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HomeMy WebLinkAbout2019-10-30 Summit I Packet - Released Financial Summit I Board of S electmen, S chool C ommittee,Appropriation C ommittee, C apital E xpe nd.iture s C o mmitte e October 30, 2019 7:00 PM Cafeteria, Hadley Public Services Building, 201 Bedford Street AGENDA ITEMS FOR INDIVIDUAL CONSIDERATION 1. P ro c edure for Meeting Minutes 7:00 p.m. 2. Review o f F inancial Indicators 7:OS p.m. 3. FY2021-2025 School Operating Budget and Enrollment Projections 7:25 p.m. 4. F Y2021-2025 P reliminary Budget O verview 7:50 p.m. 5. R eview o f P reliminary R evenue Allo c atio n Mo d el 8:OS p.m. 6. Establish Date: Summit II 8:25 p.m. ADJOURN 1. Anticipated Adjournment 8:30 p.m. T he next regularly s c heduled meeting o f the B o ard o f S elec tmen will b e held o n Mo nd ay, No vemb er 4, 2019 at 7:00 p.m. in the S electmen's Meeting Ro om, Town O ffic e Building, 1625 Mas s achus etts Avenue. Hea�ing Assistance Devices Available on Request � All agenda time and the o�der of'items ar�app�ximate and subject to change. � � �� Recorded by LexMedia AGENDA ITEM SUMMARY LEXINGTON BOARD OF SELECTMEN MEETING AGENDA ITEM TITLE: Review of Financial Indicators PRESENTER: ITEM NUMBER: C arolyn Ko sno ff, As sistant Town Manager fo r F inanc e/C o mp tro ller I.2 S UMMARY: S taff will p re s ent F inanc ial I nd ic ato rs that will advis e the F Y2021 b ud get d evelo p ment. SUGGESTED MOTION: FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 10/3 0/2019 7:OS p.m. ATTACHMENTS: Description Type � �4�����:������.�������,���,:����������������������.�:�� ������������.�����.��. ��������� �� ���. ���� ��� �� � -� �� �� } � � � �� � �� � � �� � �� � �_ ��� � �� � �� � �# � �� � � � � , � � � ��������' � : ��� :_��� ,,_� -��� �. z,��i . �� � ���� ���= • Table of Contents �� E ��- ����� _ ���, ��- �� �.��, ��L � � �� _ � - _ � � '�-� ._, ����= 9 . _---�� � � ������� �g���� Introduction 1 IndicatorAnalysis Appendices Indicator Sum mary 2 A Chapter 70 Com parative Data 20 1.1 Revenues 3 B Pupils as a Percentage of Population 21 1.2 State Aid 4 C Other Reserves & Continuing Balance Accounts 22 1.3 Revenues Related to Economic Growth 5 D Average Residential Tax Bill 23 1.4 Property Tax Revenues 6 E Comparative Pension Liability Funding 24 1.5 Uncollected Property Taxes 6 1.6 Expenditures per Department 7 1.7 Personnel Costs 8 1.8 Employee Benefits 9 1.9 Retirement Participants 10 1.10(a) Pension Liability 11 1.10(b) OPEB Liability 12 1.11 Debt Service 13 1.11(a) Projected Exem pt Debt Service 14 1.12 Long-Term Debt 15 1.13 Reserves and Fund Balance 16 1.13(a) Use of Capital Stabilization Fund 17 1.14 Popu lation 18 1.14(a) School Enrollment 19 � -���� �� � . ��E� ���- � � _ ������: ��-��� , �,��, � Introduction �� � ��� _ � _ _ � • _ � � � , � __i �a�= ������� � _`.���g�� This packet of information includes: a) An evaluation of the fiscal health of the Town of Lexington, presented through a series of indicators and, where appropriate, comparative benchmarks. b) Key policy issues facing the Town in FY2021. This material provides an informed snapshot of Lexington's financial condition to assist policymakers in preparing for the FY2021 Budget Process. Using a series of recognized metrics from professional organizations, including the International City/County Management Association (ICMA), the Government Finance Officers'Association (GFOA), Moody's Investor's Service, and data from the Town of Lexington, the Massachusetts Department of Revenue, the Massachusetts Department of Elementary and