with hope that the 2015 return and beyond will exceed that of 2014

Size: px
Start display at page:

Download "with hope that the 2015 return and beyond will exceed that of 2014"

Transcription

1 Town of Barnstable, MA 10 Year Financial Forecast FY2015 FY 2024 with hope that the 2015 return and beyond will exceed that of 2014 T o w n o f B a r n s t a b l e T h o m a s K. L y n c h, T o w n M a n a g e r In order to assist town leaders with their strategic planning process, this document provides an in-depth look at the Town s current financial condition, revenue and expenditure trends over the past ten years and projections for the next decade. 1 / 1 6 /

2 Table of Contents SECTION I. SUMMARY... 1 A. INTRODUCTION... 1 B. GENERAL FUND REVENUE SUMMARY... 2 B.1 HISTORY OF GENERAL FUND REVENUE FY05 ACTUAL TO FY14 BUDGET... 4 B.2 COMPOSITION OF GENERAL FUND REVENUE FY05 TO FY B.3 PROJECTED GENERAL FUND REVENUE FY15 TO FY B.4 COMPOSITION OF PROJECTED GENERAL FUND REVENUE FY15 TO FY C. GENERAL FUND EXPENDITURE SUMMARY... 8 C.1 GENERAL FUND EXPENDITURE BUDGETS FY05 TO FY C.2 FY2014 APPROVED GENERAL FUND BUDGET BY MAJOR CATEGORY C.3 FY2014 GENERAL FUND OPERATING BUDGET BY DEPARTMENT C.4 FY2014 OPERATING BUDGET BY OBJECT OF EXPENDITURE D. GENERAL FUND SUMMARY D.1 GENERAL FUND FORECAST SCHEDULE FISCAL YEAR 2015 THROUGH FISCAL YEAR SECTION II. ECONOMIC FACTORS A. NATIONAL ECONOMIC FACTORS B. STATE ECONOMIC FACTORS C. LOCAL ECONOMIC FACTORS SECTION III. KEY OPERATING BUDGET AREAS NEW PROPERTY TAX GROWTH CHAPTER 70 AID FOR EDUCATION UNRESTRICTED GENERAL GOVERNMENT AID MASSACHUSETTS SCHOOL BUILDING ASSISTANCE INVESTMENT INCOME i

3 FUND BALANCE SALARIES HEALTH INSURANCE OTHER POST EMPLOYMENT BENEFITS UTILITIES AND FUEL PRIVATE ROADS CLEAN WATER WATER SUPPLY SPECIAL EDUCATION FACILITY MAINTENANCE TECHNOLOGY NO CHILD LEFT BEHIND ACT SECTION IV. KEY FINANCIAL STATISTICS A. BARNSTABLE TRENDS CAPITAL PROGRAM NET SCHOOL SPENDING REQUIREMENTS RESERVES USED TO BALANCE OPERATING BUDGETS BORROWING RATES TOTAL GENERAL FUND REVENUES PER CAPITA PROPERTY TAX REVENUE AS A PERCENTAGE OF TOTAL GENERAL FUND REVENUE EXCISE TAX AS A PERCENTAGE OF TOTAL GENERAL FUND REVENUE STATE AID AS A PERCENTAGE OF TOTAL GENERAL FUND REVENUE OTHER LOCAL RECEIPTS AS A PERCENTAGE OF TOTAL GENERAL FUND REVENUE TOTAL GENERAL FUND EXPENSES PER CAPITA FULL TIME EQUIVALENT EMPLOYEE S PER 1,000 OF POPULATION ii

4 ANNUAL PERCENTAGE CHANGE IN PERSONNEL SERVICES PERSONNEL SERVICES AS A PERCENTAGE OF TOTAL GENERAL FUND EXPENDITURES GENERAL FUND EXPENDITURES FOR UTILITY AND FUEL COSTS ENDING FUND BALANCE AS A TOTAL OF GENERAL FUND EXPENDITURES PERCENTAGE OF ASSESSED VALUE BY PROPERTY CLASS PROPERTY TAX REVENUE AS A PERCENTAGE OF PERSONAL INCOME GENERAL FUND DEBT SERVICE EXPENDITURES AS A PERCENTAGE OF TOTAL GENERAL FUND EXPENDITURES DEBT PER CAPITA PERCENTAGE OF DEBT CAPACITY USED GENERAL FUND DEBT AS A PERCENTAGE OF PROPERTY VALUE PROPERTY TAXES ALLOCATED TO DEBT SERVICE B. BARNSTABLE VS. PEER GROUPS ALL REVENUE PER CAPITA STATE AID PER CAPITA OTHER LOCAL RECEIPTS PER CAPITA GENERAL FUND SPENDING PER CAPITA SECTION V. GENERAL FUND FORECAST ASSUMPTIONS A. REVENUE ASSUMPTIONS A.1 TAX LEVY A.2 CAPE COD ENVIRONMENTAL TAX A.3 DEBT EXCLUSIONS A.4 STATE AID A.5 LOCAL RECEIPTS B. EXPENDITURE ASSUMPTIONS iii

5 B.1 SALARIES B.2 EMPLOYEE BENEFITS B.2 (a) Health Insurance B.2 (b) County Retirement B.2 (c) Workers Compensation B.2 (d) Medicare B.2 (e) Unemployment and Life Insurance B.3 UTILITIES AND FUEL B.4 SPECIAL EDUCATION B.5 INFRASTRUCTURE FUNDING B.5 (a) Capital Trust Fund B.6 ASSESSMENTS AND OTHER B.6 (a) Veterans District Assessments and Benefit Payments B.6 (b) County Assessments B.6 (c) State Assessments B.6 (d) Library Funding B.6 (e) Tourism and Celebrations Funding B.6 (f) Snow and Ice Removal Deficits SECTION VI. ENTERPRISE FUNDS A. BARNSTABLE MUNICIPAL AIRPORT A.1 Factors Affecting Revenues A.2 Factors Affecting Expenses A.3 Capital Program B. OLDE BARNSTABLE AND HYANNIS GOLF COURSE B.1 Factors Affecting Revenues iv

6 B.2 Factors Affecting Expenses C. WATER POLLUTION CONTROL (SEWER) C.1 Factors Affecting Revenues C.2 Factors Affecting Expenses C.3 Sewer Expansion Program D. SOLID WASTE D.1 Factors Affecting Revenues D.2 Factors Affecting Expenses E. WATER SUPPLY E.1 Factors Affecting Revenues E.2 Factors Affecting Expenses F. MARINAS F.1 Factors Affecting Revenues F.2 Factors Affecting Expenses G. SANDY NECK PARK G.1 Factors Affecting Revenues G.2 Factors Affecting Expenses H. HYANNIS YOUTH AND COMMUNITY CENTER H.1 Factors Affecting Revenues H.2 Factors Affecting Expenses APPENDIX A Table 1 Foundation Budget Table 2 Calculation of Effort v

7 SECTION I. SUMMARY A. INTRODUCTION Long-term financial forecasting allows the town to consider its financial future beyond the current and immediate subsequent fiscal year. This offers the opportunity for better management of the community s fiscal health as long-term imbalances can be identified and strategies to counteract them can be developed. It is a strategic process that varies significantly between communities as well as the annual budgeting process. For example, recent accounting and law changes enacted concerning employee benefits has resulted in the town restructuring its budget presentation to consolidate and analyze these costs collectively as they consume more of the budget every year. A growing concern from taxpayers nationwide in this area has emerged over the past few years. Most notably has been the accounting change to record a community s unfunded other post-employment benefits, or OPEB. For the Town of Barnstable, this is principally health insurance provided to retirees. Similar to pensions, employees earn this benefit during their work career and the cost of the benefit should be recognized over their working life. This change in accounting significantly affects the town s current period expenditures on a full accrual basis but there is currently no requirement to fund it on a budgetary basis. Pension liabilities were treated similarly until a law change required the amortization of the unfunded liability. It would not be unusual for a similar requirement to be enacted for OPEB in the future. As with any long-range forecast, this document should not be interpreted as a spending plan for the next 10 years. Decisions regarding the allocation of resources and spending priorities can change from year-to-year. Any adjustments to priorities should take into account key financial data. Additionally, the town needs to consider the impacts of these decisions on the town s financial position. Decisions made locally and at the state level in the next six months could substantially impact the indicated revenue and expense levels which are reflected in this report. The focus of the ten-year forecast should not be centered on the accuracy of the numbers provided herein but rather on the trends they illustrate. Furthermore, how this report can be connected to the town s other planning documents including the Annual Operating Budget, the Capital Improvement 1

