TOWN OF WALPOLE - FY'2014 BUDGET UPDATE

Information Regarding FY‘14 Budget FATM 2013

October 21, 2013

WHERE DID WE LEAVE OFF?May 6, 2013

TOTAL PROJECTED REVENUES $75,883,728.00

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TOTAL PROJECTED EXPENDITURES $75,883,392.00

NET SURPLUS (DEFICIT) $336.00

FATM 2013 – ARTICLE #2REVENUE/EXPENSE CATEGORY CHANGE

SATM PROJECTION

FATM PROJECTION DIFFERENCE

Taxation (New Growth) $500,000.00 $700,000.00 $200,000.00

State Local Aid - Cherry Sheet Revenue $9,915,493.00 $10,185,701.00 $270,208.00State Local Aid - Cherry Sheet Charges $1,102,322.00 $1,254,922.00 -$152,600.00

Local Receipts $4,850,925.00 $4,993,000.00 $142,075.00

TOTAL REVENUE INCREASE $459,683.00

PROJECTED FATM REVENUE: (Revenue Increase + SATM Taxation Balance) $460,019.00

Non-Discretionary Cost Increase - Debt Budget FY'15 Planning $3,107,503.00 $3,207,503.00 $100,000.00

FATM AVAILABLE FUNDING: $360,019.00

School Share - 66% $237,613.00Municipal Share - 34% $122,406.00

MUNICIPAL BUDGET RECOMMENDATIONS:Police Department - Salaries (Dispatch & 1/2 Patrol Officer) $3,598,107.00 $3,638,394.00 $40,287.00Police Department - Expenses $459,593.00 $463,993.00 $4,400.00Town Counsel - General Legal (Superfund Site) $167,000.00 $187,000.00 $20,000.00Treasurer-Collector - Expenses (Tax Title Services - Superfund Site) $100,300.00 $110,300.00 $10,000.00Town Clerk - Expenses (1724 Book Preservation) $6,275.00 $12,275.00 $6,000.00Library - Salaries (Increased Hours) $604,093.00 $611,541.00 $7,448.00Reserve Fund $189,650.00 $223,921.00 $34,271.00TOTAL MUNICIPAL FUNDING $122,406.00

Estimated Estimated

FATM FY'2014 SATM FY'2014 FY'2013 Actual FY'2012 Actual FY'2011 Actual

GENERAL GOVERNMENT:

Motor Vehicle Excise $3,275,000.00 $3,164,425.00 $3,415,896.30 $3,240,666.57 $2,820,475.00

Other State Taxes (Meals, Hotels, etc.) $405,000.00 $400,000.00 $429,076.87 $405,221.87 $299,975.00

Penalties & Interest $175,000.00 $175,000.00 $255,089.25 $296,214.71 $201,876.00

Payment In Lieu of Tax (Housing Auth, etc) $4,000.00 $4,000.00 $4,092.60 $8,128.58 $0.00

Town Fees $120,000.00 $102,500.00 $170,002.00 $165,196.66 $120,341.00

Rental Income $125,000.00 $125,000.00 $129,958.00 $126,206.56 $134,749.00

Department Revenue - Schools $10,000.00 $10,000.00 $10,000.00 $10,000.00 $10,000.00

Department Revenue - Library $14,000.00 $14,000.00 $12,762.90 $11,269.07 $13,101.00

Department Revenue - Cemeteries $12,500.00 $11,000.00 $15,170.61 $14,486.00 $17,929.00

Department Revenue -Police $35,000.00 $0.00 $34,881.40 $44,063.11 $32,197.50

Department Revenue -Compost $12,500.00 $0.00 $13,090.00 $12,230.00 $14,090.00

Department Revenue - All Others $35,000.00 $90,000.00 $31,085.24 $34,946.70 $51,933.50

Licenses & Permits $650,000.00 $650,000.00 $924,875.35 $1,271,449.67 $658,972.00

Fines & Forfeits $65,000.00 $60,000.00 $80,623.60 $81,096.50 $69,848.00

Investment Income $25,000.00 $25,000.00 $31,739.43 $23,993.20 $38,130.00

Miscellaneous State & Federal Revenue $0.00 $0.00 $186,375.28 $178,600.01 $175,202.00

