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2006 Summit II Revenue Model
�o M D rri o� 1 775 tic r a Z� 3 y a � APRIL 19T" � Fx 1 N 6 -1 Town of Lexington FY 2008 Revenue Projections Town Manager's Office Finance Department November 16, 2006 version 1.2 Town of Lexington Revenue Projections 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 general fund revenues on two bases: gross and net. Gross General Fund Revenues include all revenues projected as available for use in FY08. Net General Fund Revenues are gross revenues less sources deemed to be non - recurring, and therefore, not recommended for use to support recurring annual costs. In FY2008, Gross Revenues are projected to increase by approximately $2.97 million, or 2.48 %, while Net Revenues are projected to increase by approximately $3.16 million, or 2.7 %. General Fund Revenue Summary FY 2006 FY 2007 FY 2008 FY 07 -08 Change Actual Estimated Pmiection I % Property Tax Levy (Table 1) $ 89,868,589 $ 95,773,739 $ 99,768,083 $ 3,994,344 4.17% State Aid (Table 2) $ 8,603,524 $ 8,304,953 $ 8,117,257 $ (187,696) -2.26% Local Receipts (Table 3) $ 13,321,875 $ 10,552,000 $ 10,414,000 $ (138,000) -1.31% Available Funds (Table 4) $ 2,188,182 $ 4,713,000 $ 4,410,347 $ (302,653) -6.42% Revenue Offsets (Table 5) $ (3,145,438) $ (1,595,799) $ (1,943,739) $ (347,940) 21.80% Enterprise Receipts (Table 6) $ 1,889,916 $ 1,872,313 $ 1,824,492 $ (47,821) -2.55% Gross General Fund Revenues $ 112,726,648 $ 119,620,205 $122,590,439 $ 2,970,234 2.48% Less - Non Recurring Revenues $ - $ 2,250,000 $ 2,052,347 $ (197,653) -8.78% Net General Fund Revenues $ 112,726,648 $ 117,370,205 $120,538,092 $ 3,167,887 2.70% 2 of 27 Revenue Executive Summary 11/15/2006 Town of Lexington Revenue Projections State Aid: Projected FY08 state aid is projected to decrease by $187,696, or 2.26 %, which reflects level funding of all Cherry Sheet programs and the fact the FY07 is the last year of state reimbursement ($187,696) of construction costs for the Hastings School under the Commonwealth's old Ch. 645 program. Actual FY08 state aid numbers will probably not be known until June, 2007 at the earliest when the Legislature adopts and the Governor signs the FY2008 State budget. Our first glimpse of the direction of FY08 state aid will be reflected in the Governor's proposed FY08 budget which will be submitted to the Legislature in early February, 2007. Local Receipts: Local receipts are projected to decrease by $142,000, or approximately 1.35 %. Generally, local receipt estimates are based on the average revenue received in each category for the prior five -year period. Detailed back -up tables are included with this projection. No fee increases are assumed in these local receipt projections unless otherwise noted. To the extent the Board of Selectmen or other boards increase specific fees, this projection may be revised. Other key changes include a decrease in Water /Sewer PILOT payments of $187,500 (25 %), decreased hotel /motel reciepts due the recent closure of the Sheraton Hotel and the anticipated closure of the Battle Green Inn, increased investment income in the amount of $225,000, and, a signifcant increase in projected supportive day care revenue. Available Funds: Available Funds includes the parking meter and cemetery fund balances available for appropriation, free cash, overlay surplus, and Lexpress funds. The figures shown above are inclusive of amounts that are deemed to be non - recurring (i.e., $2.25 million in free cash that was appropriated to the stablization fund and to the Fiske project budget at the 2007 annual town meeting, and $2,052,347 of the 7/1/06 certified free cash of $3,802,347 that has been identified here as non - recurring). On a gross basis, Available Funds are projected to decrease by 6.42 %, or $0.3 million. On a net basis (i.e., funds available to support recurring operating budget costs), Available Funds are projected to decrease by only 4.3 %, or $105,000. Revenue Offsets: This category represents the set -aside of a portion of projected revenues needed for particular purposes including (1) components of state aid (Public Library aid and estimated 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 used by the Town, (3) the Asssessor's Overlay account which covers the cost of abatements and exemptions granted to property taxpayers, and, (4) potential snow and ice deficits. In FY08, Revenue Offsets are projected to increase by approximately $348,000, or 22 %. The primary driver of this change is the increase in the Overlay account by $325,000, as FY08 is a revaluation year. Enterprise Receipts: This category represents transfers from enterprise funds to the general fund to cover general fund expenditures that support the the operations of the water, sewer and recreation departments. The approximately $48,000, or 2.5 %, decrease in FY 2008 is a net change that is due to an increase in recreation indirects and a decrease in water and sewer indirects. The reduction in water and sewer indirects reflects year 1 of a 6 -year plan to bring indirects in line with revised estimates of indirect costs. Non - Recurring Revenues: This represents components of Gross General Funds Revenues that are deemed to be non - recurring, and therefore should not be used to support recurring operating budget expenditures. $2.25 million in FY07 represents appropriations of free cash to the Stabilization Fund and Fiske School project budget. $2,052,347 in FY08 is that component of our 7/1/06 certification of free cash of $3,802,347 deemed to be non - recurring. It is recommended that $1,852,347 of this amount be used to support non - recurring uses such as supplemental funding of the Stabilization Fund to build reserves per the recommendations of the report of the Financial Policy Committee, for capital expenditures, or funding of our prospective Other Post - Employment Benefit (retiree health insurance liability). It is recommended that the remaining $200,000 of the non - recurring portion of free cash be set aside as an emergency reserve for FY07, per the recommendations of report of the Financial Policy Committee. 