FY12 BUDGET PRESENTATION January 25, 2011. 1-25-112 Key Revenue Assumptions  Property Tax Change per 2 1/2  State Aid is level funded  Estimated Receipts.

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Presentation transcript:

FY12 BUDGET PRESENTATION January 25, 2011

Key Revenue Assumptions  Property Tax Change per 2 1/2  State Aid is level funded  Estimated Receipts is level funded  Free Cash Usage is level  PILOTS  Light Department  HRA

Property Taxes  Increase by the statutory limits set by Proposition 2 1/2 - $772,028, including the debt-exclusion for the High School.  New Growth is estimated at $150,000 for FY12 as compared to FY11’s $201,382.

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6 State Aid  State Aid is level funded at $5,702,139  There will more than likely be an adjustment downward as the State budget process unfolds over the next month  If this estimate does not materialize, adjustments will have to be made elsewhere in the budget

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9 Estimated Receipts  Estimated Receipts are calculated to be $2.77 million dollars, level funded as compared to FY11

Available Funds (Free Cash)  Free cash certified annually  Portion used to support budget  Portion to be placed in Stabilization Account for future use  Free Cash usage for FY12 is $500,000 dollars. This represents a $17,914 increase over FY11, the balance of the FY11 Free Cash will be banked in the Stabilization Fund for future years usage

Key Expenditure Issues  Operational Budget is level funded  Non-Operational items experience growth

Operational Budgets  The FY12 General Government Budget is funded at $8,968,716  The FY12 School Department is level funded at $12,500,000  The percentage share of the operating budget between the School Department and the General Government remains unchanged with the Schools receiving 58% of the operating budget and the General Government 42%

Insurances & Pension  The employee health insurance portion of the budget increase by 12% or $471,383.  This cost center continues to increase at a difficult pace to maintain.  It should be noted that cost containment measures have been instituted,  Pension costs increase 4% from $3.02 million dollars to $3.14 million dollars. This reflects the extent of our obligation in this area as required by state law

Debt and Capital  Debt costs are decreased by $85,466 over FY11 costs  The FY12 budget has $248,572 dollars allocated for capital spending.  Replacement of 2 police cruisers  3rd year payment for the ambulance  Funds for a new Fire Department Engine  Funds to rehabilitate public works vehicles to extend service longevity  Funds for limited seawall repairs