finance committee budget overview april 26, 2010
TRANSCRIPT
Finance Committee
Budget Overview
April 26, 2010
2
Financial Highlights
• FY 2010 Year to Date Budgets Capital Projects Bond Sales State Aid Flooding Emergency Costs
3
Income Source Changes
• Since 2008 the contribution to the budget from State Aid and non-tax revenue has declined from 15.1% to 11.8% (FY11 est.).
0.00%
5.00%
10.00%
15.00%
20.00%
FY08 FY09 FY10 FY11est.
Other
State Aid
4
Finance CommitteeOverview
• Total FY11 Proposed Budget Plan:
$76,568,448 + 1.4%
Maintain core Town and School services Assumes 10% state aid cuts Other projected revenue approximately flat. Proposed total budget can be funded under
the Levy Limit
5
Finance CommitteeFY 2011 Planning
Expenses Summary- Key changes:
• Operating Budgets Total: +$563,285 +1.0%
• Joint Accounts: +$597,400 +5.6%
• Excluded Debt: - $ 65,410 - 1.4%
Gross $ 935,000 higher than FY 2010 Offset by $ 1,000,000 from Stabilization Fund
6
Finance CommitteeFY 2011 Planning
Budget Summary
• FY11 Budget Plan: $76,568,448 + 1.4%
• Town Operations + 0%
• Concord Schools + 0%
• Concord-Carlisle HS + 4.2%Concord operating assessment
• Other Accounts + 2.8%
FY11 Estimated property tax impact
• Current median single family assessed value = $656,700
FY10 FY11 change
Tax at median $8,596 $8,748 + $152
Tax per $100,000 $1,309 $1,332 + $ 23
Percent change + 3.3% + 1.8%
8
Finance Committee Conclusion
• Continued Risks State Aid, Local Revenues, Slow
Growth
• Dependence on Property Tax• Prudent, Consistent Policy-Based
Management and Governance