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.).

4 Finance Committee Overview Total FY11 Proposed Budget Plan: $76,568, %  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 Committee FY 2011 Planning Expenses Summary- Key changes: Operating Budgets Total: +$563, % Joint Accounts: +$597, % Excluded Debt: - $ 65, %  Gross $ 935,000 higher than FY 2010  Offset by $ 1,000,000 from Stabilization Fund

6 Finance Committee FY 2011 Planning Budget Summary FY11 Budget Plan: $76,568, % 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