Secondary Education, and the U.S. Census Bureau, Town staff have compiled 14 indicators with which to evaluate the Town's fiscal health. Lexington's financial condition is sound. In particular, • Lexington has positive revenue growth, stable labor costs as a percentage of total operating costs, and healthy levels of pension funding and reserves. • Lexington's financial condition is satisfactory in the areas of expenditure growth and revenues related to economic g rowth. • Lexington's Health Insurance spending as a percentage of employee wages has dropped more than 6.5% (from 26.9% in FY2012 to 20.2% in FY2019), largely as a result of savings that the Town was able to realize due to joining the Commonwealth's Group Insurance Commission (GIC) in FY2013. Some of the challenges the Town is facing include: • The Town's primary challenge continues to be funding critically needed capital projects. Growth in within-levy debt service, exempt debt service and projected exempt debt service is beginning to place pressure on operating budgets. • An increasing school-aged population is placing growing pressure on the school budget and the Town's personnel and benefits costs. • Manage growth in the average residential tax bill. In 2019, Lexington had the 7t" highest average residential tax bill statewide, and the 4t" highest within 10 comparable communities. For context, Lexington has the 13t" highest average home value statewide, but is ranked 220t" when looking at taxes as percent of assessed value (1.41%). The data in this report, however, suggests that the Town's financial condition is strong and it is expected that Lexington will maintain its Aaa credit rating. 1 � -���� �� � . ��E� ���- � � _ ������: ��-��� , �,��, � ��z � � �� � _ � • � -i- ���_ � � - � � Indicator Summar - FY2016-2019 -������� Y _s���g����, • . 1 . � • � � i � � I.1 Revenues I.2 State Aid I.3 Revenues Related to Economic Growth I.4 Property Tax Revenues I.5 Uncollected Property Taxes I.6 Expenditures per Department I.7 Personnel Costs I.8 Employee Benefits I.9 Retirement Participants U U I.10a Pension Liability I.10b OPEB Liability -- -- U I.11 Debt Service _� _�� I.11a Proj ected Exempt Debt Service I.12 Long-Term Debt I.13 Reserves and Fund Balance I.13a Use of Capital Stabilization Fund I.14 Population ,�� I.14a School Enrollment _� Chart Key ��� _, ;� � -� U Unf avorab le 2 �� � ���� ���= • Indicator 1: Revenues �� E ��- ����� _ ���, �� �� � ��, ��z � �� � � � �� � . � � � A decrease in net operating revenues (constant ��� - _ � �a� - � �������� -- ti= dollars) �s cons�dered a warn�ng �ndicator. ������ ��� ������-���������������� ��� ��������t��Il�r�� ���� � 4 ���� � � � � : � - F � � . � - _ � _ � - � = = - - � ,� _ ���� � � � �_ ��� �_ � � _ �� =���i ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� Fiscal Year (�o��ars in,000s) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 �o-year Change Gross operating revenue/transfers $146,116 $152,465 $160,271 $168,235 $177,272 $184,930 $193,583 $203,261 $214,544 $223,863 53.2% Less: Exempt Debt Service� $ 5,746 $ 5,754 $ 5,722 $ 6,199 $ 6,928 $ 7,423 $ 8,325 $ 8,330 $ 8,293 $ 9,360 62.9% Net Operating Revenues $140,370 $146,712 $154,549 $162,035 $170,344 $177,507 $185,258 $194,931 $206,251 $214,503 52.8% CPI-U, prior calendar year 233.8 237.4 243.9 247.7 251.1 255.2 256.7 260.5 267.0 275.8 CPI-U, adjustment for constant dollars 100.0% 98.5% 95.9% 94.4% 93.1% 91.6% 91.1% 89.7% 87.5% 84.8% Net Operating Revenues �constant doiiars) $140,370 $144,446 $148,147 $152,908 $158,568 $162,617 $168,706 $174,937 $180,566 $181,811 29.5% Percen�C�����hange frc�m pric�r year�net� ���� ���� -- ���� 2.9i?