3 of 27 Revenue Executive Summary 11/15/2006 f Town of Lexington Revenue Projections ver. 11.14.06 Table 1: Property Tax Levy Table 2: State Aid $ 100,000 $ FY 2006 Recap (Est) Estimated $ 4,250,000 $ Projected $ (447,653) FY 07 -08 Change Motor Vehicle Excise Tax Tax Levy Cherry Sheet $ 85,867,574 $ 89,868,589 $ 95,773,739 $ 5,905,150 6.57 Prop. 2.5% 5,197,254 $ 2,146,689 $ 2,246,715 $ 2,394,343 $ 147,629 6.57% New Growth 1,581,017 $ 1,854,326 $ 1,800,000 $ 1,600,000 $ (200,000) - 11.11% Table 2: State Aid $ 100,000 $ FY 2006 $ - FY 2007 $ 4,250,000 $ FY 2008 $ (447,653) FY 07 -08 Change Motor Vehicle Excise Tax $ Cherry Sheet $ Cherry Sheet $ Projected 1 $ 1.58% Chapter 70 $ 5,197,254 $ 5,863,055 $ 5,863,055 $ - 0.00% Lottery, Beano, Charity Games $ 1,581,017 $ 1,876,266 $ 1,876,266 $ - 0.00% Police Career Incentive $ 202,482 $ 221,804 $ 221,804 $ - 0.00% Veterans' Benefits & Exemptions $ 71,486 $ 90,763 $ 90,763 $ - 0.00% Offsets (METCO, School Lunch & Library) $ 1,363,589 $ 65,369 $ 65,369 $ - 0.00% sub-Total (Cherry Sheet) $ 8,415,828 $ 8,117,257 $ 8,117,257 $ - 0.00% School Construction (MSBA) $ 187,696 $ 187,696 $ - $ (187,696) - 100.00% Subotal $ 8,603,524 $ 8,304,953 $ 8,117,257 1 $ (187,696) -2.26% Table 3: Local Receipts $ 100,000 $ FY 2006 Actual $ - FY 2007 Revised $ 4,250,000 $ FY 2008 Projected $ (447,653) FY 07 -08 Change $ Motor Vehicle Excise Tax $ 4,233,625 $ 3,870,000 $ 3,931,000 $ 61,000 1.58% Other Excise $ 305,853 $ 252,000 $ 220,000 $ (32,000) - 12.70% Penalties & Interest $ 365,318 $ 230,000 $ 250,000 $ 20,000 8.70% PILOT's $ 1,142,436 $ 913,000 $ 796,000 $ (117,000) - 12.81% Rentals $ 54,241 $ 211,000 $ 216,000 $ 5,000 2.37% Departmental- Schools $ 1,103,689 $ 1,342,000 $ 1,117,000 $ (225,000) - 16.77% Departmental- Municipal $ 1,575,893 $ 1,602,000 $ 1,611,000 $ 9,000 0.56% Licenses & Permits $ 1,316,551 $ 1,434,000 $ 1,343,000 $ (91,000) -6.35% Special Assessments $ 25,041 $ 28,000 $ 24,000 $ (4,000) - 14.29% Fines & Forfeits $ 309,439 $ 275,000 $ 296,000 $ 21,000 7.64% Investment Income $ 983,630 $ 395,000 $ 610,000 $ 215,000 54.43% Miscellaneous Non - Recurring $ 1,906,160 $ - $ - $ - 0.00% Subotal $ 13,321,875 $ 10,552,000 $ 10,414,000 $ (138,000) -1.31% Table 4: Available Funds Free Cash Overlay Surplus Receipts Reserved for Appr. (Lexpress) $ 100,000 $ 100,000 $ 100,000 $ - $ 1,159,985 $ 4,250,000 $ 3,802,347 $ (447,653) $ 425,000 $ - $ 100,000 $ 100,000 $ 181,183 $ 23,000 $ 58,000 $ 35,000 Table 5: Revenue Offsets $ FY 2006 Actual FY 2007 Estimated FY 2008 Projected FY 07 -08 Change % Cherry Sheet Assessments $ (633,266) $ (655,430) $ (678,370) $ (22,940) 3.50% Cherry Sheet Offsets 4 of 27 Revenue Summary 11/15/2006 Racial Equality $ (1,303,050) $ - $ - $ - 0.00% School Lunch $ (26,765) $ (24,802) $ (24,802) $ - 0.00% Public Libraries $ (33,774) $ (40,567) $ (40,567) $ - 0.00% Overlay (abatements) $ (501,895) $ (575,000) $ (900,000) $ (325,000) 56.52% Snow Deficit $ (646,688) $ (300,000) $ (300,000) $ - 0.00% Subotal $ (3,145,438) $ (1,595,799) $ (1,943,739) $ (347,940) 21.80% Table 6: Enterprise Receipts Wastewater (Sewer) 821,798 $ 753,950 $ 731,177 Gross General Fund Revenues $ 112,726,648 1 $ 119,620,205 1 $ 122,590,439 1 $ 2,970,234 2.48% Less non - recurring revenues $ - $ 2,250,000 $ 2,052,347 Total - General Fund Available for Appropriation $ 112,726,648 $ 117,370,205 $ 120,538,092 $ 3,167,887 2.70% 4 of 27 Revenue Summary 11/15/2006 ,�s Town of Lexington Revenue Projections Table 1: Property Tax Levy 1 Growth assumes 5 -year average, of which $1.3 Million is available for any purpose and $300,000 is shown in Table 5 -A as an offsetting receipt for a potential Snow & Ice Deficit. The projected FY08 levy is a function of the FY07 levy limit increased by 2.5% per Proposition 2 1/2 plus an increment for new growth that reflects construction activity for the period July 1, 2006 to June 30, 2007. FY08 new growth is projected at $1.6 million which is 95% of the 5 year historical average. 2 The new growth amount of $1,800,000 for FY07 is an estimate that is subject to review and certification by the Department of Revenue in early December Table 2: State Aid 3 The projected decrease in state aid is due to the fact that FY07 is the last year that the Town will receive its annual school construction reimbursement of $187,696 for the Hastings School renovation. All other state aid (i.e., cherry sheet accounts), are level funded at the FY07 level. Actual FY08 state aid numbers will probably not be known until June, 2007 at the earliest when the Legislature adopts and the Governor signs the FY2008 State budget. Our first glimpse of the direction of FY08 state aid will be reflected in the Governor's proposed FY08 budget which will be submitted to the Legislature in early February, 2007. Table 3: Local Receipts 4 FY08 local receipts are projected on the basis of historical averages for individual categories of receipts unless otherwise specified in the back -up tables of this document. 5 Payments if lieu of taxes, (PILOTs), for the Water and Sewer Enterprise Funds have been reduced by $187,500, as voted by the Board of Selectmen on November 21, 2005 & October 30, 2006. Table 4: Available Funds 6 Parking fund to increase annual contribution to $350,000, an increase of $10,000 from FY 2007.This is for the purpose of funding the lease agreement to NSTAR for the construction of a parking lot in Lexington Center. 7 The Town's free cash as certified by the Department of Revenue as of 7/1/06 is $3,802,347. Of this amount, $1,750,000 is recommended to be used to support recurring annual operating costs. It is recommended that the balance of the free cash, $2,052,347, be used to support non - recurring costs. Of this amount, it is recommended that $1,852,347 be used to support non - recurring uses such as supplemental funding of the Stabilization Fund to build reserves per the recommendations of the report of the Financial Policy Committee, for capital expenditures, or funding of our prospective Other Post- Employment Benefit (retiree health insurance liability). It is recommended that the remaining $200,000 of the non - recurring portion of free cash be set aside as an emergency reserve for FY07 per the recommendations of report of the Financial Policy Committee. 