $ 153,135 $ 252,313 $ (99,178) 164.76% 72004200 424040 GOLF USER CHARGES $ 757,111 $ 1,162,256 $ (405,145) 153.51% 72004200 482000 INT EARNED ON SAVINGS $ — $ 3,206 $ (3,206) —% 72004990 497100 TRANSFER FROM GENERAL FUND $ 618,916 $ 618,916 $ — 100.00% RETAINED EARNINGS $ 375,000 $ 375,000 $ — 100.00% TOTAL RECREATION $ 2,368,198 $ 3,474,025 $ (1,105,827) 146.69% TOTAL ENTERPRISE FUNDS REVENUE $ 24,853,846 $ 28,543,536 $ (3,689,690) 114.85% FY2021, Quarter 4 Budget Status Report 12 �-. �-. .-. ��' o 0 0 0 0 �� o 0 0 �� o 0 0 0 0 0 0 0 � \ \ \ \ \ � � \ \ \ \ \ U �O M I� M I� C� U �O O O O Cj �O � � 4� C� � M � � � � 00 O 00 O O � � O O O Q � � O � � O � O � `-' � � f` � I` � � " � � O O O � � � d� � C`7 N 0 � � � o w � I` d� I` d� o w � � � � w d� � � M � � � d� � � � � � � ^ � o 0 0 0 0 ^ � \ \ \ ^ � � o \ o o \ o \ o („) � \ \ \ \ \ U � o 0 o U \ � \ \ � \ � \ ^ �W ^ �W O O O ^ �W r O � C4 � M � � M f` M f� O w �o�S 00 � Op � � W �� O O O w �� � O � � O � O � � o � d� d� d� d� � � � Q O O O � o � d� � C7 N � � � � � � X " � X � � � � � x d� � d� M � d� � O� W W W � � � I� I` �A Cfl M M �� � � � � � �� �� � � � � r � � �' � � � � N � � �' I I I ^ � � M I `� I I � � � M � � -- ��� � � � � o -- ��� � � � -- ��� � � � � � � � � Q m N � N � M Q m Q m E�} � �} � � E� {f� E� E�} E�} Ef} � I� I� 1` N � � O O O � � W � � lf� � � L� W � I I I W � I I I I I I I I � � � � � � � � � � � � � � � � � � � � � � � � � � U C'7 C'7 M U U W � � � W W N 00 Cfl 00 Cfl � N N N � O� �N � N � N ~ Q� � � � Q� d� O � � � M � M � � � � � " � � � d� M O O � � � M N M N M � � � C.M4 C.M4 CMO � � � � �j I� � � M � O L �� �(� C� I� C� w L � OO �O � L �v � � M � � �/� � O//� � '` `1! 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Malloy, Town Manager Tel: (781) 698-4540 Kelly E. Axtell, Deputy Town Manager Fax: (781) 861-2921 September 22, 2021 Capital Stabilization Fundin�Framework Pu ose: Over the past decade, the Town of Lexington has made a practice of building its fiscal reserves, including a Capital Stabilization Fund(CSF). Through judicious use of available funds, the Town has gradually built up the balance in its stabilization funds, with particular emphasis on the CSF. Over the past few years, the Town has tapped into the CSF to maintain Within Levy debt at a growth rate of 5%, and to "shave the peak" of exempt debt proj ects so taxpayers do not see spikes in their property tax bills. The Town has recently undertaken some large capital proj ects, including Hastings Elementary School, the Lexington Children's Place and the Lexington Fire Headquarters. In the near-term, the Town anticipates seeking funding for a new Police Station and a replacement for the Lexington High School. The practice of"shaving the peak"has worked well for prior projects; the CSF balance has been sufficient to achieve the goal of minimizing taxpayer impact. However, the high school proj ect is substantially more than any of the prior projects; initial estimates range from $350 to $500 million. Town leaders seek a more long-term, financially sustainable funding mechanism to provide dedicated funding for the CSF to ensure that larger capital projects and future debt service do not place an unmanageable burden on taxpayers. The Select Board, Town Meeting members and others involved in Town government have underscored the need for economic development proj ects to provide an increased commercial tax revenue for the Town to offset the cost for some of these proj ects. This framework formalizes that connection. Fiscal Framework: In recognition of the effort by the Town of Lexington to identify and attract opportunities for commercial development, and of the significant need for capital proj ect funding, the amount of additional incremental property tax revenue generated from new developments shall be dedicated and annually appropriated to the Capital Stabilization Fund. Included developments are those Which go through the Preliminary Site Development and Use Plan (PSDUP)process and have an approved proj ect Memorandum of Understanding to create a Planned Development District; as well as those developed through the zoning changes