HomeMy Public PortalAboutFiscal Year 2023 Budget Overview City of Watertown
Annual Budget
2022-2023
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AGENDA
• FY2022 Budget Update
FY2023 Budget Overview
Revenue and Expenditure Budgets
Revenue and Expenditure Forecast
2
FY 2022 BUDGET UPDATE
FINAL CURRENT VARIANCE
FY 2021 FY 2022 FY 22
BUDGET BUDGET TO FY 21
REVENUE:
TAXES $122,391,323 74.88% $133,418,141 75.56% $11,026,818
STATE AID $11,955,612 7.32% $13,482,722 7.64% $1,527,110
LOCAL RECEIPTS $12,042,635 7.37% $16,123,387 9.13% $4,080,752
OTHER FINANCING SOURCES $17,063,710 10.44% $13,549,947 7.67% -$3,513,763
TOTAL REVENUE $163,453,280 100.00% $176,574,197 100% $13,120,917
$0
EXPENDITURES:
EDUCATION APPROPRIATION $51,937,315 31.78% $53,755,121 30.44% $1,817,806
CITY DEPTS. APPROPRIATIONS $40,064,991 24.51% $42,464,303 24.05% $2,399,312
WASTE DISPOSAL $3,422,265 2.09% $3,692,300 2.09% $270,035
SNOW & ICE $1,500,000 0.92% $1,500,000 0.85% $0
STATE ASSESSMENTS $2,816,632 1.72% $3,028,130 1.71% $211,498
PENSION COSTS $14,588,179 8.92% $7,509,084 4.25% -$7,079,095
OPEB $2,379,017 1.46% $6,698,124 3.79% $4,319,107
INSURANCE & EMPLY. BENEFITS $16,863,538 10.32% $18,316,330 10.37% $1,452,792
DEBT AND INTEREST $7,573,650 4.63% $19,231,365 10.89% $11,657,715
CAPITAL PROJECTS $9,463,768 5.79% $8,483,775 4.80% -$979,993
OTHER FINANCING USES CITY $12,843,925 7.86% $9,934,675 5.63% -$2,909,250
COUNCIL RESERVE $0 0.00% $1,960,990 1.11% $1,960,990
TOTAL EXPENDITURES $163,453,280 100% $176,574,197 100% $13,120,917
8.03%
PROJECTED SURPLUS/(DEFICIT) $0 $0 $0
3
BUDGET HIGHLIGHTS
(Fiscal Year 2023 Budget Message— April 26,2022— Page 20)
The following are new positions included in the Fiscal Year 2023
Budget
• Conservation Agent — Community Development & Planning
• Project Manager — Public Buildings
• Police Sergeant — Working on POST Policies and Training
• Clerk — Police — Working on POST Policies and Training
• Fire Captain — Laboratory Safety Officer/Assistant Emergency
Management Director
Children's Librarian — Library
• Additional Recreation Supervisor
4
BUDGET HIGHLIGHTS
(Fiscal Year 2023 Budget Message— April 26,2022— Page 21)
The following are the highlights of the Fiscal Year 2023 Budget:
• Affordable Housing Trust
The Housina Plan adopted by the City of Watertown on March 23, 2021 documented the need to create
and preserve more affordable housing within the City. The Watertown Housing Partnership recommended
the formation of a municipal affordable housing trust under M.G.L. c. 44 §55C to establish a trust to
facilitate the creation and preservation of affordable housing within the 6ity of Watertown for the benefit of
low-to-moderate-income households and for the funding of community housing. On November 23, 2021
the Honorable City Council adopted the attached City Council Ordinance 2021-89, An Ordinance to Accept
the Provisions of M.G.L. C. 44, §55c to Establish a Trust to Facilitate the Creation and Preservation of
Affordable Housing within the City of Watertown.
As a follow-up, on April 12, 2022 a Request for Confirmation of 6 Watertown citizens was submitted to the
Honorable City Council to become the first Trustees of Watertown's Affordable Housing Trust.
In order to assist the Trustees and to have the Trust have some workable capital, the Proposed Fiscal Year
2023 Budget includes $250,000 to be transferred to the Trust.
• Solid Waste and Recycling Advisory Committee/Organic Composting Program
The Honorable City Council adopted Resolution 2022-01, a Resolution to Establish a Solid Waste and
Recycling Advisory Committee at their January 11 , 2022 meeting. The City of Watertown has established a
Solid Waste and Recycling Advisory Committee in response to the Massachusetts Department of
Environmental Protection's aggressive goals of the Commonwealth's Solid Waste Master Plan to reduce
disposal statewide by 30 percent from 2020 to 2030, and sets a long-term goal of achieving a 90 percent
reduction in disposal statewide by 2050.
As a follow-up, on April 12, 2022 a Request for Confirmation of 6 Watertown citizens was submitted to the
Honorable City Council.
Additionally, in order to assist the City in achieving the 30% solid waste diversion goals established by the
Commonwealth's Master Plan, the Submitted Fiscal Year 2023 Budget includes $425,000 for a new
Organics/Composting Program. The Organics/Composting Program will be offered in conjunction with
Black Earth. This is an "opt-in" program at no cost for participating Watertown residents which will include
curbside pick-up, start-up kits and totes.
