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

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

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

4. 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

5. 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

6. CERTIFIED FREE CASH

7. 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

8. DEBT

9. 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%

10. EXPENDITURES FY10-FY19