approved at the 2020 Special Annual Town Meeting for the at Hartwell Avenue area(including Bedford Street immediately adj acent to Hartwell). Additional property tax revenue is typically captured as part of"New Growth,"Which is the increase in the tax levy due to the increase in assessed value of a property pre- and post-development. In order to 1625 MASSACHUSETTS AVENUE•LEXINGTON,MASSACHUSETTS 02420 implement this funding strategy, the amount of New Growth due to the targeted developments shall be identified by the Assessors' Office and set-aside from the normal budget development process. Each year as part of the budget development process,the Town Manager shall detail the amounts that fall under this framework and recommend to the Select Board, School Committee, Capital Expenditures Committee and Appropriation Committee the new amounts to set-aside. This new revenue will not be allocated between the Town and School departments via the Revenue Allocation Model. It is anticipated that those amounts shall continue to be set aside for deposit into the CSF until debt service for the high school starts to come due. At that point we will begin withdrawing a corresponding amount from the CSF to fund Exempt Debt service,primarily to offset the tax increase for the high school. An example of how this would be implemented as part of the upcoming FY2023 budget follows: Reflecting a Partial Dedication of New Growth to CSF in Budget Going Forward FY2023�urrent Budget Fresen�ation-Tax Levy FY2022-23 Change _ _.....................................................................__.................................................................�.................................................................................................................................................................................................................................................................................._........................................_ FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 � % Actual Actual Actual Actual Actual Re ca Pro e cte d ������� P__ .�__________________________.. ..................... ........... ........ Table 1:Pro ert Tax Lev Tax Levy $154,781,455 $161,960,336 $169,402,066 $176,90�,123 $184,938,304 $194,415,314 $203,275,697 $ 8,860,383 4.56% Prop.2.5% $ 3,869,536 $ 4,049,008 $ 4,235,052 $ 4,422,678 $ 4,623,458 $ 4,860,383 $ 5,081,$92 $ 221,510 4.56% New Growth $ 3,309,344 $ 3,357,135 $ 3,270,005 $ 3,608,503 $ 4,853,553 $ 4,000,000 $ 2,750,000 $(1,250,000) -31.25% Override/Fxcess Levy Capa $ (94,519) $ (34,354) $ (66,069) $ (116,791) $ (85,435 $ - N�A Subtotal $161,865,816 $169,332,125 $176,841,054 $184,821,513 $194,329,879 $203,275,697 $211,107,589 $ 7,831,892 3.85% ,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,, ,,,,,,,,,,,, , ,,,, ,,, , , , , , , „ , , , ,,, „ � „ ,� � % FY2022 23 Chan e �������������;�� � :����+�n�t���n '����;� , � ,,,, � , g FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 � o�o Actual ; Actual Actual � Actual Actual Re ca Pro'e cte d ,, _ .. , .. �.. J , ,, Table 1:Pro ert Tax Lev Tax Levy $154,781,455 $161,960,336 $169,402,066 $176,907,123 $184,938,304 $194,415,314 $203,253,537 $ 8,838,223 4.55% Prop.2.5% $ 3,869,536 $ 4,049,008 $ 4,235,052 $ 4,422,678 $ 4,623,458 $ 4,860,383 $ 5,0$1,892 $ 221,510 4.56% New Growth $ 3,309,344 $ 3,357,135 $ 3,270,005 $ 3,608,503 $ 4,853,553 $ 3,977,840 $ 2,750,000 $(1,227,840) -30.87% Override/Excess Levy Capa $ (94,519) $ (34,354) $ 66,069 $ (116,791) $ (85,435) � - NA Subtotal $161,865,816 $169,332,125 $1�6,841,054 $1$4,821,513 $194,329,8�9 $203,253,53� $211,085,429 $ �,831,892 3.85% Table lA:Pro ert Tax Lev Dedicated to Ca ital Stabilization Fund 1050 Waltham St. $ - $ - $ - 0.00% 186 Bedford St. $ 7,195 $ 7,195 $ - 0.00% 55 Watertown St. $ 14,965 $ 14,965 $ - 0.00% Subtotal-C SF Tax Lev� $ - $ - $ - $ - $ - $ 22,160 $ 22,160 $ - 0.00°/o Subtotal-All Tax Levy $161,865,816 $169,332,125 $176,841,054 $184,821,513 $194,329,879 $203,275,697 $2ll,107,589 $ 7,831,892 3.85% FY2024 Revised Budget Presentation-Tax Levy FY2023-24 Change ., , . . . . , ,. FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 � % Actual ; Actual Actual Actual Actual Re cap Pro je cte d Table 1:Pro ert Tax Lev Tax Levy $161,960,336 $169,402,066 $1�6,90�,123 $184,938,304 $194,415,314 �203,253,53� $211,131,250 $ �,8�7,�13 3.88% Prop.2.5% $ 4,049,008 $ 4,235,052 $ 4,422,678 $ 4,623,458 $ 4,860,383 $ 5,127,713 $ 5,324,655 $ 196,943 3.84% New Growth $ 3,35�,135 $ 3,2�0,005 $ 3,608,503 $ 4,853,553 $ 3,9�7,840 $ 2,�50,000 $ 2,�50,000 $ - 0.00% Override/F�cess Levy Capa $ (34,354 $ (66,069) $ (116,�91) $ (85,435) $ - $ - NA Subtotal $169,332,125 $176,841,054 $184,821,513 $194,329,879 $203,253,537 $211,131,250 $219,205,905 $ 8,074,655 3.82% Table lA:Pro ert Tax Lev Dedicated to Ca ital Stabilization Fund 1050 Waltham St. $ - $ 1,000,000 $ 1,000,000 $ - 0.00% 186 Bedford St. $ �,195 $ 90,000 $ 90,000 $ - 0.00% 55 Watertown St. $ 14,965 $ 764,965 $ 764,965 $ - 0.00% Subtotal-CSF Tax Levy $ - $ - $ - $ - $ 22,160 $ 1,854,965 $ 1,854,965 $ - 0.00% Subtotal-All Tax Levy $169,332,125 $176,841,054 $184,821,513 $194,329,879 $203,275,697 $212,986,215 $221,060,870 $ 8,074,655 3.79% In this example, the green section reflects the status quo. Early indications are that FY2022 New Growth, certified as of June 30, 2021, will be in excess of$4,000,000,primarily due to commercial developments at 75 Hayden Ave. and 20 Maguire Rd. The full amount of the FY2022 New Growth is incorporated into the base for FY2023, and further increased by 2.5% in future years. The blue section reflects the first year of the proposed policy change. Table 1 A is added to the budget revenue tables to separate the New Clrowth attributed to the commercial developments under this policy. Because these projects are still heavily under construction, there will be minimal New Growth for them as of June 30, 2021. For FY2022, this illustration shows a total of$22,160 in Table lA, and the Table 1 New Growth of$4,000,000 has a corresponding decrease of$22,160 for a revised total of $3,977,840. For FY2023 budget projections, Table 1 reflects the Prop 2.5% increase for both the base tax levy and the dedicated new growth from prior year. The full amount of proj ected FY2023 New Crowth is attributed to the base budget. The orange section anticipates how the second year of implementatlon would work. Each year New Growth is captured incrementally, as of the certification date,based on a project's completion status. Each property in Table 1 A is expected to have a considerable amount of additlonal new growth as of the June 30, 2022 certification(FY2023 Nevc�Growth), which is added to the FY2022 New Growth. This same exercise would be repeated in subsequent years, with incremental New Growth being set aside each year and continuing to accumulate into the Capital Stabilization Fund to pay for future capital proj ects. Effect of Fiscal Framework: This policy will provide transparency for the Town's goal of tying economic development efforts to providing tax relief to existing tax payers. The new tax dollars set-aside from these commercial developments will provide an ongoing, sustainable funding source to offset a significant portion of larger capital needs and future excluded debt service. For example, once New Growth has been fully realized for the three initial proj ects already in process, (whlch would be recognized in the 2025 Budget Presentation/2024 Tax Recap) it is anticipated that the total annual appropriation into the Capital Stabilization Fund would be approximately $2,390,000. This does not include future proj ects on the Hartwell corridor which may begin to ramp up due to recent zoning changes. Anticipated New Growth Subject to this Policy Development Address Estimated New Growth Greatland Realty—Revolution Labs 1050 Waltham St. $1,250,000 Beacon Point Development 186 Bedford St. $90,000 National Development—Waterstone/Bridges 55 Watertown St. $1,050,000 TBD Hartwell Avenue TBD Subtotal $2,390,000 Additional Considerations: In addition to revenue from new developments, oth�r potential transfers that can be made on a sustainable basis into the Capital Stabilization Fund may be recommended as part of the annual budget development