8 Assumes the use of $100,000 in overlay surplus bases on an analysis of potential liablilities posed by cases pending at the Appelate Tax Board. Table 5: Revenue Offsets 9 Cherry Sheet Assessments assume a 3.5% increase in FY 2008 over FY 2007. 10 Overlay Abatement is based upon the recommendation of the Town Assessor. The increase is due to FY08 being a revaluation year when abatements typically increase. 5 of 27 Assumptions 11/15/2006 Town of Lexington Revenue Projections Notes: Table 1 -A. Tax Levy History 6 of 27 11/15/2006 Allowable Amount Fiscal Year Previous Year Levy Limit Allowable 2 1/2% Allowable New Voter Approved Total Tax Levy Exempt Debt which may be Unused Tax Actual Tax Levy Increase Construction Override Limit Service raised from Capacity Property Tax 1996 $ 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 1 $ 51,2421 $ 94,760,661 22007 $ 89,868,589 $ 2,246,715 $? 1800000;. $ 1 $ 95,773,739 1 $? 5,088,509; 1 $ 100 We N/a 2008 $ 95,773,739 $ 2,394,343 $ 1,600,000 $ - 1 $ 99,768,083 1 $ 4,943,769 1 $ 104,711,852 N/a N/a Notes: Table 1 -A. Tax Levy History 6 of 27 11/15/2006 Town of Lexington Revenue Projections PREIIMINP Y- For discussion purposes only $Rrlli Growth in the tax levy attributable to new construction has been relatively consistent since FY 2000. Fueled by growth in personal property over the $2500 000 last five years, Growth has averaged nearly $1.6 million dollars a year since the turn of the decade. $2 000 000 FY08 new growth is estimated at $1,600,000 which represents approximately 95% of the 5 year historical average for the period FY02 to FY06. $1 500 000 $1,000,000 $500 000 $0 New Tax Growth per Fiscal Year Fiscal Year Residential Commercial personal Total 1998 $420,000 $116,000 $418,000 $954,000 1999 $216,000 $325,000 $104,000 $645,000 2000 $354,000 $898,000 $719,000 $1,971,000 2001 $622,000 $293,000 $621,000 $1,536,000 2002 $710,000 $49,000 $814,000 $1,573,000 2003 $890,000 $47,000 $413,000 $1,350,000 2004 $836,241 $125,767 $953,565 $1,915,573 2005 $866,131 $320,315 $505,674 $1,692,120 2006 $1,037,304 $127,221 $689,801 $1,854,326 Totals $5,951,676 $2,301,303 $5,238,040 $13,491,019 5 -Year Average $867,935 $133,861 $675,208 $1,677,004 Three Year Average FY 2004 -2006 C/I /P $907,448 Residential $913,225 Total $1,820,673 Five Year Average FY 2002 -2006 C/I /P $809,069 Residential $867,935 Total $1,677,004 Table 1 -B. New Growth History 7 of 27 11/152006 1998 1999 2000 2001 2002 2003 2004 2005 2006 ❑Residential ®Commercial ❑Personal Town of Lexington PRELIMINARY - For discussion purposes only Summary In FY 2007, net State aid for Lexington, while greater than FY 2006, still remains below FY 2003 levels (net of School construction payments and varioius grant accounts). We have projected a level - funded amount of net State aid in FY 2008. Actual State aid is set to decrease as Lexington is in the last year of receiving school building assistance monies under the old (Ch. 645) School Construction program. Data State Aid FY 2003 -2007 $10,000,000 6,140,077 Fiscal 2003 Fiscal 2004 7,239,93 6,299,5564'. Fiscal 2007 $8,000,000 State Aid -Cherry Sheet: Actual Actual . Actual Actual Projected Education: 6,551,599 6,549,442 $ 6,119,692 $ 4,895,754 $ 4,895,754 $ $6,000,000 $ 5,863,055 $ 5,863,055 School Transportation $ 147,028 $ - $ - $ - $ - SchoolConstruction $ 161,487 $ 185,819 $ 187,696 $ - $ - $ - Offset Items: $4,000,000 Racial Equality (METCO) $ 1,267,330 $ 1,101,361 $ 1,263,144 $ 1,303,050 $ - $ - SchoolLunch $ 25,773 $ 27,945 $ 27,156 $ $2,000,000 $ 24,802 $ 24,802 Public Libraries $ 31,430 $ 27,874 $ 31,723 $ 33,774 $ 40,567 $ 40,567 General Government: Lottery, Beano, Charity Games $- 1,638,770 $ 1,392,955 $ 1,392,955 $ 1,581,017 $ 1,876,266 $ 1,876,266 Police Career Incentive $ 156,335 $ 182,350 $ 188,765 $ 202,482 $ 221,804 $ 221,804 Veterans' Benefits $ 3,886 $ 10,246 $ - $ 2003 2004 2005 2006 2007 Data Fiscal 2003 Fiscal 2004 Fiscal 2005 Fiscal 2006 Fiscal 2007 Fiscal 2008 State Aid -Cherry Sheet: Actual Actual Actual Actual Actual Projected Education: Chapter 70 $ 6,119,692 $ 4,895,754 $ 4,895,754 $ 5,197,254 $ 5,863,055 $ 5,863,055 School Transportation $ 147,028 $ - $ - $ - $ - SchoolConstruction $ 161,487 $ 185,819 $ 187,696 $ - $ - $ - Offset Items: Racial Equality (METCO) $ 1,267,330 $ 1,101,361 $ 1,263,144 $ 1,303,050 $ - $ - SchoolLunch $ 25,773 $ 27,945 $ 27,156 $ 26,765 $ 24,802 $ 24,802 Public Libraries $ 31,430 $ 27,874 $ 31,723 $ 33,774 $ 40,567 $ 40,567 General Government: Lottery, Beano, Charity Games $ 1,638,770 $ 1,392,955 $ 1,392,955 $ 1,581,017 $ 1,876,266 $ 1,876,266 Police Career Incentive $ 156,335 $ 182,350 $ 188,765 $ 202,482 $ 221,804 $ 221,804 Veterans' Benefits $ 3,886 $ 10,246 $ - $ 3,625 $ 15,137 $ 15,137 Exemptions: Vets, Blind, Surviving Spouses $ 51,115 $ 46,071 $ 50,382 $ 50,793 $ 51,028 $ 51,028 Exemptions: Elderly $ 23,251 $ 24,223 $ 21,586 $ 17,068 $ 24,598 $ 24,598 Gross Cherry Sheet Totals $ 9,626,097 $ 7,894,598 $ 8,059,161 $ 8,415,828 $ 8,117,257 $ 8,117,257 Less School Construction $ (161,487) $ (185,819) $ (187,696) $ - $ - $ - Less Offset Items: $ (1,324,533) $ (1,157,180) $ (1,322,023) $ (1,363,589) $ (65,369) $ (65,369) Net Cherry Sheet Totals $ 8,140,077 $ 6,551,599 $ 6,549,442 $ 7,052,239 $ 8,051,888 $ 8,051,888 School Construction (MSBA) 2 $ 187,696 $ 187,696 $ - Total State Aid (Amount Available for Appropriations $ 8,140,077 $ 6,551,599 $ 6,549,442 $ 7,239,935 $ 8,239,584 $ 8,051,888 Notes ' Racial Equality (METCO) Offset Item removed from Cherry Sheets effective FY 2007 by Department of Revenue. c School Construction (MSBA) funding amounts cease in FY 2007. The $187,696 reflects final years reimbursements for renovations completed to the Hastings Elementary School Table 2 -A. State Aid History 8 of 27 11/15/2006 f Town of Lexington Revenue Projections PRELIMINARY - For discussion purposes only Summary Local Receipts (fees, permits &charges) make up 7.5% of the total revenues for the Town of Lexington. Local receipts are one indicator of the status of economic growth in the community. Certain local receipts (I.e. motor vehicle excise, licenses and permits, investment