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2016 Town of Wakefield - Budget & Finance Discussion + Q & AWednesday April 15, 2015 7:30pmThe Town of Wakefield hosted a discussion night plus question and answer session with regards to the Town Budget, School Department Budget and Town of Wakefield finances for 2016 and beyond.
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Wakefields Financial Picture Finance Committee
April 2015
Agenda
Past Receipts Accounts Spending
Present Future
Past 20 year average annual increase is 4.0%; 10 year average is 2.8%
Excludes Enterprise Accounts and Chapter 90 (Roads)
10 year average increase: Health 3.9%, Ret 3.4%, NE Reg Voc 11.6% (Health budget now includes $1.8 million toward Post Retirement Health Trust)
Personal Services Budgets - $000
FYE10 FYE15 Annual Inc %
Schools 21,266 25,711 3.9% Fire 3,064 3,932 7.1% Library 863 1,070 4.4% Police 3,583 4,334 3.9% DPW 2,331 2,790 3.7% Other 1,639 2,072 4.8% Total 32,746 39,909 4.0%
Budgets - $000
FYE10 FYE15 Annual Inc %
Schools 26,183 31,288 3.6% Fire 3,205 4,130 5.2% Library 1,125 1,452 5.2% Police 3,850 4,693 4.0% DPW 3,485 4,269 4.1% Gen Govt 2,411 3,238 6.1% Total 40,259 49,070 4.0%
FYE16
Our reserves have recovered to an acceptable level 13% of Budget
Some services that had been recently been cut, will be partially restored, for example: Schools
Contemplated Capital projects total over $26 million for next 5 years
Meals and Hotel taxes have given us a lift Significant Snow and Ice Overdraft for FYE16
FYE16
Outstanding debt and interest payments for projects is about $55.8 million (Dolbeare, Woodville, Public Safety, Senior Center, Recreation, Galvin)
Retirement Unfunded Liability was $43.8 million as of 1/1/2014
OPEB Unfunded Liability was $65.0 million as of 6/30/ 2013
FYE16 Expected increase in Tax Levy: $2,253,000 Increase in State Aid of $81,000 Current increase in spending for:
Salaries: $2,441,000 Retirement: $193,000 Snow & Ice: $100,000 New Collective Bargaining Contracts: $683,000 Schools: $3,560,000
Reductions in other line items, including: State and County Assessments: $144,000 Stabilization: $250,000 Refuse: $78,000
Department Budgets increased $4,650,000, or 6.95%
FYE16 Total Budgeted Expenditures for FYE15
were $80,048,000 Total Proposed Expenditures for FYE16 are
$84,550,000 Total increase of $4,502,000 or 5.6%
Total Revenue for FYE16 is projected to be $82,991,000
Difference of $1,559,000 covered by Free Cash
Reduced Services Reduced services not fully restored have included:
Reduced building and field maintenance, including minimal effort to control energy costs through building improvements (some restoration occurring in FYE15 and FYE16)
Poor maintenance of most roads, sidewalks, and a few fields
Forecast
Q & A