Wilton Board of FinanceInformation Sessions

December 9th and 16th

Wilton Library

THE BUDGET IS COMPRISED OF MANY COMPONENTS(IN 000’s)

Board of Selectmen:Police 7,002Fire 4,375Public Works 3,537Library 2,365Finance/Info Sys 2,039Parks, Rec & Grounds 1,647Land Use 1,610Benefits/Insurance 1,247Human Resources 918Nursing & Home Care 896All Other 1,887Total Operating 27,523Selectmen Capital 1,331Total Selectmen 28,854

Board of Education 70,291Debt Service 8,473Charter Authority 1,076Revenue:State Grants-BOE 2422State Grants-BOS 868Permits, Lic.& Fees 1,027Other 1,196Total Revenue 5,513 Operating Budget 103,181Fund Balance 2,891Tax Relief 850

Property Taxes Req’d 101,140

HOW IS THE MILL RATE CALCULATED?

Mill Rate =

Property Taxes Req’d

Taxable Grand List X 1000

WHAT ARE THE THREE YEAR PROJECTIONS?

• They are forecasts, using the best information at the time, as to what the mill rate will be under

certain scenarios

• They are NOT approved budgets

HOW WERE THE PROJECTIONS PREPARED?

FIRST--BOF indentified 3% as the targeted mill rate increases

NEXT--After discussions with many individuals at both the Town and State level estimates were developed for all components other than BOE and BOS.

Information provided by: Sandy Dennies, Town CFO, Ken Post, BOE CFO, David Lisowski, Assessor, Robert

Nerney, Planning and Zoning, Rachael Matthews, Building Department, Toni Boucher, State Senator and Peggy Reeves, State Representative.

NEXT--BOS and BOE amounts were "backed into" to achieve the targeted 3% increases

HOW WERE THE 3% RATES DETERMINED?

• They reflect the midpoint of the rates proposed by the BOF members. Some members proposed higher rates, some lower.

• Members proposed rates based on a number of factors including:

What they felt taxpayers could tolerate considering the economic climate and Wilton's 6% unemployment rate.

What they felt was appropriate to keep Wilton real estate competitive with surrounding towns. The

current year average increase for area towns was 2.58%. Wilton was 2.94%.

TOWN OF WILTONMILL RATE PROJECTIONS-2012 TO 2014

AS OF OCTOBER 2010

REGIONAL MILL RATE INCREASES-2011

0

0.5

1

1.5

2

2.5

3

3.5

4

Weston Easton Redding Ridgef ield Wilton Norwalk Fairf ield Westport New Canaan Darien Greenwich

TOWN OF WILTONMILL RATE PROJECTIONS-2012 TO 2014

AS OF OCTOBER

BORDER TOWNS-THREE YEAR AVERAGE INCREASE

0

0.5

1

1.5

2

2.5

3

Wilton Westport New Canaan Ridgefield

WHAT ARE THE ASSUMPTIONS DRIVING THE PROJECTIONS?

• GRAND LIST GROWTH will be a fraction of historical levels

• REVENUES from the State will decrease, no growth in other revenues other than interest income

• CHARTER AUTHORITY, all or a significant portion, will be required to fund current year expenditures rather than being used to reduce the next year’s tax, as has occurred in the past

• THE FUND BALANCE in 2012 will be 10%. Reserves will no longer be available to reduce taxes

Town of WiltonMill Rate Projections-2012 to 2014

as of October 2010

GRAND LIST GROWTHRevaluation Years Normalized

0

0.5

1

1.5

2

2.5

3

3.5

2002 2006 2008 2010 2012 2014

Wilton Board of Finance

dtd: 10/18/10

FY 2012-2014 Projections

Grand List Growth 0.7091 0.35 0.5 0.35

Collection rate 0.992 0.994 0.994 0.994

2011 2012 2013 2014

Mill Dollar % Mill Dollar % Mill Dollar % Mill

$ Rate Change Chge Projection Rate Change Chge Projection Rate Change Chge Projection Rate

BOE 70,291,250 14.008 562,330 0.80 70,853,580 14.042 1,771,340 2.50 72,624,920 14.322 2,541,872 3.50 75,166,792 14.771

BOS 27,522,596 5.485 220,181 0.80 27,742,777 5.498 693,569 2.50 28,436,346 5.608 995,272 3.50 29,431,618 5.784

BOS Capital 1,331,805 0.265 10,654 0.80 1,342,459 0.266 33,561 2.50 1,376,021 0.271 48,161 3.50 1,424,182 0.280

Debt Service-current 8,473,182 1.689 763,296 9,282,758 1.840 -350,932 9,339,506 1.842 -427,612 9,428,295 1.853

-new,net 46,280 407,680 516,401

Charter Auth-at 1% 1,076,188 0.214 16,027 1,092,216 0.216 25,552 1,117,768 0.220 36,741 1,154,509 0.227

Revenues -5,512,986 -1.099 197,000 -5,315,986 -1.054 -69,000 -5,384,986 -1.062 30,000 -5,354,986 -1.052

Tax Relief 850,000 0.169 25,500 3.00 875,500 0.174 26,265 3.00 901,765 0.178 117,229 13.00 1,018,994 0.200

Subtotal 104,032,035 20.732 1,841,269 105,873,304 20.983 2,538,035 108,411,339 21.379 3,858,065 112,269,404 22.062

Fund Balance Adj. -2,891,310 -0.576 -1,109,056 -1,109,056 -0.220 39,634 39,634 0.008 -187,800 -187,800 -0.037

Total Net Tax Levy 101,140,725 20.156 732,212 104,764,247 20.763 2,577,669 108,450,973 21.387 3,670,264 112,081,603 22.026

Incr/Dec in Mill Rate 0.576 0.607 0.624 0.639

% Incr/Decr 2.939 3.014 3.004 2.987

Grand List 5058482712 Grand List 5076187401 Grand List 5101568338 Grand List 5119423828

Collection % rate 0.992 Collection % rate 0.994 Collection % rate 0.994 Collection % rate 0.994

Adjusted Grand List 5018014850 Adjed Grand List 5045730277 Adjed Grand List 5070958928 Adjed Grand List 5088707285

Cost per Student 16,178$ 16,543$ 2.3% 17,173$ 3.8% 18,091$ 5.3%

School Enrollment-Est. 4345 4283 -1.4% 4229 -1.3% 4155 -1.7%

PROJECTED INCREASE BY YEAR

(in 000’s) 2012 2013 2014

Grand List Growth .35 .50 .35

BOE 563 1,771 2,542

BOS 231 727 1,043

Debt Service 809 56 89

Revenues (197) 69 (30)

Tax Relief 25 26 117

Fund Balance (1,782) (1,149) 227

Mill Rate 3.014% 3.004% 2.987%

PROJECTED INCREASE BY YEAR

(in 000”s) 2012 2013 2014

Grand List Growth .35 .5 .35

BOE .8% 2.5% 3.5%

BOS .8% 2.5% 3.5%

Debt Service 9.6% .6% .95%

Revenues (3.6%) 1.2% (.56%)

Tax Relief 3.0% 3.0% 346.3%

Fund Balance (38.4%) (103.0%) 227.4%

Mill Rate 3.014% 3.004% 2.987%

WHAT ARE SOME OF THE CHOICES AVAILABLE TO IMPACT THE MILL RATE?

SHORT TERM:

• Increase Revenues by increasing existing fees or adopting new fees

• Accept reduced services

LONG TERM:

• Lobby Hartford and Washington to reduce unfunded mandates

• Develop more cost effective ways to deliver services

• Defer Capital Projects

• Explore ways to expand the commercial tax base