8 Plan and the Town Council s Strategic Plan is an important consideration. These plans are all interconnected and the ten-year forecast is as good a place to start when juxtaposed with the other documents. B. GENERAL FUND REVENUE SUMMARY The forecast has been prepared using a revenue driven model. Revenue projections for the town s general fund were prepared for the next ten years using a set of assumptions to provide us with the estimated available financial resources. Major assumptions in the revenue area include: Annually raising the tax levy by the allowable 2 ½ percent Property taxes from new building growth are projected to be less than the prior ten years There are no new debt exclusions or School Building Assistance grants beyond what is currently approved for the next ten years Motor vehicle excise taxes have declined and it is forecasted that this revenue will not reach its peak year level in FY07 of $6.5 million until fiscal year 2020 Rooms excise tax and meals tax will increase 1% per year. All of the meals tax and onethird of the rooms tax will be dedicated to a sewer construction program Chapter 70 aid is projected to increase as the state s financial position improves Existing school building assistance will continue to be honored by the state and will be applied to reduce the tax levy Local revenues will grow marginally as the economy improves and fee adjustments are put into place Savings, or surplus general funds, will only be used to fund expenses of a one-time nature The Town Council s reserve fund (4% of general fund operating budget, net of transfers) is not used and remains available for its designated purpose Using these assumptions the estimated General Fund revenue for the following ten years is projected to be the following: 2

9 Projected General Fund Revenue - State in Millions (000,000) FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Property taxes $ $ $ $ $ $ $ $ $ $ State aid Other taxes Charges for services Licenses & permits Transfers Late fees on tax payments Fees Earnings on investments Other revenue Fines and citations Special assessments Leases and rentals Total $ $ $ $ $ $ $ $ $ $ Growth $3.50 $3.55 $4.20 $4.04 $4.07 $0.85 $3.40 $3.95 $4.60 $4.43 The estimated annual growth in general fund revenue ranges from less than $1 million in FY 2020 to $4.6 million in FY The drop-off in FY 2020 is due to expiring state reimbursements and tax levy add-ons for school construction projects. There is a significant reduction in expenditures that year as well. Most of the general fund revenue growth is from the tax levy which is limited under Proposition 2 ½. 3

10 B.1 HISTORY OF GENERAL FUND REVENUE FY05 ACTUAL TO FY14 BUDGET Total General Fund Revenue FY05 to FY13 Actual and FY14 Budget FY14, $132,572,436 FY13, $133,217,963 FY12, $130,908,346 FY11, $123,427,852 FY10, $119,368,118 FY09, $121,617,750 FY08, $118,920,346 FY07, $117,369,017 FY06, $112,001,240 FY05, $109,319,284 Total general fund revenue over the past ten years has grown from $109.3 million in FY05 to a budgeted amount of $132.6 million in FY14. The largest decrease over the last ten years occurred in FY10. This is when the impact of the global financial crisis that started in August of 2008 was felt locally. Property tax collections were weaker, motor vehicle excise and rooms tax were on the decline and investment rates were diminishing. The $7.5 million increase in FY12 was mainly a result of improved collections on overdue taxes and the implementation of a new local meals tax and an increase in the local rooms tax rate. The FY14 budget amount is less than the FY13 amount due to local meals tax no longer being part of the general fund revenue structure. This is now a revenue source for the new Sewer Construction Trust Fund. 4

11 B.2 COMPOSITION OF GENERAL FUND REVENUE FY05 TO FY14 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Composition of General Fund Revenue Sources FY05 to FY14 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Intergovernmental 12.3% 12.2% 12.3% 12.5% 11.5% 11.6% 10.8% 10.5% 10.7% 10.8% Other local receipts 10.0% 9.8% 10.2% 8.7% 8.5% 7.7% 8.0% 8.0% 7.0% 6.8% Excise taxes 7.5% 7.1% 7.1% 7.0% 6.0% 5.7% 6.6% 7.0% 6.3% 5.0% Property taxes 70.2% 70.9% 70.3% 71.8% 74.0% 75.1% 74.6% 74.5% 76.0% 77.4% Property taxes Excise taxes Other local receipts Intergovernmental Property taxes comprise over 77 percent of all general fund revenue sources compared to 70 percent in FY05. The growth rate in the tax levy is greater than the growth rate in all other categories. This trend is expected to continue. Excise taxes have declined from 7.5 percent in FY05 to 5 percent due to weakening motor vehicle excise billings and the transfer of local meals taxes and a portion of the local rooms taxes to the Sewer Construction Trust Fund. Intergovernmental resources have declined from a high of 12.5 percent to 10.8 percent as several aid categories have been eliminated, including school transportation, highway funds and Quinn Bill reimbursements. Additionally, the town s amount of unrestricted aid and CH70 aid has been reduced over this time period. Less than 7 percent of the total general fund revenue is comprised of resources other than taxes and intergovernmental aid. 5

12 B.3 PROJECTED GENERAL FUND REVENUE FY15 TO FY24 Total General Fund Revenue - FY15 to FY24 Projected FY24, $165,242,989 FY23, $161,331,589 FY22, $157,249,744 FY21, $153,789,809 FY20, $150,875,954 FY19, $150,423,268 FY18, $146,721,973 FY17, $143,018,608 FY16, $139,140,840 FY15, $136,087,351 Total general fund revenue is projected to grow by $29 million over the next 10 years from $136 million in FY15 to $165 million by FY24. Most of the increase is produced from property taxes. Intergovernmental aid is projected to decrease $2.5 million over this period of time as $3.5 million in reimbursements from the Massachusetts School Building Authority will expire. These will be offset by an estimated growth in intergovernmental operational aid of approximately $1 million. All other revenue sources generated from local activities like building permits, beach stickers, investment income, etc. are projected to grow by $1.8 million over this 10 year period. 6

13 B.4 COMPOSITION OF PROJECTED GENERAL FUND REVENUE FY15 TO FY24 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Composition of General Fund Revenue Sources FY15 to FY24 Projected FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Intergovernmental 10.5% 10.1% 10.0% 9.9% 9.9% 8.5% 7.9% 7.8% 7.7% 7.5% Other local receipts 6.7% 6.8% 6.8% 6.6% 6.6% 6.6% 6.7% 6.6% 6.5% 6.5% Excise taxes 5.3% 5.3% 5.3% 5.3% 5.3% 5.4% 5.3% 5.2% 5.1% 5.0% Property taxes 77.5% 77.8% 77.9% 78.1% 78.2% 79.4% 80.1% 80.5% 80.7% 81.0% Property taxes Excise taxes Other local receipts Intergovernmental By FY24, property taxes are expected to comprise 81 percent of all general fund revenue. The increased reliance on property taxes is a result of Proposition 2½ allowable increases and new property tax growth projections. It is projected that the town will need to raise the tax levy by the maximum allowable amount in order to provide the same level of services which are included in the FY14 budget. Other general fund revenue sources are not projected to increase at the same percentage rate resulting in property taxes comprising a greater overall share of the composition of total general fund revenues. Excise taxes are projected to grow $1.1 million over this 10 year period which results in a fairly consistent percentage of the overall general fund revenue sources. Intergovernmental aid declines from 10.5 percent to 7.5 percent as a result of the school construction reimbursements expiring. Taxes and intergovernmental aid combined will make up 94 percent of the total general fund revenue sources by FY24. 7