process. Executing this model will be dependent on the regular New Growth(i.e. not from designated commercial developments) meeting the budgeted targets, as regular new growth supports the Town's operating budget. If in any particular year New Growth for operations does not come in at the budgeted level, it may necessitate pausing on the transfer into the Capital Stabilization Fund. During the period in which this funding is set-aside the Town should expect modest operating increases, as extraordinary new revenue will be set aside. This framework will require calling a Special Town Meeting each fall to true-up the actual amounts of new growth recognized compared to the budgeted amounts, and appropriate any additional amount into the Capital Stabilization Fund before setting the tax rate. Staff expects that the New Growth from these developments will continue to be set aside to cover debt service until otherwise decided by policy makers. It is recommended that this practice be reviewed and reaffirmed annually, along with other budgeting guidelines. EXHIBIT 1 Potential Impact on Capital Stabilization Funding and Exempt Debt Service Capital Stabilization Fund Appropriations Anticipated Anticipated and Interest Use of Capital Use of Capital into the Dedicated Stabilization Stabilization Capital Funding From Fund for Fund for Stabilization Commercial Within �evy Excluded Ending Fund New Growth Debt Debt Balance FY2013 $1,601,835 $0 $0 $1,601,835 FY2014 $3,988,868 $0 ($1,600,000) $3,990,703 FY2015 $5,926,762 ($919,000) ($950,000) $8,048,465 FY2016 $9,513,048 ($215,000) ($620,567) $16,725,946 FY2017 $7,187,263 $0 ($710,000) $23,203,209 FY2018 $8,119,224 ($324,500) ($2,400,000) $28,597,933 FY2019 $4,203,280 ($573,500) ($4,500,000) $27,727,713 FY2020 $2,�01,S41 $0 ($S,200,000) $2S,229,2S4 FY2021 $44,804 $0 ($4,600,000) $20,674,058 FY2022 (proj.) $3,217,674 $22,150 $0 ($2,800,000) $21,113,892 FY2023 (est.) $0 �1,854,965 ($2�0,000) ($1,700,000) $20,998,857 FY2024(est.) $0 $2,390,000 ($1,596,000) $0 $21,792,857 FY2025 (est.) $0 $3,000,000 ($1,436,000) $0 $23,356,857 FY2026 (est.) $0 �3,750,Q00 ($1,050,000) $0 $26,056,857 FY2027 (est.) $0 $4,50Q,000 ($822,000) $0 $29,734,857 FY2028 (est.) $0 $5,250,OQ0 ($602,000) ($10,000,000) $24,382,857 FY2029 (est.) $0 �5,250,Q00 $0 ($7,500,000) $22,132,857 FY2030(est.) $0 $5,250,000 $0 ($6,000,000) $21,382,8S� FY2031 (est.) $0 �5,250,000 $0 ($5,250,000) $21,382,857 FY2032 (est.) $o �s,2�o,000 $o �$s,25o,000� $z1,3g2,ss� FY2033 (est.) $0 $5,250,000 $0 ($5,250,000) $21,382,85� FY2034(est.) $0 $5,250,000 $0 ($5,250,000) $21,382,857 FY2035 (est.) $0 $5,250,000 $0 ($5,250,000) $21,382,857 FY2036 (est.) $0 $5,25Q,Q00 $0 ($5,250,000) $21,382,857 Notes: (1) This table highlights dedicated New Growth being appropriated into the CSF; more will likely be dedicated annually from other one-time sources,but for illustrative purposes that is shown as zero. 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O � � N � ux.i p� �c.�-tn-�cr��cn��c.n.-cn���cn�tn�tn��c.�t��cn-�.n�t�th�c.��tn-t��v'�th���c.�-r.h�.n���.n�t���c.h��r�-t��v'�tn- N � L � � N M � �11 l0 I� 00 �l O r-I N M � Lf1 l0 I� 00 dl O r-I N M � I_f) l� I� 00 Ol O r-I N M � 111 lfl I� N N N N N N N N [`n M M M ('�') M M M M M � � � � � � � � � � Lf1 I_P) ll1 lfl lll ll1 1.f1 I_f'1 �.�.+ } O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N U � �r �r �r � � �r �r �r � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ii � Q oJ. w � r �J I � r r I �t f.j j i`�„1 i 1 i°�� r Ifr �,� J �rJ �f°� �F � r i, raJ � li� ��� ' ;� V , o�,J �a �f 1!7 i�J J�� (,�'J rM�1 } �a � A d �� f� �� r,,,,� r I �,�J �,,.rt f r� !"