Bof budget hearing 4.4.2011

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Bof budget hearing 4.4.2011

  1. 1. Town of Avon Board of Finance Public Budget HearingProposed FY 11/12 Budget April 4, 2011 www.town.avon.ct.us 1
  2. 2. Requested Budgets Adopted Requested $ Inc/(Dec) % Inc/-Dec FY 10/11 FY 11/12Town $19,085,060 $19,614,213 $529,153 2.77%OperatingBoard of $45,921,022 $47,945,180 $2,024,158 4.41%EducationSewers $1,689,479 $1,709,207 $19,728 1.17%Debt Service $5,010,181 $4,808,189 ($201,992) -4.03%Capital Imp. $1,167,396 $1,566,857 399,461 34.22%TOTAL: $72,873,138 $75,643,646 $2,770,508 3.80%Mill Rate Needed 24.44 25.44 --- 4.09% www.town.avon.ct.us 2
  3. 3. Board of Finance’s Role is to Balance: and www.town.avon.ct.us 3
  4. 4. Questions that may be on your mind….I. What is the role of the Board of Finance?II. How do CT Towns raise revenue?III. How will Avon raise the revenue to support the requested budgets? www.town.avon.ct.us 4
  5. 5. Connecticut Supreme Court “Boards of finance are chargedwith the duty of providing the necessary funds and, at the same time, of seeing to it that expenditures for an education programare kept within reasonable bounds in view of the overall financial resources of the town.” Fowler vs. Enfield, 138 Conn. 521, 532 (1952) www.town.avon.ct.us 5
  6. 6. Avon Town Charter Section 9.4.1 (b)The Board “shall make those revisions inthe budget as the Board of Financedeems desirable and shall recommendthe budget so revised to the voters at theReferendum.” www.town.avon.ct.us 6
  7. 7. How Do CT Towns Raise Revenue?State law is very restrictive:  No Income Tax  No Sales Tax  No Taxes on Tobacco, Alcohol, Gasoline, or Hotel Rooms ...but… www.town.avon.ct.us 7
  8. 8. The Governor has proposed a wide array of new or increased state taxes: income tax gasoline tax sales tax property tax on boat and aircraft many others… www.town.avon.ct.us 8
  9. 9. SO…What’s LEFT for Towns?NOT MUCH:1) Non-Property Tax Sources (such as Licenses, Fees, Permits, Grants, etc.)2) Property Taxes & Assessments www.town.avon.ct.us 9
  10. 10. How Avon Relies On These Sources Current Budget Requested BudgetNon-Property TaxSources: $8,798,353 $8,515,089 12.07% 11.25% of revenues of revenuesProperty Taxes &Assessments: $64,074,785 $67,128,557 87.93% 88.75% of revenues of revenuesTOTAL: $72,873,138 $75,643,646 www.town.avon.ct.us 10
  11. 11. Revenues needed to fund the Requested Budgets ALL FUNDS REVENUE 2010-2011 2011-2012 CLASSIFICATION BUDGETED REQUESTEDProperty Tax & Assessments $64,074,785 $67,128,557Intergovernmental 3,656,267 3,454,515Licenses, Fees & Permits 940,480 864,480Charges for Current Services 3,210,371 3,159,655Other Local Revenues 489,088 452,466Other Financing Sources 502,147 583,973TOTAL REVENUE $72,873,138 $75,643,646 www.town.avon.ct.us 11
  12. 12. Property Tax Breakdown for Requested FY 11/12 (88.75% of Revenue) All these items below constitute the “Levy”a) Single Family Homes: 66.42 %b) Condos: 12.72%c) Commercial: 10.75 %d) Motor Vehicles: 6.12%e) Personal Property: 2.89 %f) Industrial: 1.08 %g) Other: 0.02% (Note that the “Single Family Homes” category pays about 58.94% of Avon’s Total Revenue.) [From October 1, 2010 Grand List] www.town.avon.ct.us 12