14 C. GENERAL FUND EXPENDITURE SUMMARY After determining the anticipated revenue amounts expenditure projections for fixed costs, benefits and operating expenses were made based on a variety of assumptions. The major assumptions include: An estimated 7.5 percent annual increase in health insurance The annual commitment to the Capital Trust Fund increases 2.5% each year and expiring debt service is recommitted to the capital program in later years County pension assessments increase 5 percent per year as investment performance on retirement fund assets are expected to improve over time An annual contribution into a Health Insurance Trust Fund will increase $50,000 each year School assessments will average a 3.5 percent increase per year Other assessments are projected to increase 2 to 2.5 percent a year Utilities and fuel are projected to increase 2.5 percent per year Increased investment of $10,000 per year in operating capital are included for vehicle and equipment replacements Salaries will increase on average 3 percent a year Using these assumptions the estimated General Fund expenditures for the following ten years are projected to be the following: Projected General Fund Expenditures - State in Millions (000,000) FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 School Operations $59.20 $60.77 $62.38 $64.04 $65.99 $68.01 $69.83 $71.69 $73.61 $75.59 Municipal Operations Employee Benefits Capital Program Assessments Other Total $ $ $ $ $ $ $ $ $ $ Growth $3.33 $3.23 $3.55 $4.27 $4.65 $1.34 $3.95 $4.96 $5.15 $5.37 8

15 C.1 GENERAL FUND EXPENDITURE BUDGETS FY05 TO FY14 History of General Fund Expenditure Budget FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05 $134,878,297 $137,524,290 $129,726,929 $122,843,471 $123,478,670 $127,206,647 $128,037,793 $118,284,834 $112,925,214 $106,038,991 The general fund budget has grown from $106 million in FY05 to $135 million in FY14. Fiscal years 2006 through 2008 realized larger increases than other years. The FY06 increase was mainly due to a $3 million increase in the school budget and a large snow and ice deficit. The FY07 increase was a combination of a school budget increase, increases in health insurance and pension costs and additional funds committed to the capital program. The $10 million increase in FY08 was mainly due to a one-time additional allocation of funds to the capital program. This one-time allocated was the main reason for a reduction in the FY09 budget. The FY10 budget was the year the town implemented significant reductions to its workforce; mainly in the school operations as three school buildings were closed and state aid was reduced. The increase in FY12 is principally due to an increase in funding for the town s capital program. New local meals tax and an increase in the local rooms tax were implemented for a sewer construction program and $2 million of excess general fund reserves were appropriated and transferred to the Capital Trust Fund. The FY13 budget included a one-time additional $7 million transfer to the Capital Trust Fund. The Fy14 budget is lower as this was not repeated. The general fund budget has increased $29 million over the past 10 years or $2.9 million on average per year. 9

16 C.2 FY2014 APPROVED GENERAL FUND BUDGET BY MAJOR CATEGORY FY 2014 General Fund Approved Budget by Major Category - Total = $134.9 Million 7% 4% 1% 1% 2% 2% 3% 0.4% 0.2% 47% Education Employee Benefits Capital Program Police Public Works Administrative Services 9% Assessments and Other Community Services Regulatory Services 9% Insurance Growth Management 15% Town Manager Town Council Direct expenditures on education represent the largest part of the general fund budget at 47 percent. This includes the local school system and the assessments received from the Cape Cod Regional Technical High School in Harwich and the Sturgis Public Charter School in Hyannis. The town s FY14 assessments include 374 Barnstable children attending these two schools. Employee benefits comprise 15 percent of the fiscal 2014 budget. This category includes health insurance for active and retired employees, county retirement assessments, and workers compensation and unemployment expenses. The capital program represents 9 percent and includes resources allocated to debt service payments on bonds issued to finance capital improvements and transfers into the Capital Trust Fund. Respectively, the Police and Public Works departments represent 9 percent and 7 percent of the budget. Collectively, these aforementioned areas account for 87 percent of all general fund expenditures. 10

17 C.3 FY2014 GENERAL FUND OPERATING BUDGET BY DEPARTMENT FY14 Operating Budgets - Total = $89.4 Million 6.0% 3.0% 1.1% 2.9% 0.6% 0.3% Education Police 9.1% Public Works Administrative Services Community Services Regulatory Services 13.0% 64.0% Growth Management Town Manager Town Council $89.4 million of the $134.9 million general fund operating budget is directed towards local operations. 64 percent of this amount is dedicated to education. 86 percent is dedicated to education, police and public works combined. All other operations total 14 percent. The remaining $45.5 million is dedicated to other costs including employee benefits, capital program, assessments and insurance. 11

18 C.4 FY2014 OPERATING BUDGET BY OBJECT OF EXPENDITURE FY14 General Fund Budget By Object of Expenditure Total = $134.9 Million $7,890,943, 6% $5,309,986, 4% $13,538,120, 10% $19,000,428, 14% $19,645,585, 15% $69,493,235, 51% Salaries Benefits Operating expenses Capital program Assessments Other costs Almost $89 million of the general fund operating budget; or 66 percent is comprised of salaries and benefits for employees as the town is a provider of services. $19 million is comprised in operating expenses such as utilities to support those services. Over $13 million is allocated to the town s infrastructure and almost $8 million comprises assessments from other entities including regional schools and the state. 12

19 D. GENERAL FUND SUMMARY The general fund is the main operating fund of the town. It is used to account for all financial resources except those required to be accounted for in other funds, i.e. enterprise funds. It is used by the town for recording property taxes and is the main focus of this forecast. The difference between the projected revenue and expenditures is referred to as the budget gap. New services have not been incorporated into this forecast. If new services are necessary, then it will require a corresponding cost reduction to an existing service or a new funding source must be identified. The Town Council s strategic plan will be used as a guide to make these types of decisions from year to year. No attempt is made in this forecast to predict Town Council priorities over the next ten years. The budget gaps projected for the next 10 years are offset by an estimate for surplus to be generated each year. Surplus is generated from two sources; returned appropriations and actual revenues exceeding budget estimates. The budget gaps in the projection are covered by the use of surplus. The use of surplus is restored by the generation of surplus when the previous fiscal year is closed. The following table compares the use and generation of surplus over the past 10 years. General Fund Surplus Generated Used Difference FY04 $ 3,075,360 $ (2,908,781) $ 166,579 FY05 5,883,381 (3,641,549) 2,241,832 FY06 7,326,981 (5,248,319) 2,078,662 FY07 9,692,548 (5,812,630) 3,879,918 FY08 1,501,616 (10,890,369) (9,388,753) FY09 2,408,587 (1,930,000) 478,587 FY10 3,416,013 (1,080,758) 2,335,255 FY11 4,768,613 (3,195,000) 1,573,613 FY12 5,639,538 (687,330) 4,952,208 FY13 4,403,107 (10,579,836) (6,176,729) Totals $ 48,115,744 $ (45,974,572) $ 2,141,172 As the table above illustrates, the town has generated $2 million more in surplus than it has used to balance operating and capital budgets. On average, the town has generated $4.8 million in surplus per year and has used $4.6 million to balance the budget each year. Of the $46 million used to balance budgets; $17 million was for the capital program and $29 million for the operating budget. The extraordinary surpluses generated in FY06 and FY07 were during a period of economic times where 13

20 the town s motor vehicle excise revenue and investment income were flourishing. New vehicle sales were at an all-time high and interest rates were strong. Additionally, the town s state aid was growing. The ability to generate surplus at those levels has diminished. Interest rates are very low and motor vehicle taxes and state aid has been declining. If fact, the FY08 surplus was a result of returned appropriations as reductions to budgets were implemented to offset revenue shortfalls in the budget. Property taxes comprise a significant portion of the town s general fund resources accounting for over 77 percent of all general fund resources. This is a more stable revenue source than other types of taxes which are more directly tied to the economy such as sales and income taxes. During periods of economic downturns, the town s cash flow from property taxes may be impacted but their ultimate collection are nearly certain as unpaid taxes are liened and collected through the sale of property or foreclosure proceedings. Only in the rare instance of a town foreclosure do the taxes not get paid in full. The other 23 percent of the general fund s resources are more susceptible to economic swings as they depend upon activity levels; and in the case of state aid, income and sales taxes. In periods of economic downturns, the town is in a more favorable position than many other communities as it receives a small portion of its general fund revenue in the form of state aid. This forecast demonstrates how current general fund operations can be maintained over the next 10 years if spending levels and revenues perform within the assumptions used. However, the town s capital program cannot be adequately funded without a significant influx of resources. This would have to come from new revenue sources, reductions to operations, or a combination of both. The Town Council recently approved two new sources of revenue including an increase in the local rooms tax and a local meals tax. These were dedicated to the town s largest capital need; a sewer expansion program, however, more resources are needed for the town s other capital needs. Budget gaps are projected every year for the general fund for the next ten years. The existing level of surplus may sustain the current operating levels if all assumptions used in the projection hold true. However, by fiscal year 2023, the town s general fund surplus drops below the town council reserve level. 14