% ���� 2.56°/Q ���� 3.2'1°l� ����� �����3.7�°l� ����� ����� 2.55°l������ ����� 3.74%����� ����� 3.G9% ����� 3.22°l� ��� U����.G9°lQ �������� 10-Year Average Change 2.95% ' Excluded Debt Service for FY2013-16 and FY2018-19 is net of appropriation of$0.4,$1.6,$0.95,$0.215,$2.4 and$4.5 million,respectively,from Capital Stabilization Fund to mitigate increases. *Proposition 2'/2 Overrides were approved by voters in fiscal years 2001,2005,2007 and 2008. Debt exclusions were approved in fiscal years 2000,2003,2008,2012,2017 and 2018. ' � � ' � Revenue rowth is one measure of the Town's abilit to maintain existin � g Y g ������I� service levels. Lexington has witnessed some fluctuations in revenues in . . . . . . ���I��I constant dollars during the first half of this decade, despite this, growth has for the most art been ositive. �� ������ p p _ ����� I� 3 �� ����� Indicator 2: State Aid �, ��- . ����� _ ��� �� �� � ��, Reduced State A�d as a percentage of operating revenues �� � ���_ . � � � _ � � _ �a� , is considered a warning indicator, particularly if the Town ������� �s�������� does not have adequate reserves to offset reductions. ������������������������������ ���� � ����� ������ ���� ������ ������ ������ �.�� � ������ �€���� ����� � ����� . ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� Fiscal Year (Dollars in,000s> 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 �o-year Change Cherry Sheet Revenues(Less Offset Items) $ 8,962 $ 8,455 $ 8,341 $ 9,335 $ 10,145 $ 11,081 $ 11,527 $ 13,262 $ 15,689 $ 15,963 78.1% Net Operati ng Reven ues $140,370 $146,712 $154,549 $162,035 $170,344 $177,507 $185,258 $194,931 $206,251 $214,503 52.8% St�te Aid as a%c�f t?per�ting Re�enues 6.4°l� �.8°l� 5.4°l� 5.8°l� �.fl%� 6.2°l� 6.2% 6.8°�� 7.�°l� 7.4°l� 16.6% CPI-U, prior calendar year 233.8 237.4 243.9 247.7 251.1 255.2 256.7 260.5 267.0 275.8 CPI-U, ad'ustment for constant dollars 100.0% 98.5% 95.9% 94.4% 93.1% 91.6% 91.1% 89.7% 87.5% 84.8% Net State Aid Revenues(constant dollars) $ 8,962 $ 8,324 $ 7,996 $ 8,809 $ 9,443 $ 10,152 $ 10,497 $ 11,902 $ 13,735 $ 13,531 51.0% %change from prior year(constant dollars) -6.5% -7.1% -3.9% 10.2% 7.2% 7.5% 3.4% 13.4% 15.4% -1.5% While the Town does not rely significantly on State Aid, any dependence on such aid may be difficult to manage when there is a reduction in State funding. In order to protect itself, the Town has a contingency plan for reductions in State Aid. Since 2006, the Town has been funding reserves capable of offsetting cyclical downturns in State Aid and Local Receipts. On a constant dollar basis, State Aid steadily increased from FY2004-09, before - � � - • decreasing in FY2010-12 as a result of the economic downturn. However, it increased � � substantially in FY2013-15. Growth in FY2017-18 was largely due to increased Mar inal Education A�d based �n art on the state's efforts to meet its m�n�mum financ�n g � p g re uirements Foundation Bud et under the Cha ter 70 formula and increasin U nfavorable q � 9 ) p 9 . enrollment levels. The state funding requirement was met in FY2018 and FY2019, and Uncertain growth is expected to level-off going forward. 4 I` 9 0 0 0 0. 6 6, U. w... _ w _ . � ... U t 0- o 0 0 0 U N 0') ti Co C`7 N 00 N LO C9 LO LO o Cfl O O CD LO CD r m 00 � o � 00 00 00 0 «? r CA tD Lo 00 0) C � r N O N 00 T- 0 �} E0. 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SUGGESTED MOTION: FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 10/3 0/2019 8 :05 p.m. ITEM NUMBER: I.5