income, hotel /motel) are closely related to the overall growth in the State's economy. Local Receipt Category Local Receipts FY 2002 -2006 $14,000,000 Fiscal 2003 40,246,954 $13,000,000 $12,000,000 $11,000,000 10,198;407 10,248,730 $10,000,000 9,722X5 3,782,090 B 97g 898 $9,000,000 $ $8,000,000 $ $7,000,000 $ 2002 2003 2004 2005 2006 Local Receipt Category Fiscal 2002 Fiscal 2003 Fiscal 2004 Actual Fiscal 2005 Fiscal 2006 Fiscal 2007 Pro Motor Vehicle Excise Tax ' $ 3,782,090 $ 3,905,206 $ 3,543,225 $ 4,179,205 $ 4,233,625 $ 3,870,000'. Other Excise $ 428,688 $ 412,935 $ 297,438 $ 384,343 $ 305,853 $ 252,000) Penalties & Interest $ 201,617 $ 230,594 $ 206,883 $ 249,544 $ 365,318 $ 230,000'_`'. PILOT's $ 1,030,643 $ 1,084,567 $ 1,077,611 $ 993,372 $ 1,142,436 $ 913,000:'. Rentals $ 40,228 $ 42,977 $ 46,598 $ 49,212 $ 54,241 $ 211,000.:? Departmental - Schools $ 837,764 $ 1,024,276 $ 867,998 $ 871,522 $ 1,103,689 $ 1,342,000.:: Departmental- Municipal $ 1,357,211 $ 1,081,372 $ 1,042,202 $ 1,159,468 $ 1,397,781 $ 1,602,000'. Licenses & Permits $ 1,434,278 $ 1,185,878 $ 1,295,080 $ 1,565,913 $ 1,316,551 $ 1,434,000:'. Special Assessments $ 44,728 $ 54,064 $ 26,969 $ 29,185 $ 25,041 $ 28,000'_`'. Fines & Forfeits $ 261,414 $ 287,831 $ 250,181 $ 315,296 $ 309,439 $ 275,000:'. Investment Income $ 699,446 $ 412,616 $ 324,131 $ 449,669 $ 983,630 $ 395,000) Miscellaneous Non - Recurring 2 $ - $ - $ - $ - $ 1,906,160 $ - Total $ 10,118,107 $ 9,722,316 $ 8,978,316 $ 10,246,730 $ 13,143,763 $ .;10,552,000;.: Notes 1 FY 2005 Motor Vehicle Excise increase partly attributable to the receipt of a late billing from FY 2004. 2 FY 2006 amount refflects final distributions from NEWC and NSTAR rebates for Fiske /Harrington School projects. Fiscal 2008 $ 3,931,000 $ 220,000 $ 250,000 $ 796,000 $ 216,000 $ 1,117,000 $ 1,611,000 $ 1,343,000 $ 24,000 $ 296,000 $ 610,000 Table 3 -A. Local Reciepts Summ. 9 of 27 11/15/2006 Town of Lexington Revenue Projections Local Receipt Category Fiscal 2002 Fiscal 2003 Actual Fiscal 2004 Fiscal 2005 Fiscal 2006 Estimated Fiscal 2007 Projected Fiscal 2008 Motor Vehicle Excise Tax $ 3,782,090 $ 3,905,206 $ 3,543,225 $ 4,179,205 $ 4,233,625 $ 3,870,733 $ 3,931,296 1001 0050 41 570 MOTOR VEHICLE EXCISE TAX -PR $ 1,163 $ 3,290 $ 292 $ 3,311 $ 953 1001005041590 90 MOTOR VEHICLE EXCISE TAX $ 417 $ - $ - $ - $ 1001005041591 91 MOTOR VEHICLE EXCISE TAX $ 214 $ - $ - $ - $ 1001005041592 92 MOTOR VEHICLE EXCISE TAX $ 197 $ - $ - $ - $ 1001005041593 93 MOTOR VEHICLE EXCISE TAX $ 126 $ - $ - $ - $ 1001005041594 94 MOTOR VEHICLE EXCISE TAX $ 48 $ - $ - $ - $ 1001005041595 95 MOTOR VEHICLE EXCISE TAX $ 24 $ (68) $ 30 $ 486 $ 145 1001005041596 96 MOTOR VEHICLE EXCISE TAX $ 309 $ 54 $ 57 $ 453 $ 252 1001005041597 97 MOTOR VEHICLE EXCISE TAX $ 704 $ 106 $ 419 $ 268 $ 310 100100504159898 MOTOR VEHICLE EXCISE TAX $ 668 $ 1,072 $ 136 $ 110 $ 102 1001005041599 99 MOTOR VEHICLE EXCISE TAX $ 4,840 $ 948 $ 481 $ 279 $ 191 100100504150000 MOTOR VEHICLE EXCISE TAX $ 23,519 $ 4,715 $ 1,934 $ 729 $ 268 100100504150101 MOTOR VEHICLE EXCISE TAX $ 624,145 $ 42,614 $ 6,219 $ 2,207 $ 866 100100504150202 MOTOR VEHICLE EXCISE TAX $ 3,125,719 $ 739,613 $ 44,032 $ 9,770 $ 836 100100504150303 MOTOR VEHICLE EXCISE TAX $ - $ 3,112,863 $ 645,045 $ 57,918 $ 6,127 100100504150404 MOTOR VEHICLE EXCISE TAX $ - $ - $ 2,844,580 $ 1,029,806 $ 17,283 100100504150505 MOTOR VEHICLE EXCISE TAX $ - $ - $ - $ 3,073,869 $ 855,726 100100504150606 MOTOR VEHICLE EXCISE TAX 1 $ - $ - $ - $ - $ 3,350567 Notes: FY 2008 Estimate based on 5 -year historical average of Motor Vehicle Excise Tax Collections. FY 2007 Estimate based on 5 -year historical average of Motor Vehicle Excise Tax Collections. Table 3 -B -a. MV Receipts 10 of 27 11/15/2006 Town of Lexington Revenue Proiections Totals 1 $3,782,090.14 1 $ 3,905,205.87 1 $ 3,543,224.92 1 $4,179,205.30 1 $ 4,233,624.82 2002 2002 2002 2003 2006 2004 2003 2005 2006 2004 2001 Billed $ 4,046,588.51 Actual $ 3,782,090.14 93.5% 2005 Billed $ 4,012,576.03 Actual $ 3,543,224.92 88'3 /o Billed $ 3,926,101.72 Actual $ 4,179,205.30 106.4% Billed $ 4,224,974.58 Actual $ 4,233,624.82 100.2% 2006 i commit # of Bills Pre-2001 SumOfexcaise Avg./Bill # of Bills 10,116.94 SumOfe a Av ,fBlll # of Bills 5,635.47 SumQfexc 3ei Av ,fBitl # of Bills SumQfexcise Av ./bill # of Bills 42,613.67 ? SumOfexcise ? Avg./Bill 1 22953 $ 2,711,705.00 $118.14 23117 $ 2,730,787.50 $118.13 22684 $ 2,646,526.25 $116.67 22761 $ 2,734,153.75 $120.12 22807 $ 2,835,693.75 $124.33 10 26 $ 1,821.46 $70.06 193 $ 20,839.31 $107.98 47 $ 5,426.49 $115.46 $ 1,029,806.29 $ 47 $ 5,426.49 $115.46 11 104 $ 21,852.01 $210.12 26 $ 4,222.10 $162.39 9 $ 2,544.89 $282.77 $ - $ 9 $ 2,544.89 $282.77 12 50 $ 10,879.87 $217.60 2 1529 $ 502,844.21 $328.87 1424 $ 461,486.95 $324.08 1356 $ 399,141.46 $294.35 1390 $ 550,782.68 $396.25 25 1 $ 92.50 3 $ 118.75 1128 $ 347,372.33 $307.95 26 2 $ 120.00 28 1 $ 16.04 3 808 $ 158,636.83 $196.33 705 $ 140,796.52 $199.71 797 $ 203,471.67 $255.30 1093 $ 341,120.97 $312.10 763 $ 177,029.50 $232.02 30 1 $ 28.75 31 1 $ 58.75 32 1 $ 331.15 4 1152 $ 315,335.25 $273.73 1097 $ 254,776.64 $232.25 1230 $ 378,535.59 $307.75 1302 $ 354,034.65 $271.92 1302 $ 354,034.65 $271.92 5 1039 $ 215,050.32 $206.98 929 $ 152,790.47 $164.47 1050 $ 248,821.50 $236.97 800 $ 149,420.02 $186.78 800 $ 149,420.02 $186.78 6 590 $ 63,475.21 $107.59 714 $ 107,842.23 $151.04 676 $ 58,943.82 $87.20 630 $ 63,417.51 $100.66 7 824 $ 54,089.05 $65.64 680 $ 47,222.68 $69.45 620 $ 45,109.39 $72.76 846 $ 74,871.97 $88.50 8 4 $ 1,090.31 $272.58 89 $ 14,768.27 $165.94 113 $ 10,309.05 $91.23 10 $ 797.83 $79.78 9 1 1 $ 41.67 $41.67 1 118 $ 12,401.93 $105.10 1 190 $ 13,745.92 $72.35 1 1 2 $ 75.42 $37.71 Totals 1 29037 $4,046,588.51 $139.36 29095 $ 3,948,053.35 $135.70 28772 $ 4,012,576.03 $139.46 27084 $3,926,101.72 $144.96 28656 $ 4,224,974.58 $147.44 Totals 1 $3,782,090.14 1 $ 3,905,205.87 1 $ 3,543,224.92 1 $4,179,205.30 1 $ 4,233,624.82 2002 2002 2004 2003 2006 2004 2005 2006 2001 Billed $ 4,046,588.51 Actual $ 3,782,090.14 93.5% Billed $ 3,948,053.35 Actual $ 3,905,205.87 98'9 Billed $ 4,012,576.03 Actual $ 3,543,224.92 88'3 /o Billed $ 3,926,101.72 Actual $ 4,179,205.30 