21 The town s financial condition is showing improvement over the last couple of years and surplus generated is back on the rise. It would be beneficial for the town to consider using excess surplus generated for the capital program as any excessive reliance on it to cover recurring operating costs runs the risk of creating an unsustainable operating budget. The schedules on the following pages illustrate the projected general fund operations for the fiscal years ending June 30, 2015 through June 30,

22 D.1 GENERAL FUND FORECAST SCHEDULE FISCAL YEAR 2015 THROUGH FISCAL YEAR 2024 FISCAL YEAR Revenue Sources Taxes: Property taxes $ 106,207,152 $ 109,605,744 $ 112,915,588 $ 116,325,232 $ 119,851,003 $ 122,186,729 $ 125,969,867 $ 129,844,113 $ 133,840,216 $ 137,936,222 Less allowance for abatements & exemptions (1,400,000) (1,600,000) (1,400,000) (1,400,000) (1,600,000) (1,400,000) (1,400,000) (1,600,000) (1,400,000) (1,400,000) Net property taxes 104,807, ,005, ,515, ,925, ,251, ,786, ,569, ,244, ,440, ,536,222 Motor vehicle & vessel excise 5,635,000 5,835,000 6,035,000 6,235,000 6,435,000 6,635,000 6,635,000 6,635,000 6,635,000 6,635,000 Local rooms tax 1,641,250 1,657,663 1,674,240 1,690,982 1,707,892 1,724,971 1,742,221 1,759,643 1,777,239 1,795,011 PILOT 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Total taxes 112,108, ,523, ,249, ,876, ,418, ,171, ,972, ,663, ,877, ,991,233 State Aid: Chapter 70 Aid for Education 8,284,787 8,584,787 8,884,787 9,184,787 9,484,787 9,609,787 9,734,787 9,859,787 9,984,787 10,109,787 School Construction 3,509,074 3,018,706 3,018,706 3,018,706 3,018, , Unrestricted General Government 1,857,611 1,876,187 1,894,949 1,913,898 1,933,037 1,952,367 1,971,891 1,991,610 2,011,526 2,031,641 Other 794, , , , , , , , , ,448 Total state aid 14,445,800 14,184,977 14,459,792 14,784,854 15,110,168 13,101,805 12,392,851 12,543,931 12,695,272 12,846,876 Other Revenue: Charges for services 3,323,992 3,426,165 3,530,380 3,636,168 3,743,561 3,852,591 4,063,289 4,177,687 4,293,859 4,411,847 Fees 836, , , , , , , , , ,967 Late fees on tax payments 842, , , , , , , , , ,501 Fines and citations 336, , , , , , , , , ,042 Licenses & permits 1,678,346 1,727,843 1,754,808 1,782,248 1,810,175 1,843,602 1,872,531 1,901,975 1,931,943 1,962,449 Earnings on investments 650, , , , , , , , , ,811 Leases and rentals 126, , , , , , , , , ,150 Special assessments 211, , , , , , , , , ,000 Other revenue 295, , , , , , , , , ,796 Total other revenue 8,299,498 8,689,647 8,887,713 8,978,189 9,181,127 9,281,579 9,589,584 9,692,193 9,922,498 10,085,564 Transfers In: Embarkation fees 156, , , , , , , , , ,988 Parking meter receipts 131, , , , , , , , , ,699 Mooring fees 271, , , , , , , , , ,345 Pension reserve 290, , , , , , , , , ,000 Wetlands protection fund 43,697 44,571 45,462 46,372 47,299 48,245 49,210 50,194 51,198 52,222 Total transfers in 892, , , , , , , , , ,254 Total General Fund Revenue Sources $ 135,746,376 $ 139,292,761 $ 143,494,357 $ 147,538,821 $ 151,612,546 $ 152,460,487 $ 155,863,234 $ 159,812,165 $ 164,411,356 $ 168,843,926 Percent Change From Previous Year 2.7% 2.6% 3.0% 2.8% 2.8% 0.6% 2.2% 2.5% 2.9% 2.7% 16

Executive Summary. Model Structure. General Economic Environment and Assumptions

Executive Summary. Model Structure. General Economic Environment and Assumptions Executive Summary The (LTFP) report is an update from the preliminary report presented in January 2009 and reflects the Mayor s Proposed Budget for Fiscal Year 2010 and Fiscal Year 2011. Details of the

More information

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER

Massachusetts Department of Revenue. Briefing Book FY2015 Consensus Revenue Estimate Hearing. December 11, 2013. Presented by: Amy Pitter COMMISSIONER Massachusetts Department of Revenue Briefing Book FY2015 Consensus Revenue Estimate Hearing December 11, 2013 Presented by: Amy Pitter COMMISSIONER Kazim P. Ozyurt DIRECTOR OFFICE OF TAX POLICY ANALYSIS

More information

REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE

REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE December 2013 Michael Allen, Chair Associate Commissioner for Tax Policy James Breece University of Maine System Melissa Gott State Budget Officer

More information

City Council Budget Worksession

City Council Budget Worksession City Council Budget Worksession Agenda and Materials December 19, 2013 Basement Conference Room, 6:00 8:00PM 1. FY 2015 Budget Process Update 2. FY 2015-2019 Revenue and Expenditure Projections and Long

More information

Budget Introduction Proposed Budget

Budget Introduction Proposed Budget Budget Introduction Proposed Budget INTRO - 1 INTRO - 2 Summary of the Budget and Accounting Structure The City of Beverly Hills uses the same basis for budgeting as for accounting. Governmental fund financial

More information

Quarterly Budget Report

Quarterly Budget Report City of Chicago Quarterly Report 3rd Quarter Mayor Rahm Emanuel Quarterly Report-3 rd Quarter Content and Purpose This quarterly report presents an overview of the City s operating revenues and expenditures

More information

Page 1. October 1, 2012. To The Honorable, the City Council:

Page 1. October 1, 2012. To The Honorable, the City Council: To The Honorable, the City Council: October 1, 2012 The establishment of the FY13 property tax rate by the Board of Assessors, subject to the approval of the Massachusetts Department of Revenue, is the

More information

City of Charlottesville Preliminary Projected Budget and Long Term Forecast General Fund Fiscal Year 2017-2021

City of Charlottesville Preliminary Projected Budget and Long Term Forecast General Fund Fiscal Year 2017-2021 1 1/20/2016 City of Charlottesville Preliminary Budget and Long Term Forecast General Fund Fiscal Year 2017-2021 General Fund Revenues FY2016 Adopted FY2016 Revised * FY2017 FY2018 FY2019 FY2020 FY2021

More information

CITY OF CHARLOTTESVILLE, VIRGINIA CITY COUNCIL AGENDA

CITY OF CHARLOTTESVILLE, VIRGINIA CITY COUNCIL AGENDA CITY OF CHARLOTTESVILLE, VIRGINIA CITY COUNCIL AGENDA Agenda Date: November 15, 2010 Action Required: Staff Contacts: Presented By: Title: Discussion and Approval of FY 2012 Budget Guidelines, Consideration

More information

GOVERNMENT OF YUKON. Financial Statement Discussion and Analysis for the year ended March 31, 2007

GOVERNMENT OF YUKON. Financial Statement Discussion and Analysis for the year ended March 31, 2007 1 2 Introduction The Public Accounts is a major accountability report of the Government of Yukon (the Government). The purpose of the financial statement discussion and analysis is to expand upon and explain

More information

GENERAL FUND AND PUBLIC SAFETY FUND PROJECTION

GENERAL FUND AND PUBLIC SAFETY FUND PROJECTION 2015 Charter Township of West Bloomfield Finance Department GENERAL FUND AND PUBLIC SAFETY FUND PROJECTION Fiscal Years Ended December 31, 2015 through 2024 Contents Finance Director s Report 3 Historical

More information

Five-Year Financial Plan

Five-Year Financial Plan 2014 City of Yakima Five-Year Financial Plan Presented to City Council January 21, 2014 To: From: Subject: The Honorable Mayor and Members of City Council Tony O Rourke, City Manager Cindy Epperson, Director