Special Assessments $0.00 $0.00 $0.00 $0.00 $0.00

Student Parking Fees $0.00 $0.00 $36,140.00 $28,300.00 $35,000.00

Supplemental Assessments $30,000.00 $20,000.00 $73,287.49 $41,086.56 $51,791.00

State Prison Mitigation Funds - Additional $0.00 $0.00 $0.00 $782,870.90 $0.00

TOTAL LOCAL RECEIPTS PROJECTION: $4,993,000.00 $4,850,925.00 $5,854,146.32 $6,776,026.67 $4,745,610.00

FATM 2013 – ARTICLE #2LOCAL RECEIPTS UPDATE

FY'2014 FINALBudget FY'2013 FINAL Actual FY'2012 Actual FY'2011

EDUCATION:

Chapter 70 $7,446,256.00 $7,325,008.00 $7,106,855.00 $7,068,906.00

School Transportation Programs $0.00 $0.00 $0.00 $0.00

School Construction Debt Reimb. $141,570.00 $141,570.00 $141,570.00 $141,570.00

Tuition Of State Wards $0.00 $0.00 $0.00 $0.00

Retired Teachers Pensions $0.00 $0.00 $0.00 $0.00

Charter Tuition Reimbursement $106,292.00 $27,671.00 $56,856.00 $72,765.00

Charter School Capital Facilities $0.00 $0.00 $0.00 $0.00Racial Equality $0.00 $0.00 $0.00 $0.00

School Lunch $16,592.00 $17,437.00 $19,015.00 $17,241.00

Education Sub-Total $7,710,710.00 $7,511,686.00 $7,324,296.00 $7,300,482.00

GENERAL GOVERNMENT:

Lottery Aid $0.00 $0.00 $0.00 $0.00

Additional Assistance $0.00 $0.00 $0.00 $0.00General Municipal Aid $2,206,646.00 $2,155,690.00 $1,999,825.00 $2,155,690.00

Annual Formula Local Aid $0.00 $0.00 $0.00 $0.00

Highway Fund $0.00 $0.00 $0.00 $0.00

Local Share of Racing Taxes $0.00 $0.00 $0.00 $0.00

Police Career Incentive $0.00 $0.00 $0.00 $16,410.00

Veterans Benefits $50,676.00 $39,184.00 $33,033.00 $34,732.00

Veterans, Blind, Surv. Spouse Exemptions $117,890.00 $117,953.00 $118,228.00 $119,677.00

Elderly Exemptions $0.00 $0.00 $0.00 $0.00Exemptions Reimbursement Total $0.00 $0.00 $0.00 $0.00

State Owned Land $81,079.00 $79,507.00 $79,481.00 $76,736.00

Public Libraries $18,700.00 $18,808.00 $18,033.00 $18,046.00

Gen. Gov. Sub-Total $2,474,991.00 $2,411,142.00 $2,248,600.00 $2,421,291.00

TOTAL STATE AID PROJECTION: $10,185,701.00 $9,922,828.00 $9,572,896.00 $9,721,773.00

FATM 2013 – ARTICLE #2STATE AID UPDATE

FATM 2013 – ARTICLE #2It is regularly moved and seconded that the Town amend the Fiscal Year 2014 Budget adopted under Article Six of the Spring Annual Town Meeting on May 6, 2013, and appropriate the sums shown below totaling the increase of $460,019 as follows:

Increase

01145-521900 Treasurer/Collector - Expenses $ 10,000.00

01151-521908 Legal Services - Expenses $ 20,000.00

01161-522700 Town Clerk - Expenses $ 6,000.00

01210-510301 Police Department - Salaries $ 40,287.00

01210-521901 Police Department - Expenses $ 4,400.00

01300-51110 Walpole Public Schools $237,613.00

01610-512000 Walpole Library - Salaries $ 7,448.00

01710-576201 Debt Services $100,000.00

01132 Reserve Fund $ 34,271.00

Totals $460,019.00

And, to meet the appropriation the sum of $460,019 be raised from Taxation

FATM 2013 – ARTICLE #2

WHAT MAKES UP “TAXATION”

- Tax Levy (Real Estate, Personal Property, Etc.)