106.4% Billed $ 4,224,974.58 Actual $ 4,233,624.82 100.2% Pre-2001 $ 32,225.97 $ 10,116.94 $ 3,349.03 $ 5,635.47 $ 2,220.55 FY 2001 $ 624,144.92 $ 42,613.67 $ 6,218.63 $ 2,207.09 $ 866.46 FY 2002 $ 3,125,719.25 $ 739,612.51 $ 44,032.40 $ 9,769.50 $ 835.90 FY 2003 $ - $ 3,112,862.75 $ 645,044.91 $ 57,918.23 $ 6,126.70 FY 2004 $ - $ - $ 2,844,579.95 $ 1,029,806.29 $ 17,282.68 FY 2005 $ - $ - $ - $ 3,073,868.72 $ 855,725.81 FY 2006 $ - $ - $ - $ - $ 3,350,566.72 Totals 1 $3,782,090.14 1 $ 3,905,205.87 1 $ 3,543,224.92 1 $4,179,205.30 1 $ 4,233,624.82 Notes: 5 -Year Billable Average: 5 -Year Actual Collection Average: Average Bills - 5 -Year Average Average No. of Bills Annually -5 Year Average Collection Rate - 5 year Average $4,031,659 FY 2008 Projection is based average bill x average # bills x collection rate. $3,928,670 $141.38 28,529 97.47% $3,931,295.97 Table 3 -B -b. MV Excise History 11 of 27 11/152006 / 2 :41 PM 2002 2003 2004 1 2005 2006 2001 Billed $ 4,046,588.51 Actual $ 3,782,090.14 93.5% Billed $ 3,948,053.35 Actual $ 3,905,205.87 98'9 Billed $ 4,012,576.03 Actual $ 3,543,224.92 88'3 /o Billed $ 3,926,101.72 Actual $ 4,179,205.30 106.4% Billed $ 4,224,974.58 Actual $ 4,233,624.82 100.2% Notes: 5 -Year Billable Average: 5 -Year Actual Collection Average: Average Bills - 5 -Year Average Average No. of Bills Annually -5 Year Average Collection Rate - 5 year Average $4,031,659 FY 2008 Projection is based average bill x average # bills x collection rate. $3,928,670 $141.38 28,529 97.47% $3,931,295.97 Table 3 -B -b. MV Excise History 11 of 27 11/152006 / 2 :41 PM Town of Lexington Revenue Projections Local Receipt Category Fiscal 2002 Fiscal 2003 Actual Fiscal 2004 Fiscal 2005 Fiscal 2006 Estimated Fiscal 2007 Projected Fiscal 2008 Other Excise $ 428,688 $ 412,935 $ 297,438 $ 384,343 $ 305,853 $ ',252,757 $ 220,997 1001008041901 OTHER EXCISE- HOTEL/MOTEL 1001008041902 OTHER EXCISE -JET FUEL $ 348,615.00 $ 80,072.59 $ 258,109.00 $ 154,826.03 $ 216,732.00 $ 80,705.74 $ 253,007.00 $ 131,336.18 $ 209,66300 $ 96,19021 $ 130,467.90 $ 122,289.32 $ 124,807 $ 96,190 Original 2007' Estimate $ ',364,905' Notes: Original FY 2007 Estimate based on 3 -year collections average (for FY 2003 - 2005); Revised estimate based upon loss of 3/4 annual tax revenue from closure of Sheraton & Batle Green Inn hotels. FY 2008 estimate based upon 3 -year average collections, with the exception of 1/4 of annual collections from Sheraton due to closure for renovations. Table 3 -C. Other Excise 12 of 27 11/15/2006 Town of Lexington Revenue Projections Local Receipt Category Fiscal 2002 Fiscal 2003 Actual Fiscal 2004 Fiscal 2005 Fiscal 2006 Estimated Fiscal 2007 Projected Fiscal 2008 Penalties & Interest $ 201,617 $ 230,594 $ 206,883 $ 249,544 $ 365,318 $ ;', 230,336 $ 250,791 1001006041701 PENALTIES& INTEREST P.P. TAX $ 3,435.58 $ 1,486.09 $ 3,812.49 $ 2,306.22 $ 5,353.88 $ 3,381.49'. $ 3,278.85 1001006041702 PENALTIES & INTEREST R.E. TAX $ 106,325.90 $ 142,964.83 $ 147,054.84 $ 121,333.78 $ 208,922.82 $ 119,757.76 $ 145,320.43 1001006041703 PENALTIES & INTEREST TAX LIENS $ 65,209.03 $ 51,922.16 $ 36,055.50 $ 82,840.40 $ 116,239.48 $ 75,97844 $ 70,453.31 10010060 41704 PENALTIES & INTEREST M.V. TAX $ 26,646.35 $ 34,220.91 $ 19,960.21 $ 43,063.66 $ 34,802.01 $ 31,217.61 $ 31,738.63 Notes: FY 2007 Estimate based on 5 -year collections average. FY 2008 Estimate based on 5 -year collection average, FY 2002 -2006. Table 3 -D. Penalties & Interest 13 of 27 11/15/2006 ,�, Town of Lexington Revenue Projections Notes: FY 2007 Estimate based on FY 2005 PILOT payments with an inflation factor of 2.61 h. Water /sewer PILOT reflects $187,500 annual reduction, per BOS vote of 11/21/2005 until completely phased out. FY 2008 Estimate based on FY 2007 PILOT Billed amounts multiplied by the average rate of increase from FY 2002 -2006. Brookhaven PILOT set at $370,000 upon occupancy permit being awarded. Table 3 -E. PILOTS 14 of 27 11/15/2006 Actual Estimated Projected Local Receipt Category Fiscal 2002 Fiscal 2003 Fiscal 2004 Fiscal 2005 Fiscal 2006 Fiscal 2007 Fiscal 2008 PILOTS: Collected $ 1,030,643 $ 1,084,567 $ 1,077,611 $ 993,372 $ 1,142,436 $ 913,080: Town of Arlington, MA $ 1,539.76 $ 1,578.25 $ 1,194.09 $ 1,819.95 $ 1,870.94 City of Cambridge, MA $ 1,492.56 $ 1,529.87 $ 1,632.82 $ 1,291.74 $ 1,813.59 Lexington Lodge #2204 BPOE (Eagles) $ 4,055.12 $ 4,156.50 $ 4,436.18 $ 3,509.52 $ 4,927.31 Brookhaven $ 261,754.16 $ 270,653.82 $ 286,351.72 $ 226,537.23 $ 322,643.84 Trustees ofthe Supreme Council (Masons) $ 11,801.08 $ 12,096.11 $ 12,910.05 $ 10,213.34 $ 14,339.32 Water $ 250,000.00 $ 250,000.00 $ 250,000.00 $ 250,000.00 $ 250,000.00 Sewer $ 500,000.00 $ 500,000.00 $ 500,000.00 $ 500,000.00 $ 500,000.00 Waldorf School (formerly classified as Rental Receipt) Misc. (Lexington Housing Authority) $ 44,552.69 $ 21,085.92 $ 46,840.88 PILOTS: Total Billed: $ 1,030,643 $ 1,040,185 $ 1,057,015 $ 1,084,647 $ 1,091,005 $ 913,151,994 $ 796,091 Town of Arlington, MA $ 1,539.76 $ 1,592.11 $ 1,684.45 $ 1,836.05 $ 1,870.94 $ 1,88445: $ 1,919.84 City of Cambridge, MA $ 1,492.56 $ 1,543.31 $ 1,632.82 $ 1,779.77 $ 1,813.59 $ 1,82829> $ 1,860.99 Lexington Lodge #2204 BPOE(Eagles) $ 4,055.12 $ 4,192.99 $ 4,436.18 $ 4,835.44 $ 4,927.31 $ 4,961841 $ 5,056.12 Brookhaven $ 261,754.16 $ 270,653.80 $ 286,351.72 $ 312,123.37 $ 318,053.71 $ 300,000.00; $ 370,000.00 Trustees ofthe Supreme Council (Masons) $ 11,801.08 $ 12,202.32 $ 12,910.05 $ 14,071.95 $ 14,339.32 $ .14,439,$0; $ 14,714.16 Waldorf School (formerly classified as Rental Receipt) $ 27,54400 $ 27,540.00 Water $ 250,000.00 $ 250,000.00 $ 250,000.00 $ 250,000.00 $ 250,000.00 $ $ 125,000.00 Sewer $ 500,000.00 $ 500,000.00 $ 500,000.00 $ 500,000.00 $ 500,000.00 $ 37$,044.40 $ 250,000.00 Notes: FY 2007 Estimate based on FY 2005 PILOT payments with an inflation factor of 2.61 h. Water /sewer PILOT reflects $187,500 annual reduction, per BOS vote of 11/21/2005 until completely phased out. FY 2008 Estimate based on FY 2007 PILOT Billed amounts multiplied by the average rate of increase from FY 2002 -2006. Brookhaven PILOT set at $370,000 upon occupancy permit being awarded. Table 3 -E. PILOTS 14 of 27 11/15/2006 4D Town of Lexington Revenue Projections Local Receipt Category Actual Fiscal 2002 Fiscal 2003 Fiscal 2004 Fiscal 2005 Fiscal 2006 Estimated Fiscal. 