More information

FY2015/16 Approved Budget. SECTION 26 Glossary

FY2015/16 Approved Budget. SECTION 26 Glossary 26 SECTION 26 Glossary 273 Glossary Account - The primary accounting field in the budget used to describe the type of the financial transaction. Actual - Actual level of expenditures/fte positions approved

More information

September 24, 2007. To The Honorable, the City Council:

September 24, 2007. To The Honorable, the City Council: September 24, 2007 To The Honorable, the City Council: The establishment of the FY08 property tax rate by the Board of Assessors, subject to the approval of the Massachusetts Department of Revenue, is

More information

GENERAL FUND. FY14 General Fund Revenues/Financing Sources TOTAL APPROVED = $339,071,600. Property Taxes $201,088,000 59.3% REVENUE BREAKDOWN

GENERAL FUND. FY14 General Fund Revenues/Financing Sources TOTAL APPROVED = $339,071,600. Property Taxes $201,088,000 59.3% REVENUE BREAKDOWN GENERAL FUND A general fund is used to account for financial transactions associated with government services which are not legally required to be accounted for in a special fund, or are not part of self-supporting

More information

Fiscal Year 2015 Integrated Financial Plan. 2015 Operating Plan 2015 Capital Plan 2015 Financing Plan

Fiscal Year 2015 Integrated Financial Plan. 2015 Operating Plan 2015 Capital Plan 2015 Financing Plan Fiscal Year Integrated Financial Operating Capital Financing EXECUTIVE SUMMARY Despite the ongoing efforts A Deep Financial Hole (as of September 30, ) of the Postal Service to Liabilities exceed assets

More information

JUNE 30, 2013 POST RETIREMENT BENEFITS ANALYSIS OF THE TOWN OF SMITHFIELD

JUNE 30, 2013 POST RETIREMENT BENEFITS ANALYSIS OF THE TOWN OF SMITHFIELD JUNE 30, 2013 POST RETIREMENT BENEFITS ANALYSIS OF THE TOWN OF SMITHFIELD September 2013 2013 Smithfield OPEB report - Sept TABLE OF CONTENTS Section Item Page SECTION I OVERVIEW... 1 SECTION II REQUIRED

More information

CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO. The Distribution of Household Income and Federal Taxes, 2008 and 2009

CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO. The Distribution of Household Income and Federal Taxes, 2008 and 2009 CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE Percent 70 The Distribution of Household Income and Federal Taxes, 2008 and 2009 60 50 Before-Tax Income Federal Taxes Top 1 Percent 40 30 20 81st

More information

Ten Year Financial Plan

Ten Year Financial Plan 2013 2022 Ten Year Financial Plan Department of Finance and Performance Management September 2013 0 Ten Year Financial Plan 2013 2022 Table of Contents Executive Summary... 2 Building the Base Case...

More information

CITY OF SAN JOSE 2015-2016 PROPOSED OPERATING BUDGET FUND DESCRIPTIONS

CITY OF SAN JOSE 2015-2016 PROPOSED OPERATING BUDGET FUND DESCRIPTIONS Airport Capital s CITY OF SAN JOSE These Enterprise s account for the Airport s capital expenditures and revenues and consist of the following: Airport Capital Improvement ; Airport Revenue Bond Improvement

More information

Governor s Proposals for the 2013-14 State Budget and Education

Governor s Proposals for the 2013-14 State Budget and Education Governor s Proposals for the 2013-14 State Budget and Education Association of California Community College Administrators/ Association of Chief Business Officials 2013 Budget Workshop Presented by Ron

More information

NEW PHILADELPHIA CITY SCHOOLS FIVE-YEAR FORECAST 2013-2017

NEW PHILADELPHIA CITY SCHOOLS FIVE-YEAR FORECAST 2013-2017 Real Estate Tax Assumptions NEW PHILADELPHIA CITY SCHOOLS FIVE-YEAR FORECAST 2013-2017 REVENUE ASSUMPTIONS Real estate taxes had increased at approximately 1.1% to 2.0% through 2012 and a 1.5% increase

More information

Fiscal Year 2015 Integrated Financial Plan

Fiscal Year 2015 Integrated Financial Plan Fiscal Year Integrated Financial Operating Capital Financing Integrated Financial EXECUTIVE SUMMARY Unaudited - A Deep Financial Hole (as of September 30, 2014) Liabilities exceed assets by approximately

More information

Town of Mt. Crested Butte Five Year Financial/Business Plan

Town of Mt. Crested Butte Five Year Financial/Business Plan Town of Mt. Crested Butte Five Year Financial/Business Plan 2016-2020 TABLE OF CONTENTS INTRODUCTION 3 CHAPTER 1: CURRENT FINANCIAL STATUS 5 CHAPTER 2: GOALS AND OBJECTIVES 8 CHAPTER 3: FINANCING THE PLAN

More information

Glossary of Assessment Terms:

Glossary of Assessment Terms: Glossary of Assessment Terms: Abatement A reduction or elimination of a tax or charge imposed by a governmental unit, applicable to property tax bills, motor vehicle excise taxes, fees, charges, and special

More information

Town of Mt. Crested Butte Five Year Financial/Business Plan

Town of Mt. Crested Butte Five Year Financial/Business Plan Town of Mt. Crested Butte Five Year Financial/Business Plan 2014-2018 1 TABLE OF CONTENTS INTRODUCTION 3 CHAPTER 1: CURRENT FINANCIAL STATUS 5 CHAPTER 2: GOALS AND OBJECTIVES 8 CHAPTER 3: FINANCING THE

More information

CITY OF ALEXANDRIA, VIRGINIA FINANCIAL MANAGEMENT SELF-ASSESSMENT USING STANDARD AND POORS RATING CRITERIA. June 2009

CITY OF ALEXANDRIA, VIRGINIA FINANCIAL MANAGEMENT SELF-ASSESSMENT USING STANDARD AND POORS RATING CRITERIA. June 2009 CITY OF ALEXANDRIA, VIRGINIA FINANCIAL MANAGEMENT SELF-ASSESSMENT USING STANDARD AND POORS RATING CRITERIA June 2009 Revenue and Expenditure Assumptions Are the organization s financial assumptions and

More information

Tompkins County Department of Administration

Tompkins County Department of Administration Tompkins County Department of Administration 125 East Court Street Ithaca, NY 14850 Phone: (607) 274-5551 Fax: (607) 274-5558 COUNTY ADMINISTRATOR Joe Mareane DEPUTY COUNTY ADMINISTRATOR Paula E. F. Younger

More information

Facts and Figures on the Middle-Class Squeeze in Idaho

Facts and Figures on the Middle-Class Squeeze in Idaho Facts and Figures on the Middle-Class Squeeze in Idaho For hard-working, middle-class families all over the country, life during the Bush presidency has grown less affordable and less secure. President

More information

Tipp City Exempted Village Schools. Miami County

Tipp City Exempted Village Schools. Miami County Tipp City Exempted Village Schools Miami County Assumptions for Five-Year Financial Forecast Projected Fiscal years July 1, 2014 through June 30, 2019 Forecast provided by: Tipp City Exempted Village School

More information

Five Year Financial Plan

Five Year Financial Plan The Five Year Financial Plan is a forecast of revenues and expenditures that begins with the adopted annual budget for the upcoming fiscal year (FY16) and continues for four additional years (through FY20).

