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FISCAL YEAR 2012                                  TOWN OF WATERTOWN                                  PRELIMINARY BUDGET   ...
Table of Contents                                        •   REVENUE                                           pgs. 3-6   ...
Revenue and Other Sources                                         3Wednesday, April 13, 2011
Local Receipts - Detail                                  4Wednesday, April 13, 2011
Revenue & Other Sources                                     5Wednesday, April 13, 2011
Revenue Summary                                6Wednesday, April 13, 2011
Expenditures            General Government                                 7Wednesday, April 13, 2011
Expenditures                             8Wednesday, April 13, 2011
Expenditures                             9Wednesday, April 13, 2011
Expenditures                             10Wednesday, April 13, 2011
Expenditures                             11Wednesday, April 13, 2011
Expenditures                             12Wednesday, April 13, 2011
Unreserved Fund Balance           Certified Free Cash Analysis                                         13Wednesday, April 1...
Financial Reserve Goal            To fund and maintain Financial Reserves of 7 – 10% of                the Town’s annual b...
Capital Improvement Program           Fiscal Year 2011 Budget Message:           The five year Capital Improvement Program ...
Permanent Debt (Principal Only): June 30, 2010 Balances                                                                   ...
Budgeted FY2011 Bond Payments                                           17Wednesday, April 13, 2011
Bond Issues: June 30, 2011 Balances                                                  18Wednesday, April 13, 2011
Permanent Debt Summary              June 30, 2010 Balance           $46,212,000              Fiscal Year 2011 Bond Payment...
Debt Summary                             20Wednesday, April 13, 2011
Sewer Enterprise Fund                                      21Wednesday, April 13, 2011
Water Enterprise Fund                                     22Wednesday, April 13, 2011
Water & Sewer Prior Year Funds             Balances as of July 1, 2010                                              23Wedn...
Prior Year Fund (Fund 02)              Balances as of July 1, 2010                                            24Wednesday,...
Overlay Accounts              Balances as of June 30, 2010                                             25Wednesday, April ...
Special Revenue Accounts              Balance as of June 30, 2010                                            26Wednesday, ...
Capital Projects Accounts              Balances as of June 30, 2010                                             27Wednesda...
Trusts and Agency Accounts              Balances as of June 30, 2010                                             28Wednesd...
FY2011 Budget Development                  (Included for background informational purposes)          To preserve the Town’...
Town Council FY2011 Budget Policy Guidelines          (adopted December 15, 2009)          Six of the top priorities are a...
Energy Costs                            31Wednesday, April 13, 2011
FY2012 Preliminary Budget Overview –              Revenues & Expenditures             •    Annual revenues and expenditure...
Revenue Forecast              Assumptions:              Real estate and Personal property taxes are increased             ...
Revenue Forecast             Proposition 2 ½ debt exclusion override is based on                bond costs and school cons...
Revenue Forecast              Other financing Sources reflect transfers from the                Parking Meter Fund to partia...
Revenue Forecast               Utilization of Free Cash is projected at $1,750,000 in                  FY2012 and $1,500,0...
Revenue Forecast              Taxes                                 37Wednesday, April 13, 2011
Revenue Forecast            State Aid                               38Wednesday, April 13, 2011
Revenue Forecast             Local Receipts                                39Wednesday, April 13, 2011
Revenue Forecast          Local Receipts cont’d                                  40Wednesday, April 13, 2011
Revenue Forecast             Other Financing Sources                                       41Wednesday, April 13, 2011
Revenue Forecast           Summary                              42Wednesday, April 13, 2011
Expenditure Forecast               Assumptions:               Departmental expenditures are projected to increase 2.5%    ...
Expenditure Forecast                 State assessments, exclusive of the MBTA assessment, are                    projected...
Expenditure Forecast               Health insurance costs, included within insurance &                 employee benefits, a...
Expenditure Forecast              Departmental Expenditures                                          46Wednesday, April 13...
Expenditure Forecast                                    47Wednesday, April 13, 2011
Expenditure Forecast           Debt and Interest                                  48Wednesday, April 13, 2011
Expenditure Forecast             Debt and Interest                                    49Wednesday, April 13, 2011
Expenditure Forecast              Capital Projects                                     50Wednesday, April 13, 2011
Expenditure Forecast              Summary                                     51Wednesday, April 13, 2011
Forecast Summary                                52Wednesday, April 13, 2011
Forecast Summary                            Total Revenue     Total Expenditures                               $110,000,00...
Forecast Comparison                                 54Wednesday, April 13, 2011
Projected Comparison                                  55Wednesday, April 13, 2011
FY2012 Budget       FY2011 Budget                Issues       Issues                       •   Uncertainty of Future Local...