- State Cherry Sheet Aid (Chapter 70, Local Aid, Etc.)

- Local Receipts (MV Excise, Permits, Fees, Rentals, Etc.)

FATM 2013 – ARTICLE #2

FY’2014 BUDGET REVENUE APPROPRIATIONS

Taxation$72,336,534

Ambulance Fund $ 650,000Overlay Surplus $ 50,000Sale of Cemetery Lots $ 3,000Health Insurance Trust Fund $ 50,000Water Enterprise Fund $ 730,150Sewer Enterprise Fund $ 324,624Septic Loan Assistance Program $ 1,762TOTAL

$74,146,070

Description Amount

Free Cash not appropriated $1,780,304

Excess Local Receipts $1,157,436

Unbudgeted Revenue (Tax Title, Medicaid) $578,842

Cherry Sheet Excess/(Shortfall) ($16,638)

Unexpended Appropriation $1,302,281

Overlay Surplus $180,700

Change in receivables - FY12 to FY 13 ($259,222)

Change in deficit balances - FY12 to FY 13 $629,405

Estimated Free Cash $5,353,107

FATM 2013 – ARTICLE #2FREE CASH UPDATE

DESCRIPTION AMOUNT

Fall 2013 (FY'2014) DOR Estimated $5,353,107

FATM 2013 Articles (#4 Parking & #15 WPS Street Acceptance) ($36,444)

FATM 2013 Town Meeting Capital (Turner Dam) ($360,000)

FATM 2013 Medicaid Receipts Transfer To Schools ($275,390)

FY'2014 OPEB Fund Allocation - Additional Amount FATM 2013 ($250,000)

FY'2014 Stabilization Fund Allocation - Additional Amount FATM 2013 ($250,000)

Facility Design Reserve ($445,000)

Capital Projects/Roads & Infrastructure Reserve ($500,000)

Litigation Reserve ($250,000)

FY'2014 Snow & Ice Hold Back ($500,000)

FY'2014 Operational Holdback/State Aid Reserves ($250,000)

FY'2014 IDEA Education Mandate Reserves ($250,000)

FATM 2013 ENDING BALANCE $1,986,273

FY'2015 SATM Capital Improvements ($1,500,000)

FY'2014 Operating Budget Addition $0

FY'2014 Snow & Ice Deficit $0

MAY 2014 SATM ARTICLES RESERVES ($100,000)

PROJECTED SATM ENDING "AVAILABLE" BALANCE $386,273

PROJECTED SATM ENDING "UNCOMMITTED" BALANCE $2,581,273

FATM 2013 – ARTICLE #2FREE CASH UPDATE

Description Amount Purpose

Library Surplus $1,024,630To be used towards similar project with same or more life years

Stabilization $1,561,046Referred to as "rainy day" funds. 2/3 vote required from Town Meeting to appropriate

Old Library $213,000Proceeds to be used towards debt for a period of 5 years or more

Free Cash $5,353,107 Funds available for appropriation

Prison Mitigation $800,000 Unappropriated funds in FY14, falls to free cash

Revolving Funds - Town $1,155,277Six different revolving funds each to be used for its intended purpose. The largest being Ambulance receipts at $673K

Revolving Funds - School $941,916Fifteen different revolving funds each to be used for its intended purpose. The largest being Transportation at $314K

Enterprise Funds $3,970,131Retained Earnings available for appropriation for Water and Sewer enterprise funds

EDIC Funds $101,280Funds designated for Superfund site expenditures. This is not the Town of Walpole's money to spend

School Sustain $450,560Funds to be used for instructional Material and teacher trainings.

Grants - Town $231,076Twenty five different grants each to be used for its intended purpose.

Grants - School $88,460Fifteen different grants each to be used for its intended purpose.

Fees/Fines $157,760 Unappropriated funds in FY14, falls to free cash

OPEB $713,541 Funds designated for Retiree benefits

Reserve Fund $189,650 Funds to be used for Extraordinary or unforseen expenditures

Unexpended Balances $46,906,533 General fund appropriated balances to be spend FY14

FATM 2013 – ARTICLE #2FUND BALANCES SUMMARY