More information

SCHOOL FINANCE IN COLORADO

SCHOOL FINANCE IN COLORADO STATE OF COLORADO LEGISLATIVE COUNCIL COLORADO GENERAL ASSEMBLY STATE CAPITOL BUILDING RM 029 200 EAST COLFAX AVENUE DENVER CO 80203-1784 M110300000 SCHOOL FINANCE IN COLORADO Legislative Council Staff

More information

Current Ratio - General Fund

Current Ratio - General Fund Current Ratio - General Fund Are General Fund expenses able to be paid as they come due? Description: This measure is designed to focus on the liquidity position of the County s General Fund that has arisen

More information

DISTRICT OF NORTH VANCOUVER GUIDE TO FINANCIAL STATEMENTS

DISTRICT OF NORTH VANCOUVER GUIDE TO FINANCIAL STATEMENTS DISTRICT OF NORTH VANCOUVER GUIDE TO FINANCIAL STATEMENTS DISTRICT OF NORTH VANCOUVER Our goal at North Vancouver District is to make information sharing and reporting convenient, accessible and relevant

More information

Section III. Agency Analyses

Section III. Agency Analyses Section III Agency Analyses Department of Administration FY 2013 FY 2013 FY 2014 FY 2014 Enacted Final Recommended Enacted Expenditures by Program Central Management $ 2,272,523 $ 2,633,946 $ 3,066,629

More information

Overview of Proposed 2011-12 Budget

Overview of Proposed 2011-12 Budget Mayor Antonio R. Villaraigosa Overview of Proposed 2011-12 Budget April 20, 2011 Human Resources Benefits Expenditures FY05-06 to FY11-12 Total $401.3 $439.7 $466.5 $467.6 $505.3 $545.7 $555.4 $154.1 $800.0

More information

City of Missoula Debt Management. Major Bond Issues. Outstanding Debt DEBT MANAGEMENT. City of Missoula FY 2015 Annual Budget Page I - 1

City of Missoula Debt Management. Major Bond Issues. Outstanding Debt DEBT MANAGEMENT. City of Missoula FY 2015 Annual Budget Page I - 1 City of Missoula Debt Management Debt in a governmental entity is an effective financial management tool. Active debt management provides fiscal advantages to the City of Missoula and its citizens. Debt

More information

2012-2016 Draft Plan of Finance

2012-2016 Draft Plan of Finance A. Introduction 2012-2016 Draft Plan of Finance In 2011, the Port continued to navigate through the economic uncertainty and volatility that has plagued both the national and global economies. High unemployment

More information

Policy Brief June 2010

Policy Brief June 2010 Policy Brief June 2010 Pension Tension: Understanding Arizona s Public Employee Retirement Plans The Arizona Chamber Foundation (501(c)3) is a non-partisan, objective educational and research foundation.

More information

The Long-Term Financial Liabilities of the City of Sacramento

The Long-Term Financial Liabilities of the City of Sacramento Background The Long-Term Financial Liabilities Russell Fehr City Treasurer January 28, 2014 3 of 16 Along with the severe short-term fiscal challenges brought on by the deep and prolonged recession, the

More information

DEPT: EMPLOYEE FRINGE BENEFITS UNIT NO. 1950 FUND: General - 0001. Approximate Tax Levy Cost, Employee & Retiree Fringe Benefits: $138,193,986

DEPT: EMPLOYEE FRINGE BENEFITS UNIT NO. 1950 FUND: General - 0001. Approximate Tax Levy Cost, Employee & Retiree Fringe Benefits: $138,193,986 BUDGET SUMMARY 2012 Actual 2013 Budget 2014 Budget 2013/2014 Change Health Benefit Expenditures $ 113,308,978 $ 118,502,180 $ 118,676,177 $ 173,997 Pension Related Expenditures 64,388,961 66,724,779 65,198,296

More information

The primary focus of state and local government is to provide basic services,

The primary focus of state and local government is to provide basic services, Tax Relief and Local Government The primary focus of state and local government is to provide basic services, such as public safety, education, a safety net of health care and human services, transportation,

More information

BUCKEYE VALLEY LOCAL SCHOOLS, DELAWARE COUNTY NOTES/ASSUMPTIONS TO FIVE-YEAR FORECAST FOR APPROVAL MAY 13, 2014

BUCKEYE VALLEY LOCAL SCHOOLS, DELAWARE COUNTY NOTES/ASSUMPTIONS TO FIVE-YEAR FORECAST FOR APPROVAL MAY 13, 2014 May 13, 2014 The following assumptions were used in projecting revenue and expenditures for Fiscal Year 2014 through 2018. This is the district s best estimates at this point in time. This forecast is

More information

An Overview of Florida s Insurance Premium Tax

An Overview of Florida s Insurance Premium Tax An Overview of Florida s Insurance Premium Tax Report Number 2007-122 October 2006 Prepared for The Florida Senate Prepared by Committee on Finance and Tax Table of Contents Summary... separate document

More information

PROFILE OF CHANGES IN COLORADO PUBLIC SCHOOL FUNDING

PROFILE OF CHANGES IN COLORADO PUBLIC SCHOOL FUNDING PROFILE OF CHANGES IN COLORADO PUBLIC SCHOOL FUNDING 988-89 TO 998-99 Prepared for THE COLORADO SCHOOL FINANCE PROJECT Colorado Association of School Boards Colorado Association of School Executives Colorado

More information

Operating Budget. MARIN TRANSIT 2016 2025 SHORT RANGE TRANSIT PLAN Chapter 5: Financial Plan

Operating Budget. MARIN TRANSIT 2016 2025 SHORT RANGE TRANSIT PLAN Chapter 5: Financial Plan Operating Budget Marin Transit forecasts revenues and expenses for the 10-year period based on current contract rates, annual escalations, historical trends, and partner agencies revenue projections. Marin

More information

Developing and adopting budgets

Developing and adopting budgets BEST PRACTICES Budgeting for Sustainability A Florida Perspective By Linda C. Davidson Local governments need to react in the short term by providing current budget solutions, but also by developing the

More information

2015-2016 Preliminary Budget. 2015-2020 General Fund 6-Year Forecast Detail

2015-2016 Preliminary Budget. 2015-2020 General Fund 6-Year Forecast Detail Executive Summary: The 2015-2020 forecast shows recovery, with growth back to the 15 percent fund balance level by 2019 at staffing levels based on the 2015-2016 Preliminary Budget. 2014 revenues continue

More information

Employee Benefits. To provide centralized budgetary and financial control over employee fringe benefits paid by the County.

Employee Benefits. To provide centralized budgetary and financial control over employee fringe benefits paid by the County. Mission To provide centralized budgetary and financial control over employee fringe benefits paid by the County. Focus Agency 89, Employee Benefits, is a set of consolidated accounts that provide budgetary

More information

TOWN OF MANCHESTER, MARYLAND. FINANCIAL STATEMENTS June 30, 2015

TOWN OF MANCHESTER, MARYLAND. FINANCIAL STATEMENTS June 30, 2015 FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 FINANCIAL STATEMENTS... 13 Government wide Financial Statements Statement of Net Position...14

More information

The City of Houston s Finances Is Now The Time To Raise Property Taxes?

The City of Houston s Finances Is Now The Time To Raise Property Taxes? The City of Houston s Finances Is Now The Time To Raise Property Taxes? September 9, 2015 No. 2 Greater Houston Partnership Municipal Finance Task Force Overview On July 24, 2015, the Greater Houston Partnership

More information

TOWN OF PROSPECT, CONNECTICUT

TOWN OF PROSPECT, CONNECTICUT BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED JUNE 30, 2015 ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 Table of Contents Independent Auditor's Report 4 Management's Discussion

More information

Henderson Facts. Population of approximately 271,000. Second largest city in Nevada. Full-service city/services provided:

Henderson Facts. Population of approximately 271,000. Second largest city in Nevada. Full-service city/services provided: Henderson Facts Population of approximately 271,000 Second largest city in Nevada 105 square miles Full-service city/services provided: Water Wastewater Police Fire Emergency medical services Premier parks,

More information

SCHOOL FINANCE IN COLORADO

SCHOOL FINANCE IN COLORADO SCHOOL FINANCE IN COLORADO Legislative Council Staff State Capitol Building, Room 029 200 East Colfax Avenue Denver, CO 80203 Phone: (303) 866-3521 April 2012 STATE OF COLORADO LEGISLATIVE COUNCIL COLORADO

More information

Debt Comparison by Unit Type

Debt Comparison by Unit Type QUESTIONS from the COMMUNITY 1. Recently, it was put out that our school district was over $4,000,000 in debt. A website was also introduced that had some of this statistical data. What is the story with

More information

TASA Summary of House Interim Charges Related to Public Education 84th Legislative Session November 2015

TASA Summary of House Interim Charges Related to Public Education 84th Legislative Session November 2015 TASA Summary of House Interim Charges Related to Public Education 84th Legislative Session November 2015 House Public Education Committee Examine the effectiveness and efficiency of the Cost of Education

