ANNUAL TOWN MEETING MAY 8, 2018 TOWN OF BOXFORD ANNUAL TOWN MEETING MAY 8, 2018

FINANCE COMMITTEE MEMBERS Michael White, Chair Chris Wakeman, Vice-Chair Peter Bernardin Jeffrey Yespy Kathy Trull Joseph Callahan Phil McManus

Annual Budget Process November Estimate Revenues Issue Guidelines to Schools and Town Departments December Town Department Budget submitted Capital Requests submitted

Annual Budget Process January - March Attend School Committee Meetings Meet with Town Department Heads Review Town and School Budget Requests Review Town and School Capital Requests Vote Budget to Present to Town Meeting Vote Recommendations Capital & Other Articles May Town Meeting – No articles will be authorized for expenditure without Town Meeting Approval

Free Cash Certified 7/1/17 $3,800,000 Less Town Policy Reserve $1,600,000 Available for Expenditure $2,200,000 Total All Articles Presented ATM $1,300,000 Balance Free Cash 6/30/18 $2,500,000

CERTIFIED FREE CASH

Reserve Fund Balances Stabilization Fund $825,000 Excess Levy Capacity $1,375,000 OPEB Trust Fund $2,150,000 Free Cash will be recertified 7/1/18 Finance Committee Reserve is annual appropriation voted as part of budget $175,000

DEBT

Revenue & Expense Comparison Revenue Sources FY18 FY19 Tax Levy 28,571,205 29,963,033 4.9% State Aid 2,376,834 2,401,834 1.1% Motor Vehicle Excise 1,400,000 0.0% Other Local Receipts 935,940 970,940 3.7% 33,283,979 34,735,807 4.4% Expense Categories Masconomet Assessment 9,784,970 10,206,544 4.3% Elementary School Budget 11,933,088 12,218,594 2.4% Essex Technical High School 289,775 293,414 1.3% Town Departmental Budget 8,177,869 8,479,780 Debt Service 1,062,473 1,358,540 27.9% Essex Regional Retirement Assessment/OPEB 1,499,773 1,618,935 7.9% Other Expenses to be raised 536,031 560,000 4.5%

EXPENDITURES FY10-FY19