2007..... Projected Fiscal 2008 Rentals $ 40,228 $ 42,977 $ 46,598 $ 49,212 $ 54,241 $ 211,109 $ 216,850 Buildings $ 15,109: $ 16,000 Cell Towers (detail below) $ 195,000 i $ 200,850 24012580 Arch Communications $ 29,000 $ 29,870 24012580 MWRA $ 15,000: $ 15,450 24012590 Nextel $ 29,000? $ 29,870 24012450 Verizon $ 30,000: $ 30,900 24015520 Sprint $ 37,000; $ 38,110 24042090 Cingular $ 30,000: $ 30,900 24012600 T- Mobile $ .25,000; $ 25,750 Notes: FY 2007 Estimate based on 5 -year historical average for building rentals PLUS anticipated revenues for Cell Tower Rentals. Cell tower lease payments have been accounted for as a Special Revenue Fund prior to FY2007. FY 2007 Base rentals amount reduced by reclassification of Waldorf School PILOT. FY 2008 Estimate based FY 2007 levels increased by contractually agreed to increase of 3 %. Building rentals level- funded. Table 3 -F. Rentals 15 of 27 11/15/2006 Town of Lexington Revenue Projections Notes: FY 2008 estimates based on 5 -year historical average. FY 2007 Amounts revised upon subsequent SC action & O/R failure. Specifically, the addition of $65,910 in estimated athletic fees, $121,500 in estimated Music Fees and $61,305 in estimated parking fees. Table 3 -G. Schools Dept. Rev. 16 of 27 11/15/2006 Local Receipt Category Fiscal 2002 Fiscal 2003 Actual Fiscal 2004 Fiscal 2005 1 Fiscal 2006 Estimated Fiscal 2007__' Projected Fiscal 2008 Departmental - Schools $ 837,764 $ 1,024,276 $ 867,998 $ 871,522 $ 1,103,689 $ 1,342,565', $ 1,117,694 1001020043401 TUITION $ 30,804.66 $ - $ - $ - $ 6 $ - 10010200 43402 SCHOOL BUS TICKETS $ 485,418.62 $ 575,591.14 $ 529,891.50 $ 529,993.77 $ 711,129.05 $ 650,224 $ 566,405 1001020043403 ATHLETIC FEES $ 183,661.00 $ 190,383.00 $ 193,647.00 $ 237,137.00 $ 240,634.00 $ 267,117 $ 209,092 1001020043601 RENTALS OF SCHOOL BUILD IN GS $ 6,668.00 $ 37,380.26 $ 27,377.27 $ 27,377.34 $ 117,078.05 $ 99,761'. $ 43,176 1001020048403 MEDICAID REIMBURSEMENT $ 131,211.51 $ 220,922.00 $ 117,082.00 $ 77,014.23 $ 34,847.82 $ 136,557 $ 116,216 10010200 43404 MUSIC FEES $ 121,500: $ 121,500 10010200 43405 STUDENT PARKING FEES $ 61,305'. $ 61,305 Notes: FY 2008 estimates based on 5 -year historical average. FY 2007 Amounts revised upon subsequent SC action & O/R failure. Specifically, the addition of $65,910 in estimated athletic fees, $121,500 in estimated Music Fees and $61,305 in estimated parking fees. Table 3 -G. Schools Dept. Rev. 16 of 27 11/15/2006 Town of Lexington Revenue Projections Local Receipt Category Fiscal 2002 Fiscal 2003 Actual Fiscal 2004 Fiscal 2005 Fiscal 2006 Estimated Fiscal 2007 Projected Fiscal 2008 Departmental- Municipal $ 1,357,211 $ 1,081,372 $ 1,042,202 $ 1,159,468 $ 1,397,781 $',1,602,211 $ 1,611,701 1001009042701 FIRE DEPT REC- AMBULANCE FEE $ 280,570.81 $ 459,371.21 $ 558,821.21 $ 735,446.77 $ 780,91761 $ 731,450? $ 763,026 1001009042702 FIRE DEPT REC- FIRE ALARM FE $ 21,840.00 $ 22,930.00 $ 22,840.00 $ - $ 125.00 $ 18,282 $ 13,547 1001009042703 POLICE DEPT REC -HOUSE ALARM $ 16,700.00 $ 18,699.99 $ 14,050.01 $ 9,650.00 $ 11,40000 $ 16,230: $ 14,100 1001009043202 CERTIFICATE OF REDEMPTION $ 775.00 $ 784.33 $ 17.00 $ 16.00 $ 3200 $ 398 $ 325 1001009043205 MUNICIPAL LIEN CERTIFICATES $ 49,669.34 $ 90,807.00 $ 56,047.00 $ 36,499.74 $ 34,84500 $ 35,597 $ 32,144 1001009043208 SEALER OF WiS &MEASURES FE $ - $ 1,525.00 $ 450.00 $ 608.00 $ 1,23400 $ 836'. $ 763 1001 0090 4321 3 FEES FOR ENGINEERING SERVIC $ 2,716.40 $ 1,288.28 $ 2,139.00 $ 1,701.00 $ 871.39 $ 2,809 $ 1,743 1001 0090 4321 7 TOWING FEES $ 24,938.50 $ 17,035.50 $ - $ - $ $ $ 8,395 1001009043220 LIBERTY RIDE FEES $ 10,000.00 $ 70,566.50 $ 38,634.00 $ - $ 89,237 50 $ 23,840'. $ 41,688 1001009043221 LEXPRESS FARES $ - $ - $ - $ - $ $ 70,000 $ 70,000 1001009043225 SELECTMAN ADM IN FEE $ 500.00 $ 500.00 $ - $ - $ $ 386: $ 200 1001009043227 TOWN CLERK FEE $ 25,808.40 $ 41,691.25 $ 47,023.93 $ 48,014.13 $ 47,86353 $ 37,186 $ 42,080 1001009043228 POLICE DEPT FEE $ 67,334.95 $ 67,001.76 $ 75,756.87 $ 91,428.86 $ 87,86024 $ 87,046 $ 77,877 1001009043229 REGISTRY SURCHARGE FEE $ 18,695.00 $ 18,380.00 $ 18,815.00 $ 21,830.00 $ 33,82500 $ 19,035'. $ 22,309 1001009043230 DPW FEES FOR SERVICE $ 1,210.00 $ 6,225.00 $ 703.00 $ 920.00 $ 3,768 92 $ 1,000 $ 2,565 1001009043231 P.B. FILING &REVIEW FEES $ 26,000.00 $ 39,750.00 $ 22,572.00 $ 25,256.00 $ 52,80000 $ 26,733'. $ 33,276 1001009043232 B &Z MICROFILM FEES $ 4,800.40 $ 4,602.70 $ 4,041.93 $ 4,137.40 $ 4,68001 $ 4,124'. $ 4,452 1001009043233 B.O.A. HEARING FEES $ 23,800.00 $ 13,800.00 $ 12,325.00 $ 34,359.00 $ 10,13900 $ 21,125 $ 18,885 1001009043234 P.B. SALE OF MAPS & DEV. RE $ 755.00 $ 1,277.00 $ 1,969.00 $ 1,521.00 $ 2,797 00 $ 1,402'. $ 1,664 1001009043235ANR PLAN FILING FEES $ 700.00 $ 600.00 $ 1,100.00 $ 800.00 $ 50000 $ 800 $ 740 1001009043236 RENTAL CAR SURCHARGE FEES $ - $ - $ - $ 3,126.00 $ 2,01960 $ 660? $ 1,029 1001009043238 CONSERVATION FEES $ 15,016.88 $ 9,257.20 $ 14,848.65 $ 18,788.00 $ 29,44400 $ 13,115 $ 17,471 1001009043239 ANIMAL ADOP /BOARDING FEE $ 70.00 $ 298.00 $ 470.00 $ 520.00 $ 16500 $ 315: $ 305 1001009043240 CEMETERY PREPARATION $ 103,500.00 $ 107,160.00 $ 133,700.00 $ 117,280.00 $ 129,03500 121,191'. $ 118,135 1001009043245 PAYASYOU THROW- STICKER $ 281,834.00 $ 38,022.60 $ - $ - $ $ $ - 1001009043246 PAYASYOU THROW - BARREL F $ 334,833.50 $ 15,613.15 $ - $ - $ $ - $ - 1001009043299 MISC. FEES $ 45,142.66 $ 34,185.11 $ 15,878.82 $ 7,566.27 $ 74,22080 $ 79,003 $ 35,339 1001009043545 SUPPORTIVE DAY CARE FEES $ - $ - $ - $ - $ 178,112 1 $ 289,694? 