`,e i t r,,1 r�i !'9 i� . ���� � �� Special Town Meetin�2021-1 A. ToWn Reports Financial Articles 6. Appropriate for Prior Year Unpaid Bills C. Appropriate To/From Stabilization Funds D. Rescind prior borrowing E. Amend FY 2022 Operating and Enterprise budgets a. Management analyst F. Appropriate for Community Preservation Projects(placeholder) a. Recreation- Sutherland Park Playground b. Conservation-Parker Meadow c. Recreation Old Res Bathhouse (tentative change of purpose) G. Appropriate for Police Station Swing space (173 Bedford St-temporary construction and architectural design for 1575 Massachusetts Ave) H. Westview Cemetery I. Center Recreation Restrooms& Storage(Tax Levy)—was IP'd during 2021 Spring Town meeting($915,000), (Rec Com). J. School bus contracts K. Residential Parcel (20-172,off 78 Cliffe Ave) a. Resident wishes to potentially buy a piece of town-owned land L. Climate Action plan$85k total a. In 2018 the Town published a getting to net zero roadmap, an important step in the right direction to update and implement our communities goals for reaching sustainable obj ectives including reduction of emissions laid out in the Sustainable Action Plan. The budget from that proj ect has a remaining balance which will be re-appropriate in the FY 22 budget amendment article preceding this one. The Climate Action Planning is the next step in putting together the Climate Action plan and will use extensive, inclusive, and creative outreach. General Articles M. Mount Independence Historical District(Historic Districts Commission) N. Easement for Town of Burlington a. Work that has to be done on waterline. IMA has already been signed, Town of Lexington has to grant the easement for work to begin. O. Reducing Noise from Landscape Maintenance Equipment(Noise Committee) a. This article proposes revisions to the Noise Bylaw to better protect residents from noise pollution caused by motorized landscape maintenance equipment. 09/22/2021 1 Zoning Articles P. Diversity, Inclusion,Equity a. Amend the Zoning Bylaw to revise permitting criteria to address racial, disability, and other equity impacts; clarify site plan review criteria; add a definition of household replacing the definition of family;permit more than one individual in rooming units; or act in any other manner in relation thereto. This article would incorporate a variety of changes in response to the Systemic Racism Resolution adopted under Article 8 of Special Town Meeting 2020-2,the Full Inclusion Resolution adopted under Article 30 of the 2021 Annual Town Meeting, and the site plan review changes adopted under Article 44 of the 2021 Annual Town Meeting. Q. Walls a. Amend the Zoning Bylaw to add a definition of"fence"; limit the height of fences and retaining walls near lot boundaries;permit structures enabling access for disabled persons anywhere on a lot;prohibit structures in yards which interfere with safe stopping sight distance on a street; make the definition of"yard"consistent with other provisions of the bylaw; or act in any other manner in relation thereto. R. Solar Energy Systems (Small-scale residential in setbacks) a. Amend the Zoning Bylaw to remove restrictions on, and streamline permitting for, solar energy systems, or act in any other manner in relation thereto. This article would encourage the construction of solar energy systems by permitting solar energy systems on nonconforming lots and small-scale solar energy systems wherever other structures are permitted and by streamlining permitting for small-scale solar energy systems. S. Residential Parking a. Amend the Zoning Bylaw to reduce residential parking requirements to allou�additional residential units; or act in any other manner in relation thereto.This article would reduce the amount of required parking for some residential uses to decrease the cost of housing and encourage alternative means of transportation. T. Open Space Residential Development(OSRD) a. Amend the Zoning Bylaw to permit open space residential developments; allow increased gross floor area in multi-family developments; or act in any other manner in relation thereto. This article would permit open space residential developments, as de�ned under the state Housing Choice law as codified at Massachusetts General Laws Chapter 40A, Section lA. Open space residential developments would be subject to limits on gross floor area and require the preservation of open land in its natural state and the provision of affordable dwelling units. This amendment to the Zoning Bylaw would also provide incentives to preserve historic buildings and require site plan review by the Planning Board. 09/22/2021 2