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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 3
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1
TOWN OF FALMOUTHOPERATING
BUDGET
Fiscal Year 2017
2
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
3
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
4
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
6
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
9
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
10
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
14
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