FY2018 Managers Proposed Budget

February 28, 2017

From: Gordon Billington

Re:    Town Budget for FY2018

 This letter accompanies the Manager’s Proposed Budget for FY2018, the fiscal year that begins July 1, 2017.

This budget recognizes the prior-year financial condition of the Town as reported in the latest audited financial statements. Those documents show a General Fund balance of $4,185,810 on June 30, 2016 which includes an Unassigned General Fund balance of $3,013,129 plus $78,122 Nonspendable, $104,163 in Restricted, $570,958 in Committed Reserves, and $419,438 assigned for subsequent year’s expenditures which includes $350,000 for use of Fund Balance. For FY2018 we expect non-tax revenue to rise slightly over the previous year.

This budget proposes a total municipal spending of $8,854,466, a $406,713 increase over last year’s approved budget. The share of the expenditure committed to the property tax would be $2,860,080, an increase of $127,219 over last year’s budget.

This budget would propose a 5% raise for employees and add a new employee to the Recreation Department. These actions reflect the recommendations of the Council’s Committee on Personnel. This budget also includes proposed capital spending to replace aging equipment, to repair and improve our roads and to construct additional ballfields, replace the municipal parking lot fixtures with LED lighting, renovate the Steep Falls Fire Station  and help pay for a scenic overlook on Route 35 near Sebago Lake.  

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.

This budget proposal will receive a Public Hearing in March followed by Council and Budget Committee review actions. The final document will reflect the policy choices of the Council and Budget Committee and will be submitted to the voters at the annual Town Meeting in June.

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