Watertown, MA FY 2012 preliminary budget overview

FISCAL YEAR 2012TOWN OF WATERTOWNPRELIMINARY BUDGET

OVERVIEW

October 26, 2010To download this presentation, visit our website:

www.watertown-ma.gov

Tuesday, March 29, 2011

Table of Contents

FISCAL YEAR 2012PRELIMINARY BUDGET

OVERVIEW

• REVENUE pgs. 3-6• EXPENDITURES pgs. 7-12• UNRESERVED FUND BALANCE pg. 13• DEBT pgs 16-20• ENTERPRISE FUNDS pgs 21-22• FUND BALANCES pgs 23-28• FY2011 FORECAST pgs 32-53• COMPARISONS FY2011/FY2012 pg 54-55• BUDGET ISSUES pg 56

Revenue and Other Sources

Local Receipts - Detail

Revenue & Other Sources

Revenue Summary

ExpendituresGeneral Government

Expenditures

Unreserved Fund BalanceCertified Free Cash Analysis

Financial Reserve GoalTo fund and maintain Financial Reserves of 7 – 10% of

the Town’s annual budget, we must:

1. Preserve or improve the Town’s bond rating2. Promote financial flexibility and stability3. Meet extraordinary and unforeseen events4. Have sufficient liquidity and cash flow to pay bills

on time without the necessity of short term borrowing

A declining reserve is an indicator that Watertown is living beyond its means.

Capital Improvement ProgramFiscal Year 2011 Budget Message:The five year Capital Improvement Program (CIP) is included within the

FY2011 Budget.

The FY2011-2015 General Fund CIP totals $89,344,000 of which $20,835,900 is the bonding requirement. Street and Sidewalk bonds of $43,000,000 listed in Fiscal Year 2015 are not included in the bonding requirement. The funding source in the amount of $12,312,300 within the CIP has not been determined.

The FY2011-2015 Water/Sewer Enterprise Funds CIP totals $3,690,000 of which $130,000 is the bonding requirement.

The CIP includes all known capital needs, regardless of the source of funding.

Permanent Debt (Principal Only): June 30, 2010 Balances

Budgeted FY2011 Bond Payments

Bond Issues: June 30, 2011 Balances

Permanent Debt SummaryJune 30, 2010 Balance $46,212,000

Fiscal Year 2011 Bond Payment ($5,386,000)

Permanent Debt Balance June 30, 2011

$40,826,000

Debt Summary

Sewer Enterprise Fund

Water Enterprise Fund

Water & Sewer Prior Year FundsBalances as of July 1, 2010

Prior Year Fund (Fund 02)Balances as of July 1, 2010

Overlay AccountsBalances as of June 30, 2010

Special Revenue AccountsBalance as of June 30, 2010

Capital Projects AccountsBalances as of June 30, 2010

Trusts and Agency AccountsBalances as of June 30, 2010

FY2011 Budget Development (Included for background informational purposes)

To preserve the Town’s financial condition we must:

1. Continue to strive to provide the highest level of essential services possible with the most efficient utilization of resources.

2. Ensure annual costs of all operations to be funded on an annual basis out of current revenues.

3. Not defer maintenance and/or recognition of costs of capital equipment, facilities and infrastructure to future years.

4. Remain focused on achieving our long term goal of sound financial management and fiscal stability.

5. Present budget based on sound business practices.

Town Council FY2011 Budget Policy Guidelines(adopted December 15, 2009)Six of the top priorities are as follows:

• Complete an energy use baseline inventory for municipal buildings, vehicles, street and traffic lighting and create a plan to reduce energy use by 20% in 5 years.

• Repair and improve the Town’s streets and sidewalks and enhance its trees and planting strips. Consideration should be given to funding such repairs, improvements and enhancements from a variety of sources, including tax revenues, debt and a betterment program. Strengthen capacity (including staffing) to carry out routine maintenance of street trees and other trees on public land and, through the joint efforts of the Tree Warden and Department of Public Works, develop a comprehensive Tree Program.

• Public Safety: Police, Fire and dispatch together represents the Town’s biggest expenditure (after education). Examine how to best deliver the level of service citizens want, more efficiently.

• Strengthen the Town’s capacity to address facilities management, through regular staffing or contract services. The Council and Town Manager will continue discussions on reorganizing the Public Works Department to include a facilities manager/engineer.

