The Manager’s proposed budget for the fiscal year that begins July 1, 2010 (FY2011) is now available for review. This budget proposal will receive a Public Hearing in March followed by Council and Budget Committee review. The
final budget proposal document to reflect the policy choices of the Council and Budget Committee will be presented to the voters for adoption at the annual Town Meeting in June.
The FY2011 budget follows the difficult FY2010 budget year where we reduced municipal expenditures by 20% (roughly $1,450,000) in response to the recession and falling revenues. This budget reflects the gradual recovery in the economy and projects an expenditure approaching traditional spending patterns.
This budget recognizes the favorable prior-year financial condition of the Town as reported in the latest audited financial statements. Those documents show an unreserved General Fund balance increase of $255,090 on June 30, 2009 to $3,219,427, largely in part from a spending freeze imposed at mid-year, plus $415,872 in designated reserve and $514,930 designated for subsequent year expenditure, each item also an increase over the prior year.
For FY2011 we expect a modest return in non-tax revenue; however, there may continue to be some withholding by the State of a portion of the municipal share of the income and sales tax returns of our residents (Municipal Revenue Sharing) and in reimbursements for State mandated programs.
This budget would propose continuing the reduced work week of the employees from five days to four days, restore some limited overtime and restore limited clerical support for the Recreation Department. These actions reflect the recommendation of the Council’s Committee on Personnel. It also would restore the Capital Budget and Equipment spending (that was cut last year) to the FY2009 level.
The budget proposes a total municipal spending of $7,044,188. The share of the expenditure committed to the property tax would be $2,245,505. That amount is below the property tax levy limit of $2,424,012 (LD1).
This document does not contain an estimate for the MSAD#6 School Assessment. That assessment will be added to the document when it is received. It does reflect a reduced County Assessment.
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