1 1 $ 289,644 Notes: FY 2007 Estimate based on 5 -year historical average, PLUS $250,000 additional revenues to be generated from anticipated Ambulance Fees. FY2007 Municipal Lien Certificate reduced from average due to few re- financing as mortgage rates increase. FY 2008 Estimate based upon 5-year average (FY 2002 - 2006), except additional Ambulance fees ($200,000) Table 3 -H. Municipal Dept. Rev. 17 of 27 11/15/2006 Town of Lexington Revenue Projections Local Receipt Category Fiscal 2002 Fiscal 2003 Actual Fiscal 2004 Fiscal 2005 Fiscal 2006 Estimated Fiscal 2007 Projected Fiscal 2008 Licenses & Permits $ 1,434,278 $ 1,185,878 $ 1,295,080 $ 1,565,913 $ 1,316,551 $', 1,434,050 $ 1,343,823 1001 01 20 44105 ALCOHOL &BEVERAGE LIC $ 44,600.00 $ 49,000.00 $ 48,675.00 $ 58,950.00 $ 65,97000 $ 49,1601 $ 53,439 1001 01 20 44201 BUILDING PERMITS $ 938,124.00 $ 739,148.00 $ 845,205.37 $ 1,047,215.66 $ 847,64040 $ 902,212: $ 883,467 1001 01 20 44202 GAS PERMITS $ 6,864.00 $ 6,507.00 $ 6,427.00 $ 15,288.00 $ 23,32700 $ 8,184: $ 11,683 1001 01 20 44203VMRING PERMITS $ 116,896.00 $ 127,225.00 $ 127,212.00 $ 162,646.50 $ 128,85350 $ 130,679; $ 132,567 1001 01 20 44204 PLUMBING PERMITS $ 30,525.00 $ 31,466.00 $ 33,573.00 $ 53,498.00 $ 77,32900 $ ', 35,701 $ 45,278 1001 01 20 44223 COMBINED PERMITS $ 24,116.00 $ 24,659.00 $ 28,871.00 $ 11,003.00 $ 74200 $ 19,632; $ 17,878 1001 01 20 44224 MECHANICAL PERMITS $ 4,996.00 $ 11,398.00 $ 17,306.00 $ 26,395.00 $ 28,62900 $ 13,971; $ 17,745 1001 01 20 44225 SELECTMEN'S LIC. &PERMITS $ 7,481.00 $ 1,895.00 $ 1,650.00 $ 3,175.00 $ 2,43600 $ 3,266: $ 3,327 1001 01 20 44226 DUMP PERMITS $ 63,099.00 $ 73,216.00 $ 51,260.00 $ 66,007.00 $ $ 58,816: $ 50,716 1001 01 20 44227 BOARD OF HEALTH LIC &PERMITS $ 30,379.88 $ 38,519.47 $ 40,660.25 $ 42,509.50 $ 43,19500 $', 39,128: $ 39,053 1001 01 20 44228 C.C. FARM LICENSE $ - $ - $ - $ - $ $ $ - 1001 01 20 44229 FIRE DEPT LIC. & PERMITS $ 21,037.00 $ 18,595.00 $ 22,008.94 $ 24,510.00 $ 39,42275 $ 20,642? $ 25,115 1001 01 20 44230 B &Z MISC PERMITS $ 4,125.70 $ 4,009.00 $ 3,118.30 $ 1,565.00 $ 1,44830 $', 5,2 61 $ 2,853 1001 01 20 44253 CABLE FRANCHISE LICENSE $ 73,925.31 $ 2,350.50 $ 2,312.00 $ - $ $ $ - 1001 01 20 44258 FIREARMS LICENSE $ 1,300.00 $ 1,825.00 $ 3,000.00 $ 2,420.00 $ 2,38250 $ 1,969! $ 2,186 1001 01 20 44290 TOWN CLERK'S LIC &PERMITS $ 35,758.49 $ 39,696.45 $ 34,395.51 $ 36,800.63 $ 34,95819 $ 36,553< $ 36,322 1001 01 20 44293 DPW STREET OPENING PERMITS $ 29,931.00 $ 14,999.00 $ 27,796.00 $ 12,530.00 $ 18,47700 $ 21,669; $ 20,747 1001 01 20 44296 DRAIN LAYERS LICENSE $ 780.00 $ 1,030.00 $ 1,270.00 $ 780.00 $ 1,11000 $ 9144 $ 994 1001 01 20 44299 MISC. LICENSE & PERMITS I $ 340.00 $ 340.00 $ 340.00 $ 620.00 $ 630.00 $ 86,328: 1 1 $ 454 Notes: FY 2007 Average is based upon 5 -Year collections average. FY 2008 Average is based upon 5 -Year collections average. Table 3 -I. Licenses & Permits 18 of 27 11/15/2006 Town of Lexington Revenue Projections Local Receipt Category Fiscal 2002 Fiscal 2003 Actual Fiscal 2004 Fiscal 2005 Fiscal 2006 Estimated Fiscal 2007..) Projected Fiscal 2008 Special Assessments $ 44,728 $ 54,064 $ 26,969 $ 29,185 $ 25,041 $ 28,000 $ 24,024 10010160 47501 SEWER BTMT PD IN ADVANC $ 13,947.34 $ 24,980.17 $ 502.40 $ 3,575.76 $ 7,293.10 10010160 47502 STREET BTMT PD IN ADVANCE $ 896.28 $ - $ 717.00 $ 4.00 $ 10010160 47604 01 SEWER BETTERMENT $ 269.37 $ - $ - $ - $ 10010160 47606 01 SEWERBETTINT $ 67.35 $ - $ - $ - $ 10010160 47608 02 SEWER BETTERMENT $ 15,761.94 $ 105.63 $ - $ - $ 10010160 47610 02 STREET BETTERMENT $ 3,192.55 $ - $ - $ - $ 10010160 47611 02 SIDEWALK BETTERMENT $ 116.91 $ - $ - $ - $ 10010160 47612 02 SEWER BETT INT $ 7,606.30 $ 5.28 $ - $ - $ 10010160 47613 02 WATER BETT INT $ 1,976.45 $ - $ - $ - $ 10010160 47614 02 STREET BETT INT $ 875.16 $ - $ - $ - $ 10010160 47615 02 SIDEWALK BETT INT $ 18.32 $ - $ - $ - $ 10010160 47616 03 SEWER BETTERMENT $ - $ 14,505.72 $ - $ - $ 10010160 47618 03 STREET BETTERMENT $ - $ 3,192.67 $ - $ - $ 10010160 47619 03 SIDEWALK BETTERMENT $ - $ 116.85 $ - $ - $ 10010160 47620 03 SEWER BETT INT $ - $ 8,821.60 $ - $ - $ 100101604762103WATERBETTINT $ - $ 1,60349 $ 263.50 $ - $ 10010160 47622 03 STREET BETT INT $ - $ 715.21 $ - $ - $ 10010160 47623 03 SIDEWALK BETT INT $ - $ 17.09 $ - $ - $ 10010160 47624 04 SEWER BETTERMENT $ - $ - $ 13,120.91 $ - $ 10010160 47625 04 WATER BETTERMENT $ - $ - $ - $ - $ 10010160 47626 04 STREET BETTEREMNT $ - $ - $ 3,103.04 $ - $ 100101604762804SEWERBETTINT $ - $ - $ 7,108.55 $ 6.34 $ 10010160 47629 04 WATER BETT INT $ - $ - $ 1,629.53 $ 128.00 $ 10010160 47630 04 STREET BETT INT $ - $ - $ 523.57 $ - $ 10010160 47632 05 SEWER BETTERMENT $ - $ - $ - $ 13,154.54 $ 10010160 47633 05 WATER BETTERMENT $ - $ - $ - $ 2,029.10 $ 10010160 47634 05 STREET BETTERMENT $ - $ - $ - $ 1,935.19 $ 100101604763605SEWERBETTINT $ - $ - $ - $ 6,454.18 $ 10010160 47637 05 WATER BETT INT $ - $ - $ - $ 1,528.08 $ 10010160 47638 05 STREET BETT INT $ - $ - $ - $ 369.46 $ 10010160 47640 06 SEWER BETTERMENT $ - $ - $ - $ - $ 761553 100101604764106 WATER BETTERMENT $ - $ - $ - $ - $ 176625 10010160 47642 06 STREET BETTERMENT $ - $ - $ - $ - $ 180589 10010160 47644 06 SEWER BETT INT $ - $ - $ - $ - $ 505117 10010160 47645 06 WATER BETT INT $ - $ - $ - $ - $ 1,242.63 10010160 47646 06 STREET BETT INT $ $ $ $ $ 26624 Notes: FY 2007 Average is based upon current betterment assessment. Table 3 -J. Special Assessments 19 of 27 11/15/2006 Town of Lexington Revenue Projections Local Receipt Category Fiscal 2002 Fiscal 2003 Actual Fiscal 2004 Fiscal 2005 Fiscal 2006 Estimated Fiscal 2007 Projected Fiscal 2008 Fines & Forfeits $ 261,414 $ 287,831 $ 250,181 $ 315,296 $ 309,439 $ 275,511 $ 296,596 1001017047702 PARKING FINES $ 116,358.60 $ 108,338.10 $ 108,778.50 $ 127,538.00 $ 134,52100 $ 112,042,24 $ 124,025.95 1001017047704 NONCRIMINAL FINES $ 4,765.00 $ 7,778.00 $ 6,035.00 $ 7,030.00 $ 7,97500 $ 7,024.60: $ 6,994.00 1001017047706 REGISTRY CMVI $ 129,372.50 $ 161,492.00 $ 124,862.50 $ 171,540.69 $ 154,93000 $ 145,522.04'. $ 154,570.09 1001015046801 COURT FINES $ 10,918.00 $ 10,222.50 $ 10,505.00 $ 9,187.50 $ 12,01250 $ 10,922,10 $ 11,005.60 Notes: FY 2007 Estimate based on 5-year collections average. FY 2008 Estimate based on 5-year collections average. Table 3 -K. Fines & Forfeits 20 of 27 11/15/2006 Town of Lexington Revenue Projections Local Receipt Category Actual Fiscal 2002 Fiscal 2003 Fiscal 2004 Fiscal 2005 Fiscal 2006 Estimated Fiscal 2007 Projected Fiscal 2008 Investment Income $ 699,446 $ 412,616 $ 324,131 $ 449,669 $ 983,630 $ 395,472'. $ 610,749 10010180482111NT EARNED ON SAVINGS $ 699,446.28 $ 412,616.30 $ 324,131.34 $ 449,669.21 $ 983,62958 Notes: FY 2007 Estimate based on 3-year historical average for investment income. FY 2008 Estimate based on 5-year historical average for investment income times average rate of growth in general fund revenues, FY 2002 -2006. Table 3 -L. Investment Income 21 of 27 11/15/2006 Town of Lexington Revenue Projections Local Receipt Category Actual 1 Estimated Projected Fiscal 2002 Fiscal 2003 Fiscal 2004 Fiscal 2005 Fiscal 2006 _ Fiscal 2007_' Fiscal 2008 Miscellaneous Non - Recurring $ - $ - $ - $ - $ 1,906,160 $ - NESWC Settlement Money $ 1,527,133 $ - NSTAR Reimbursements $ 379,027 $ Table 3 -M. Misc. Rec & Non -Rec 22 of 27 11/15/2006 }fie Town of Lexington Revenue Projections Available Fund Category Appropriated Estimated Projected Fiscal 2002 Fiscal 2003 Fiscal 2004 Fiscal 2005 Fiscal 2006 Fiscal 2007 Fiscal 2008 Parking $ 299,566 $ 188,218 $ 188,218 $ 275,000 $ 322,014 $ 340,000; $ 350,000 Cemetery $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000', $ 100,000 Health Trust Fund $ - $ - $ - $ - $ - $ - Free Cash $ 1,691,923 $ 3,250,000 $ 640,333 $ 150,000 $ 1,159,985 $ 4,250,000', $ 3,802,347 Overlay Surplus $ - $ - $ - $ - $ 425,000 $ - $ 100,000 Receipts Reserved for Appr.(Lexpress) $ 165,198 $ 19,200 $ 15,000 $ 1,203,160 $ 181,183 $ 23,000', $ 58,000 Stabilization Fund $ 123,050 $ - $ - $ - $ $ - I I $ Total Available Funds $ 2,379,737 $ 3,557,418 $ 943,551 $1,728,160 $ 2,188,182 1 $ 4,713,000 1 1 $4,410,347 Notes FY 2007 & 2008 amounts shown here include all available funds - both recurring and non - recurring. Increases in FY 2008 Parking Fund based on the additional fees anticipated for lease for the NSTAR parking lot. Table 4 -A. Available Funds 23 of 27 11/15/2006 }e Town of Lexington Revenue Projections Table 4 -B. Parking Collections 24 of 27 11/15/2006 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 Beginning Balance $ 101,862 $ 133,783 $ 285,550 $ 415,901 $ 518,117 $ 587,640 Budgeted (Expenses) $ (299,566) $ (188,218) $ (188,218) $ (275,000) $ (322,014) $ (490,000) Actual Collected $ 331,487 $ 339,985 $ 318,569 $ 377,216 $ 391,537 $ 356,827 Ending Balance $ 133,783 $ 285,550 $ 415,901 $ 518,117 $ 587,640 $ 454,467 Notes: Parking Fund does not include fines from tickets - only permit sales & meter collections. Appropriated from the Parking Meter Fund Program Department Category FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 DPW 3110 DPW Administration Personal Services $ 21,000 3210 Highway Maintenance Personal Services $ 20,000 $ 14,724 $ 22,907 $ 65,907 $ 74,389 3610 Lexpress Expenses $ 80,000 $ 79,193 3620 Parking Operations Personal Services $ 38,904 $ 41,397 $ 42,647 $ 47,014 $ 52,485 Expenses $ 27,970 $ 23,072 $ 23,072 $ 22,719 $ 24,120 DPW Total $ 187,874 $ 79,193 $ 79,193 $ 88,626 $ 135,640 $ 150,994 Police 4110 Police Admin Personal Services $ 25,000 $ 25,000 $ 49,201 $ 49,201 $ 49,201 $ 49,201 4120 Patrol & Enforce Personal Services $ 39,675 $ 39,675 $ 8,623 $ 84,359 $ 72,395 $ 72,395 4130 Parking Meter Maintenance Personal Services $ 33,017 $ 28,350 $ 29,201 $ 30,814 $ 42,778 $ 45,410 Expenses $ 14,000 $ 16,000 $ 22,000 $ 22,000 $ 22,000 $ 22,000 Police Total $ 111,692 $ 109,025 $ 109,025 $ 186,374 $ 186,374 $ 189,006 Capital - NSTAR Parking Lot $ 150,000 Total Parking Meter Appropriation $ 299,566 $ 188,218 $ 188,218 $ 275,000 $ 322,014 $ 490,000 Table 4 -B. Parking Collections 24 of 27 11/15/2006 }fie Town of Lexington Revenue Projections A B C D E F G Fiscal Year Beginning Free Cash Receipts in Excess of Estimates Expenditures less than App. Misc. Factors Appropriations from F.C. and other adjustments Cert. F.C. FY 2001 $ 1,836,400 $ 3,086,536 $ 1,208,713 $ (692,645) $ 5,439,004 FY 2002 $ 2,250,004 $ (603,164) $ 487,229 $ 2,135,507 FY 2003 $ 1,495,174 $ (372,684) $ 232,472 $ (39,959) $ 1,315,003 FY 2004 $ 1,315,003 $ (301,684) $ 588,899 $ 2,323,303 FY 2005 $ 2,123,303 $ 1,732,103 $ 333,862 $ 1,852,214 $ (715,232)1 $ 5,409,985 FY 2006 $ 5,409,985 $ 3,385,764 $ 429,318 $ - $ (5,422,720) $ 3,802,347 FY 2007 $ 3,802,347 N/A N/A N/A I N/ I N/A Notes: The method shown above is the income /appropriation & explanation of Free Cash. Table 4 -C. Free Cash 25 of 27 11/15/2006 19 Town of Lexington Revenue Projections Category FY 2002 FY 2003 Actual FY 2004 FY 2005 FY 2006 Estimated FY 2007 Projected FY 2008 Cherry Sheet Assessments $ (830,058) $ (769,526) $ (721,503) $ (674,131) $ (633,266) $ (655,430)', $ (678,370) Cherry Sheet Offsets $ - $ - $ - $ - $ - $ - $ - Racial Equality $ (1,345,354) $ (1,267,330) $ (1,101,361) $ (1,263,144) $ (1,303,050) $ - $ - SchoolLunch $ (23,560) $ (25,773) $ (27,945) $ (27,156) $ (26,765) $ (24,802) $ (24,802) Public Libraries $ (37,082) $ (31,430) $ (27,874) $ (31,723) $ (33,774) $ (40,567)', $ (40,567) Overlay (abatements) $ (852,347) $ (372,620) $ (500,142) $ (899,183) $ (501,895) $ (600,000)'.. $ (900,000) Snow Deficit $ (377,873) $ (245,954) $ (719,146) $ (181,946) $ School Reimbursements $ - $ - $ - $ - $ - $ - $ - Overlay Deficits 1 $ - $ - $ - $ - $ - $ - $ - Total Revenue Offsets $ (3,466,274) $ (2,712,633) $ (3,097,971) $ (3,077,283) $ (3,145,438) $ (1,62D,799)I. $(1,943,739) Notes: Cherry Sheet Assessments assume a 3.5% increase in FY 2008 over FY 2007. The Overlay Account (Reserve for Abatements) is based upon the recommendation of the Town Assessor. Increase in FY 2008 is due to this being a revaluation year and the anticipated increase in abatements. Table 5 -A. Revenue Offsets 26 of 27 11/15/2006 Town of Lexington Revenue Projections Category Actual Estimate Projected FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2005 Enterprise Receipts (Transfer to G.F.) Water $ 901,526 $ 987,641 $ 837,129 $ 837,129 $ 871,119 $ 883,963 $ 845,187 Wastewater (Sewer) $ 456,400 $ 473,676 $ 749,070 $ 749,070 $ 821,798 $ 753,950 $ 731,177 Recreation $ 25,000 $ 67,680 $ 197,000 $ 197,000 $ 197,000 $ 234,400 $ 248,128 Total Enterprise Receipts $ 1,352,926 $ 1,525,997 $ 1,753,199 $ 1,753,199 $ 1,889,916 1 ,', $ 1,524,492 Notes: Water & Sewer Indirects reduced in FY 2008 by $61,549, per BOS vote on October 30, 2006. Increase in Recreation indirect result of increased benefit costs for FTE's Table 6 -A. Enterprise Receipts 27 of 27 11/15/2006