Wednesday, April 13, 2011
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Watertown, MA FY 2012 preliminary budget overview

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Transcript of "Watertown, MA FY 2012 preliminary budget overview"

  1. 1. FISCAL YEAR 2012 TOWN OF WATERTOWN PRELIMINARY BUDGET OVERVIEW October 26, 2010 To download this presentation, visit our website: www.watertown-ma.govWednesday, April 13, 2011
  2. 2. Table of Contents • REVENUE pgs. 3-6 FISCAL YEAR 2012 • EXPENDITURES pgs. 7-12 PRELIMINARY BUDGET • UNRESERVED FUND BALANCE OVERVIEW 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 56Wednesday, April 13, 2011
  3. 3. Revenue and Other Sources 3Wednesday, April 13, 2011
  4. 4. Local Receipts - Detail 4Wednesday, April 13, 2011
  5. 5. Revenue & Other Sources 5Wednesday, April 13, 2011
  6. 6. Revenue Summary 6Wednesday, April 13, 2011
  7. 7. Expenditures General Government 7Wednesday, April 13, 2011
  8. 8. Expenditures 8Wednesday, April 13, 2011
  9. 9. Expenditures 9Wednesday, April 13, 2011
  10. 10. Expenditures 10Wednesday, April 13, 2011
  11. 11. Expenditures 11Wednesday, April 13, 2011
  12. 12. Expenditures 12Wednesday, April 13, 2011
  13. 13. Unreserved Fund Balance Certified Free Cash Analysis 13Wednesday, April 13, 2011
  14. 14. Financial Reserve Goal To fund and maintain Financial Reserves of 7 – 10% of the Town’s annual budget, we must: 1. Preserve or improve the Town’s bond rating 2. Promote financial flexibility and stability 3. Meet extraordinary and unforeseen events 4. 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. 14Wednesday, April 13, 2011
  15. 15. Capital Improvement Program Fiscal 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. 15Wednesday, April 13, 2011
  16. 16. Permanent Debt (Principal Only): June 30, 2010 Balances 16Wednesday, April 13, 2011
  17. 17. Budgeted FY2011 Bond Payments 17Wednesday, April 13, 2011
  18. 18. Bond Issues: June 30, 2011 Balances 18Wednesday, April 13, 2011
  19. 19. Permanent Debt Summary June 30, 2010 Balance $46,212,000 Fiscal Year 2011 Bond Payment ($5,386,000) Permanent Debt Balance $40,826,000 June 30, 2011 19Wednesday, April 13, 2011
  20. 20. Debt Summary 20Wednesday, April 13, 2011
  21. 21. Sewer Enterprise Fund 21Wednesday, April 13, 2011
  22. 22. Water Enterprise Fund 22Wednesday, April 13, 2011
  23. 23. Water & Sewer Prior Year Funds Balances as of July 1, 2010 23Wednesday, April 13, 2011
  24. 24. Prior Year Fund (Fund 02) Balances as of July 1, 2010 24Wednesday, April 13, 2011
  25. 25. Overlay Accounts Balances as of June 30, 2010 25Wednesday, April 13, 2011
  26. 26. Special Revenue Accounts Balance as of June 30, 2010 26Wednesday, April 13, 2011
  27. 27. Capital Projects Accounts Balances as of June 30, 2010 27Wednesday, April 13, 2011
  28. 28. Trusts and Agency Accounts Balances as of June 30, 2010 28Wednesday, April 13, 2011
  29. 29. 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. 29Wednesday, April 13, 2011
  30. 30. 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. 30Wednesday, April 13, 2011
  31. 31. Energy Costs 31Wednesday, April 13, 2011
  32. 32. 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. 32Wednesday, April 13, 2011
  33. 33. Revenue Forecast Assumptions: 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. 33Wednesday, April 13, 2011
  34. 34. Revenue Forecast Proposition 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. 34Wednesday, April 13, 2011
  35. 35. Revenue Forecast Other 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. 35Wednesday, April 13, 2011
  36. 36. Revenue Forecast Utilization 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. 36Wednesday, April 13, 2011
  37. 37. Revenue Forecast Taxes 37Wednesday, April 13, 2011
  38. 38. Revenue Forecast State Aid 38Wednesday, April 13, 2011
  39. 39. Revenue Forecast Local Receipts 39Wednesday, April 13, 2011
  40. 40. Revenue Forecast Local Receipts cont’d 40Wednesday, April 13, 2011
  41. 41. Revenue Forecast Other Financing Sources 41Wednesday, April 13, 2011
  42. 42. Revenue Forecast Summary 42Wednesday, April 13, 2011
  43. 43. Expenditure Forecast Assumptions: 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. 43Wednesday, April 13, 2011
  44. 44. Expenditure Forecast State 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). 44Wednesday, April 13, 2011
  45. 45. Expenditure Forecast Health 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. 45Wednesday, April 13, 2011
  46. 46. Expenditure Forecast Departmental Expenditures 46Wednesday, April 13, 2011
  47. 47. Expenditure Forecast 47Wednesday, April 13, 2011
  48. 48. Expenditure Forecast Debt and Interest 48Wednesday, April 13, 2011
  49. 49. Expenditure Forecast Debt and Interest 49Wednesday, April 13, 2011
  50. 50. Expenditure Forecast Capital Projects 50Wednesday, April 13, 2011
  51. 51. Expenditure Forecast Summary 51Wednesday, April 13, 2011
  52. 52. Forecast Summary 52Wednesday, April 13, 2011
  53. 53. Forecast Summary Total Revenue Total Expenditures $110,000,000 $90,000,000 $70,000,000 FY2011 FY2014 FY2012 FY2013 53Wednesday, April 13, 2011
  54. 54. Forecast Comparison 54Wednesday, April 13, 2011
  55. 55. Projected Comparison 55Wednesday, April 13, 2011
  56. 56. FY2012 Budget FY2011 Budget Issues Issues • Uncertainty of Future Local Aid • Sales Tax Ballot Measure • Economy Driven Revenues • 9C Local Aid Cut • Collective Bargaining • Snow and Ice Removal • Shared/Regionalized Services • FY2011 Loan Order Items • Capital Projects (Parks and Recreation) • ESCO • Health Insurance/Retirement/ OPEB • Public Safety Study • Departmental Operating Budgets • Reuse of Town Buildings 56Wednesday, April 13, 2011
  57. 57. Wednesday, April 13, 2011
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