More information

FORT MYERS BEACH MOSQUITO CONTROL DISTRICT. September 30, 2014 BASIC FINANCIAL STATEMENTS, TOGETHER WITH REPORTS OF INDEPENDENT AUDITORS

FORT MYERS BEACH MOSQUITO CONTROL DISTRICT. September 30, 2014 BASIC FINANCIAL STATEMENTS, TOGETHER WITH REPORTS OF INDEPENDENT AUDITORS FORT MYERS BEACH MOSQUITO CONTROL DISTRICT September 30, 2014 BASIC FINANCIAL STATEMENTS, TOGETHER WITH REPORTS OF INDEPENDENT AUDITORS TABLE OF CONTENTS Report of the Independent Auditors 1-2 Management's

More information

Fund 73030 OPEB Trust

Fund 73030 OPEB Trust Focus Fund 73030,, was created to capture long term investment returns and make progress towards reducing the unfunded actuarial accrued liability under Governmental Accounting Standards Board (GASB) Statement

More information

2012 Census of Governments: Finance State and Local Government Summary Report

2012 Census of Governments: Finance State and Local Government Summary Report 2012 Census of Governments: Finance State and Local Government Summary Report Economy-Wide Statistics Briefs: Public Sector By Jeffrey L. Barnett, Cindy L. Sheckells, Scott Peterson, and Elizabeth M. Tydings

More information

Financial Statement Guide. A Guide to Local Government Financial Statements

Financial Statement Guide. A Guide to Local Government Financial Statements Financial Statement Guide A Guide to Local Government Financial Statements January, 2012 Ministry of Community, Sport and 1 Financial Statement Guide Table of Contents Introduction Legislative Requirements

More information

Homestead Tax Credit

Homestead Tax Credit Homestead Tax Credit Prepared by Al Runde Wisconsin Legislative Fiscal Bureau One East Main, Suite 301 Madison, WI 53703 Homestead Tax Credit Introduction The homestead tax credit program directs property

More information

State Debt Management Update. Office of the State Treasurer January 8, 2014

State Debt Management Update. Office of the State Treasurer January 8, 2014 State Debt Management Update Office of the State Treasurer January 8, 2014 0 0 Highlights from 2013, Concerns and Priorities for 2014 2 0 Highlights from 2013 2013 Session: Worked with Committees to review

More information

FITCH RATES $1B MARYLAND GOS 'AAA'; OUTLOOK STABLE

FITCH RATES $1B MARYLAND GOS 'AAA'; OUTLOOK STABLE FITCH RATES $1B MARYLAND GOS 'AAA'; OUTLOOK STABLE Fitch Ratings-New York-26 May 2016: Fitch Ratings has assigned an 'AAA' rating to $1.036 billion in State of Maryland general obligation (GO) bonds, state

More information

CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO. An Update to the Budget and Economic Outlook: 2015 to 2025. Defense 2.7 3.3 2.2 2.

CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO. An Update to the Budget and Economic Outlook: 2015 to 2025. Defense 2.7 3.3 2.2 2. CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE An Update to the Budget and Economic Outlook: 2015 to 2025 Percentage of GDP Major Health Care Programs Mandatory Spending Social Security Other

More information

State Cashflow Management

State Cashflow Management Informational Paper 77 State Cashflow Management Wisconsin Legislative Fiscal Bureau January, 2009 State Cashflow Management Prepared by Dave Loppnow Wisconsin Legislative Fiscal Bureau One East Main,

More information

REPORT ON FINANCIAL PLAN, COST OF SERVICE AND RATES WATER AND SEWER OPERATING FUND

REPORT ON FINANCIAL PLAN, COST OF SERVICE AND RATES WATER AND SEWER OPERATING FUND REPORT ON FINANCIAL PLAN, COST OF SERVICE AND RATES WATER AND SEWER OPERATING FUND Harford County, Maryland APRIL 2016 Black & Veatch Holding Company 2011. All rights reserved. Harford County Report on

More information

Town of Clinton Budget Recommendations

Town of Clinton Budget Recommendations Town of Clinton Budget Recommendations Fiscal Year 2016 July 1, 2015 June 30, 2016 20-May-15 Fiscal Year 2015 Fiscal Year 2016 114 - Moderator Moderator Salary 100.00 100.00 Moderator Misc. Expense 50.00

More information

DRAFT WORKING GROUP STIMULUS PLAN UPDATED 02-02-09

DRAFT WORKING GROUP STIMULUS PLAN UPDATED 02-02-09 DRAFT WORKING GROUP STIMULUS PLAN UPDATED 02-02-09 MODERNIZING U.S. TAX CODE TO CREATE JOBS: Cost or CBO Score Description of Tax Provisions $330 Billion Eliminate the 3.1% payroll tax for all American

More information

State. 2011 Report. Prepared by. December 2011. Page 1

State. 2011 Report. Prepared by. December 2011. Page 1 State of Florida 2011 Debt Affordability Report Prepared by The Division of Bond Finance December 2011 Page 1 TABLE OF CONTENTS Executive Summary... 1 Introduction... 4 Composition of Outstanding Florida

More information

The 2004 Report of the Social Security Trustees: Social Security Shortfalls, Social Security Reform and Higher Education

The 2004 Report of the Social Security Trustees: Social Security Shortfalls, Social Security Reform and Higher Education POLICY BRIEF Visit us at: www.tiaa-crefinstitute.org. September 2004 The 2004 Report of the Social Security Trustees: Social Security Shortfalls, Social Security Reform and Higher Education The 2004 Social

More information

WikiLeaks Document Release

WikiLeaks Document Release WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RL34660 Federal Government Debt Collection: An Overview of the Treasury Offset and Federal Payment Levy Programs Gary Guenther,

More information

Q&A on tax relief for individuals & families

Q&A on tax relief for individuals & families Q&A on tax relief for individuals & families A. Tax cuts individuals What are the new tax rates? The table below shows the new tax rates being rolled out from 1 October 2008, 1 April 2010 and 1 April 2011,

More information

REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE

REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE REPORT OF THE MAINE STATE REVENUE FORECASTING COMMITTEE March 2014 Michael Allen, Chair Associate Commissioner for Tax Policy James Breece University of Maine System Melissa Gott State Budget Officer Marc

More information

Course Objectives. What are Property Taxes? 2/14/2012. Tax Settlements

Course Objectives. What are Property Taxes? 2/14/2012. Tax Settlements 2/14/2012 Tax Settlements Presented by: Local Government Services 1 Course Objectives To enhance your understanding of how to read and record the information contained on your tax settlement sheets To

More information

23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 23511b - Plumbing: NAICS 1997

23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 23511b - Plumbing: NAICS 1997 IBISWorld Executive Summary Industry Report 23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 : NAICS 1997 DISCLAIMER This product has been supplied by IBISWorld Inc. ('IBISWorld')

More information

FITCH RATES METROPOLITAN WATER RECLAMATION DIST OF GREATER CHICAGO, IL GOS 'AAA'; OUTLOOK STABLE

FITCH RATES METROPOLITAN WATER RECLAMATION DIST OF GREATER CHICAGO, IL GOS 'AAA'; OUTLOOK STABLE FITCH RATES METROPOLITAN WATER RECLAMATION DIST OF GREATER CHICAGO, IL GOS 'AAA'; OUTLOOK STABLE Fitch Ratings-New York-03 December 2014: Fitch Ratings has assigned an 'AAA' rating to the following Metropolitan

More information

State of New Jersey Local Government Services

State of New Jersey Local Government Services State of New Jersey Local Government Services Year: 2015 Municipal User Friendly Budget MUNICIPALITY: 526 2 Municode: 1908 Filename: 1908_fba_2015.xlsm Website: greentwp.com Phone Number: 908-852-9333

More information

PROPERTY TAX CAPS AND SCHOOL COSTS

PROPERTY TAX CAPS AND SCHOOL COSTS N O R T H S H O R E S C H O O L S B O A R D O F E D U C A T I O N 1 1 2 F R A N K L I N A V E N U E S E A C L I F F, N E W Y O R K POSITION PAPER PROPERTY TAX CAPS AND SCHOOL COSTS O C T O B E R, 2 0 0