  13. 13. Non-Property Tax Breakdown for Requested FY 11/12 (11.25% of Revenue)a) Intergovernmental (State/Federal Grants): 4.60 %b) Licenses, Fees, & Permits: 1.14%c) Charges for Current Services: 4.18%d) Other Local Revenue & Financing Sources: 1.37 % www.town.avon.ct.us 13
  14. 14. Revenue Graph Comparison $80 $70 12.07% 11.25% $60 $50 In Millions 88.75% $40 Non-Tax Revenue $30 87.93% Tax Revenue $20 $10 $0 Budgeted FY 10/11 Requested FY 11/12 www.town.avon.ct.us 14
  15. 15. How will these Revenues be used? $60 $50 $40In Millions Town Operating Budget School Operating Budget $30 Sewer Operating Budget Debt Service Capital Budget $20 $10 $0 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 Requested FY 11/12 www.town.avon.ct.us 15
  16. 16. How will these Revenues be used?$80,000,000$70,000,000 71.46% 71.43%$60,000,000 69.96% 70.82%$50,000,000 70.34% T otal Board of Education = BOE Operating, BOE CIP, BOE Debt$40,000,000 69.80% T otal T own of Avon = T own Operating, T own CIP, T own Debt$30,000,000$20,000,000 30.20% 29.66% 29.18% 30.04% 28.54% 28.57%$10,000,000 $0 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 Requested FY 11/12 www.town.avon.ct.us 16
  17. 17. 5 Year Grand List History 15.21% 16.00 Growth Re-Eval Year 14.00% Net Change in Grand List 12.00 10.00 8.00 6.00 4.00 1.80% 1.56% Growth Growth 2.00 0.475% Growth 0.783% Growth Estimated 0.00 FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY11/12 www.town.avon.ct.us 17
  18. 18. Consumer Price Index 5 – Year History Calendar Year CPI * % Change 2006 201.6 3.2% 2007 207.3 2.8% 2008 215.3 3.8% 2009 214.5 -0.4% 2010 218.1 1.6% * Source: Bureau of Labor Statistics, CPI-U, US City Annual Average www.town.avon.ct.us 18
  19. 19. Social Security (COLA)5-Year History Year COLA 2007 - 3.3% 2008 - 2.3% 2009 - 5.8% 2010 - 0.0% 2011 - 0.0% www.town.avon.ct.us 19
  20. 20. Avon Unemployment Rate 5 – Year History Year Annual Average 2006 2.9% 2007 3.0% 2008 3.6% 2009 5.5% 2010 6.0% Feb. 2011 6.1% (most recent) * Source: Department of Labor, State of Connecticut www.town.avon.ct.us 20
  21. 21. Multi-Town Comparative Data 2009 Equalized 2009 Adjusted Town Mill Rate Tax Levy Per Capita Avon 15.17 $3,473 Canton 16.13 $2,825 East Granby 17.28 $2,758 Farmington 13.47 $2,819 Glastonbury 19.83 $3,466 Granby 20.40 $2,720 Simsbury 20.71 $3,254 West Hartford 24.79 $2,987* Source: Office of Policy and Management – Municipal Fiscal Indicators FY 2005 - 2009 www.town.avon.ct.us 21
  22. 22. Tax Impact Requested Expenditures Assessed House & Vehicle Values in Avon (Single Family Homes & Condos) Assessed Current Property TaxAssessment House & Vehicle Property Tax If Budget isDistribution Values (24.44 mills) approved (25.44 mills) 25% $205,510 $5,023 $5,229 50% $267,180 $6,530 $6,797 75% $374,660 $9,157 $9,532 For your specific real estate & motor vehicle taxes, please visit: www.avonassessor.com www.town.avon.ct.us 22
  23. 23. Next StepsNext Steps in Process • Public Hearing – Monday, April 4th, 7:00 p.m. @ Avon Senior Center • Workshops (at the Senior Center) Both the workshops listed below are not public hearings: • Wednesday, April 6th – 7:00 p.m. • Monday, April 11th – 7:00 p.m. (if necessary) • Town Meeting – Monday, May 2rd – 7:00 p.m. at the Avon Senior Center • Referendum – Wednesday, May 11th at the Avon Senior Center (Polls are open from 6:00 a.m. – 8:00 p.m.) www.town.avon.ct.us 23

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