Fiscal Year 2017 1. Revenues and Expenses Recurring Revenues Fund Recurring Expenses Property Taxes...

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TOWN OF FALMOUTHOPERATING

BUDGET

Fiscal Year 2017

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Revenues and Expenses Recurring Revenues Fund Recurring

ExpensesProperty TaxesState AidEstimated Local ReceiptsOther Available Funds (Special Revenue and Trust)

One-Time Revenues Fund One-Time ExpensesFree CashReserves

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Property Taxes

2.5% Levy Capacity Estimated New Growth $600,000 for the

last 5 years Utilized Debt Drop-off Capacity

Principal and Interest due on $31.5m ($2m for FY 17) for Capital Projects

Short Term Debt $600,000

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Estimated Local Receipts Estimated Local Receipts

MV ExciseHotel/Motel and Meals

○ 100% of Meals Tax allocated to Capital and General Stabilization

Departmental Revenue○ Water and Sewer○ Beach○ Licenses and Permits○ Ambulance○ Other

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Estimated Local Receipts FY 2017 Balanced Budget on Projection

of $18.25M in Estimated Local Receipts Additional water and sewer revenue to offset

a budget increase for the new water filtration plant and wastewater facility expansion

Additional departmental revenue to offset a budget increase for the hiring of a firefighter

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Other Available Funds Other Available Funds

Parking MeterEmbarkation FeesWetlands and WaterwaysEnergy Receipts Golf RevenuesCommunity PreservationBond Premiums (Increase due to short term

borrowing)

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State Aid

Chapter 70 Unrestricted Government Aid Reimbursements

School ChoiceCharter School Veterans Benefits and Property Tax

Exemptions ○ Increase in veterans benefits reimbursements

due to an increase in benefits payments

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Sources of Revenue

75.0%

7.8%14.2%

3.0%

Revenue

Property TaxState AidLocal ReceiptsOther Available Funds

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FY 17 Operating Budget

3.1% 11.0%

10.3%

.9%

3.5%38.2%17.7%

1.4%12.4% 1.5% General Government

Public SafetyPublic Works Community Dev.Community Serv.EducationEmployee BenefitsInsurance & ReserveDebt ServiceFund Reserves

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Appropriations Operating Budget

Debt – within the debt drop-off window○ First year of principal and interest due on $31.5M○ $600,000 Pay-off on Short Term Debt

EducationHealth Insurance

○ 6.5% Increase (may trend higher)Retirement

○ 5% increase-Retirement Board voted to shorten the schedule for unfunded liability by five years, incorporated in FY 16

Insurance○ Worker’s Compensation○ Property and Liability

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Appropriations (cont.) Operating Budget cont.

Contractual Salary Increases○ Separate Town Meeting Warrant Article

2% Cost of Living Planned and Anticipated Consistent with Established Wage Pattern

Budget Increases 2017○ Trash and Recycling Contract○ Staff and Operating Expense Increases due to the new

water Treatment Plant and Wastewater Treatment Facility Expansion

○ Hire an Additional Firefighter Effective January 1, 2017○ Funding to Contribute to Annual Community Fireworks

Event

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New Initiative Consolidated Communications

DepartmentMoved budgeted expenses from police and

fire to a new “consolidated communications department” budget

Summer PatrolFalmouth Heights

Funding for the Annual Community Fireworks Event

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Funding Reserves Over $1,000,000 allocated to Capital

Stabilization Continuing to Fund Stabilization Fund

allocation at $440,000 Continuing to Fund OPEB Trust fund at

$100,000 Continuing to Fund Workers

Compensation Trust Fund in the amount of $100,000

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Other non-voted Appropriations State Assessments Allowance for Abatements

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Conclusion

Fixed Cost Increases Budget Allows for Flexibility Continue Implementation and Further

Exploration of Departmental Reorganization and Cost Saving Measures