• Institute a formal Economic Development Program for the newly rezoned Pleasant Street Corridor District, with a long-term goal to increase town revenue. The Program should include a marketing plan to prospective developers as well as the use of state and federal grants and redevelopment programs.

• Support the possibilities of providing more services on a regional basis in accordance with the Town Council Resolution.

Energy Costs

FY2012 Preliminary Budget Overview – Revenues & Expenditures

• Annual revenues and expenditures will be estimated by use of objective analysis. The assumptions and factors through which the estimates are derived will be clearly stated and explained during the budget process.

• The numbers provided are preliminary and subject to change as the budget process evolves.

Revenue ForecastAssumptions:

Real estate and Personal property taxes are increased 2.5% per year. New growth is projected to be $750,000 in FY2012 and $1,000,000 annually in FY2013 & FY2014.

Funding for the Optional Tax Exemption for

homeowners at 100% over the statutory level is included in the overlay adjustment.

Revenue ForecastProposition 2 ½ debt exclusion override is based on

bond costs and school construction reimbursements.

Cherry sheet receipts are funded at 15% below the FY2011 level.

The majority of Local Receipts is projected to remain constant or increase 2.5% annually. Motor vehicle excise is projected at $3,250,000 and investment income is projected at $255,000 annually.

Revenue ForecastOther financing Sources reflect transfers from the

Parking Meter Fund to partially offset the Parking Lots and Meters Budget, from the Cemetery Perpetual Care Expendable Trust Fund and the Sale of Lots Fund to partially offset the Department of Public Works Cemetery Budget, and from the Water and Sewer Enterprise Funds to cover applicable indirect costs and debt service.

Revenue ForecastUtilization of Free Cash is projected at $1,750,000 in

FY2012 and $1,500,000 annually thereafter. However, results of general fund financial activity and funding requirements of future capital needs may affect this level.

Transfer from the North East Solid Waste Committee (NESWC)/Capital Projects Stabilization Fund is projected at $500,000 in FY2012 and $57,000 in FY2013, which represents the balance of the fund.

Revenue ForecastTaxes

Revenue ForecastState Aid

Revenue ForecastLocal Receipts

Revenue ForecastLocal Receipts cont’d

Revenue ForecastOther Financing Sources

Revenue ForecastSummary

Expenditure ForecastAssumptions:

Departmental expenditures are projected to increase 2.5% annually.

The Waste Disposal appropriation is projected to increase 3% annually and includes funding of the Service Agreement with Wheelabrator North Andover, which expires in FY2015.

Expenditure ForecastState assessments, exclusive of the MBTA assessment, are

projected to increase 2.5% annually. The MBTA assessment is projected to increase 2.75% annually.

Pension costs are based on the Watertown Contributory Retirement Board’s funding schedule which has the Retirement System being fully funded by the end of FY2022. Thereafter, any revised funding schedule is subject to approval by the Public Employee Retirement Administration Commission (PERAC).

Expenditure ForecastHealth insurance costs, included within insurance &

employee benefits, are projected to increase 12% annually from FY2012 through FY2014.

Debt figures are from current and future debt as listed in the FY2011 – FY2015 CIP/Debt Projection Table of the Capital Improvement Program. The level of projected debt may change pending decisions on various projects that are listed within the Proposed FY2011 – FY2015 Capital Improvement Program, the Facilities Assessment Study, and the results of the Roadway Management Study.

Town Capital Projects are listed in the Capital Improvement Program.

Street & sidewalk improvements are projected to increase 5% annually.

Expenditure ForecastDepartmental Expenditures

Expenditure Forecast

Expenditure ForecastDebt and Interest

Expenditure ForecastCapital Projects

Expenditure ForecastSummary

Forecast Summary

$70,000,000

$90,000,000

$110,000,000

FY2011FY2012FY2013FY2014

Total Revenue Total Expenditures

Forecast Comparison

Projected Comparison

FY2012 Budget Issues• Uncertainty of Future Local Aid• Economy Driven Revenues• Collective Bargaining• Shared/Regionalized Services• Capital Projects (Parks and

Recreation)• ESCO• Health Insurance/Retirement/

OPEB• Public Safety Study• Departmental Operating Budgets• Reuse of Town Buildings

FY2011 Budget Issues• Sales Tax Ballot Measure• 9C Local Aid Cut• Snow and Ice Removal• FY2011 Loan Order Items

Watertown, MA FY 2012 preliminary budget overview

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