More information

Revenue Estimates and Analysis

Revenue Estimates and Analysis Revenue Estimates and Analysis OVERVIEW The FY15 Adopted Budget is supported by $2.73 billion in recurring revenue, an increase of $121.4 million, or 4.7%, from budgeted FY14 recurring revenue. The Adopted

More information

BEFORE THE BOARD OF COUNTY COMMISSIONERS FOR MULTNOMAH COUNTY, OREGON RESOLUTION NO. 2011-123

BEFORE THE BOARD OF COUNTY COMMISSIONERS FOR MULTNOMAH COUNTY, OREGON RESOLUTION NO. 2011-123 BEFORE THE BOARD OF COUNTY COMMISSIONERS FOR MULTNOMAH COUNTY, OREGON RESOLUTION NO. 2011-123 Adopting an Updated Definition of the Various County Funds to be Used in Fiscal Year 2012 and Repealing. The

More information

GURTIN FIXED INCOME CREDIT RESEARCH FLASH

GURTIN FIXED INCOME CREDIT RESEARCH FLASH GURTIN FIXED INCOME CREDIT RESEARCH FLASH Colorado Austerity Ballot Measures Could Increase Credit Risks EXECUTIVE SUMMARY Since 1992, the voters of the State of Colorado (the State ) have placed many

More information

The Truth about the State Employees Retirement System of Illinois

The Truth about the State Employees Retirement System of Illinois The Truth about the State Employees Retirement System of Illinois The State Employees Retirement System (SERS) began in 1944 as a core benefit for state and local employers to use in attracting and retaining

More information

Public Education Capital Outlay

Public Education Capital Outlay 106 N. Bronough Street Tallahassee, FL 32301 www.floridataxwatch.org Phone: (850) 222-5052 Fax: (850) 222-7476 Florida TaxWatch Center for Educational Performance and Accountability Public Education Capital

More information

COMMONWEALTH OF PUERTO RICO QUARTERLY REPORT DATED JULY 17, 2014 00163411; 1

COMMONWEALTH OF PUERTO RICO QUARTERLY REPORT DATED JULY 17, 2014 00163411; 1 COMMONWEALTH OF PUERTO RICO QUARTERLY REPORT DATED JULY 17, 2014 00163411; 1 Table of Contents Page No. INTRODUCTION... 1 RISK FACTORS... 3 RECENT DEVELOPMENTS... 18 FISCAL CONDITION... 25 THE ECONOMY...

More information

WICKLIFFE BOARD OF EDUCATION 5-Year Financial Plan (SM-7) Assumptions: Fiscal Year 15 January 12, 2015

WICKLIFFE BOARD OF EDUCATION 5-Year Financial Plan (SM-7) Assumptions: Fiscal Year 15 January 12, 2015 Exhibit 11 WICKLIFFE BOARD OF EDUCATION 5-Year Financial Plan (SM-7) Assumptions: Fiscal Year 15 January 12, 2015 The Ohio General Assembly enacted House Bill 412 requiring public school systems annually

More information

SUMMARY OF INCENTIVES

SUMMARY OF INCENTIVES SUMMARY OF INCENTIVES State of Montana Workforce Training Grants Montana s Workforce Training Act provides grants for businesses that create new jobs in Montana and provide training or education to the

More information

TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013

TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013 TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013 ABSTRACT The fiscal cliff debate culminated in the passage

More information

PROPERTY TAX RELIEF FUND CASINO CONTROL FUND CASINO REVENUE FUND GUBERNATORIAL ELECTIONS FUND

PROPERTY TAX RELIEF FUND CASINO CONTROL FUND CASINO REVENUE FUND GUBERNATORIAL ELECTIONS FUND PROPERTY TAX RELIEF FUND CASINO CONTROL FUND CASINO REVENUE FUND GUBERNATORIAL ELECTIONS FUND PROPERTY TAX RELIEF FUND GIA 82. DEPARTMENT OF THE TREASURY 70. GOVERNMENT DIRECTION, MANAGEMENT AND CONTROL

More information

DEPT: EMPLOYEE FRINGE BENEFITS UNIT NO. 1950 FUND: General - 0001

DEPT: EMPLOYEE FRINGE BENEFITS UNIT NO. 1950 FUND: General - 0001 BUDGET SUMMARY 2010 Actual 2011 Budget 2012 Budget 2011/2012 Change Health Benefit Expenditures $ 132,619,138 $ 138,642,087 $ 120,566,786 $ (18,075,301) Pension Related Expenditures 67,972,949 66,872,988

More information

City of Long Beach New York Rebuilding for the Long Term

City of Long Beach New York Rebuilding for the Long Term PROPOSED ANNUAL BUDGET PRESENTATION (PART II) May 20, 2014 Fiscal Year July 1, 2014 June 30, 2015 City of Long Beach New York Rebuilding for the Long Term City CouncilĀ» Scott J.Mandel, President Fran Adelson,

More information

SCHOOL FINANCE 101. Presented by Brenda Burkett, CPA, SFO Chief Financial Officer Norman Public Schools. February 2015

SCHOOL FINANCE 101. Presented by Brenda Burkett, CPA, SFO Chief Financial Officer Norman Public Schools. February 2015 SCHOOL FINANCE 101 Presented by Brenda Burkett, CPA, SFO Chief Financial Officer Norman Public Schools February 2015 Budget and Funding Timeline JUN JUL AUG SEP OCT NOV Final State Aid Allocation from

More information

166 tax.ohio.gov. Property Tax Tangible Personal Property. Taxpayer Taxpayers who own and use tangible personal property in business in Ohio.

166 tax.ohio.gov. Property Tax Tangible Personal Property. Taxpayer Taxpayers who own and use tangible personal property in business in Ohio. Taxpayer Taxpayers who own and use tangible personal property in business in Ohio. Tax Base The tax is applied to tangible personal property used in business in Ohio (machinery, equipment, inventories).

More information

Addressing Fiscal Sustainability and Fixing the Social Security System:

Addressing Fiscal Sustainability and Fixing the Social Security System: Addressing Fiscal Sustainability and Fixing the Social Security System: Two Challenges Facing the Nation The Honorable David M. Walker Comptroller General of the United States AARP Board of Directors Annual

More information

California s Economy A-4

California s Economy A-4 California s Economy A-4 The performance of the economy and state tax revenues have always shaped the State Budget However, for 2011-12 there is a direct link between revenues and midyear trigger cuts

More information

FY10 Illinois Pension Reform Proposals SURS Implications Fact Sheet 5/22/09

FY10 Illinois Pension Reform Proposals SURS Implications Fact Sheet 5/22/09 FY10 Illinois Pension Reform Proposals SURS Implications Fact Sheet 5/22/09 Pension reform measures covering all of the State employee retirement systems were initially proposed in the Governor s Fiscal

More information

TAX RELIEF INCLUDED IN THE AMERICAN RECOVERY AND REINVESTMENT PLAN

TAX RELIEF INCLUDED IN THE AMERICAN RECOVERY AND REINVESTMENT PLAN TAX RELIEF INCLUDED IN THE AMERICAN RECOVERY AND REINVESTMENT PLAN JANUARY 22, 2009 Summary: The tax provisions included in The American Recovery and Reinvestment Plan will provide approximately $275 billion

More information

74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session. Enrolled. House Bill 3201

74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session. Enrolled. House Bill 3201 74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session Enrolled House Bill 3201 Sponsored by Representative NELSON; Representatives BERGER, BRUUN, FLORES, GARRARD, Senator FERRIOLI (at the request of Oregon

More information

Province of Newfoundland and Labrador. Public Accounts Volume I Consolidated Summary Financial Statements

Province of Newfoundland and Labrador. Public Accounts Volume I Consolidated Summary Financial Statements Province of Newfoundland and Labrador Public Accounts Volume I Consolidated Summary Financial Statements FOR THE YEAR ENDED MARCH 31, 2011 Province of Newfoundland and Labrador Public Accounts Volume I

More information

Economic Outlook 2009/2010

Economic Outlook 2009/2010 Economic Outlook 29/21 s Twenty-Eighth Annual Forecast Luncheon Paul R. Portney Dean, Professor of Economics, and Halle Chair in Leadership Marshall J. Vest Director Economic and Business Research Center

More information