5
BUDGET HIGHLIGHTS
(Fiscal Year 2023 Budget Message— April 26,2022— Page 22)
• Salary Study Funding
The Proposed Fiscal Tear 2023 Budget includes $35,000 in order to have an independent study and
analysis conducted on the City's Salary and wage compensation of all the City's unions and non-union
personnel (excluding Public Safety and School Unions). Over a number of years, the City has been
experiencing difficulty to attract and retain employees. In my estimation, the situation has become worse
during Fiscal Year 2022. Since the next permanent City Manager will be responsible for successor
contract settlement, having a salary study available may be helpful in union negotiations as well being
competitive in the municipal labor market within Eastern Massachusetts.
• Personnel Department Assessment Review
The Honorable City Council Fiscal Year 2023 Budget Policy Guideline IIG reads as follows: Hire a
management consultant to review the structural operations of the Personnel Department and to make
recommendations for improvements, including issues of Diversity, Equity, and Inclusion. As a result of the
Honorable City Council adoption of this police guideline, the Proposed Fiscal Year 2023 Budget includes
$50,000 in order to fund this policy guideline.
• Funding Plan to Address the Unfunded (OPEB) Liability
As a result of aggressive funding of the Retirement System, the Unfunded Other Post- Employment
Benefits (OPEB) Liability of $115,370,918 is being addressed with the continued implementation of a
Funding Plan that began in Fiscal Year 2020. The Fiscal Year 2023 Budget includes $13,709,426 for the
OPEB appropriation. The City is having an actuarial valuation of the Post Retirement Benefit Program as
of June 30, 2021 . Subsequent to that valuation, the OPEB Funding Plan may be adjusted.
Funding of the Three Elementary Schools Project
As a result of aggressive funding of the Retirement System, financing of the $170,000,000 for the Three
Elementary Schools Project continues in Fiscal Year 2023 and all of this project is being done within the
confines of Proposition 2 '/2. The Fiscal Year 2023 Budget includes $10,965,574 for debt service related to
this project. Borrowing for this project is being done in phases and the remaining $50,023,109 will be
borrowed in Fiscal Year 2022 and Fiscal Year 2023.
Funding of the New High School Project
The Honorable City Council authorized a Loan Order on March 22, 2022, for the New High School Project
in the amount of $198,844,252. The amount of the New High School Project is being done within the
confines of Proposition 2 '/2 as announced during the Fiscal Year 2023 Preliminary Budget Overview by
former Manager Michael J. Driscoll. The Fiscal Year 2023 Budget includes $1 ,016,945 for Debt Service
elated to this project. Borrowing for this project will be done in phases over the next couple of fiscal years.
6
FY2023 BUDGET; 1 of 2
CURRENT MANAGERS VARIANCE
FY 2022 PROPOSED FY 23
BUDGET FY 2023 TO FY 22
REVENUE:
TAXES $133,418,141 75.56% $140,728,594 80.51% $7,310,454
STATE AID $13,482,722 7.64% $14,243,029 8.15% $760,307
LOCAL RECEIPTS $16,123,387 9.13% $12,710,714 7.27% -$3,412,673
OTHER FINANCING SOURCES $13,549,947 7.67% $7,106,663 4.07% -$6,443,284
TOTAL REVENUE $176,574,197 100% $174,789,000 100% -$1 ,785,196
-1.01%
EXPENDITURES:
EDUCATION APPROPRIATION $53,755,121 30.44% $55,636,550 31 .83% $1 ,881 ,429
CITY DEPTS. APPROPRIATIONS $42,464,303 24.05% $44,360,867 25.38% $1 ,896,564
WASTE DISPOSAL $3,692,300 2.09% $4,432,925 2.54% $740,625
SNOW & ICE $1 ,500,000 0.85% $1,500,000 0.86% $0
STATE ASSESSMENTS $3,028,130 1.71% $3,164,445 1 .81% $136,315
PENSION COSTS $7,509,084 4.25% $1,125,000 0.64% -$6,384,084
OPEB $6,698,124 3.79% $13,709,426 7.84% $7,011 ,302
INSURANCE & EMPLY. BENEFITS $18,316,330 10.37% $19,129,850 10.94% $813,520
DEBT AND INTEREST $19,231 ,365 10.89% $22,946,963 13.13% $3,715,598
CAPITAL PROJECTS $8,483,775 4.80% $2,683,920 1 .54% -$5,799,855
OTHER FINANCING USES $9,934,675 5.63% $3,947,055 2.26% -$5,987,620
CITY COUNCIL RESERVE $1 ,960,990 1.11% $2,152,000 1 .23% $191 ,010
TOTAL EXPENDITURES $176,574,197 100% $174,789,000 100% -$1 ,785,197
-1.01%
PROJECTED SURPLUS/(DEFICIT) $0 $0 $0
7
FY2023 BUDGET; 2 of 2
PRE-OVERVIEW OCT. 2021 MANAGERS VARIANCE
PROJECTED PROPOSED PROPOSED
FY 2023 FY 2023 TO PROJECTED
REVENUE:
TAXES $140,677,505 81.50% $140,728,594 80.51% $51 ,089
STATE AID $13,482,722 7.81% $14,243,029 8.15% $760,307
LOCAL RECEIPTS $11 ,629,887 6.74% $12,710,714 7.27% $1 ,080,827
OTHER FINANCING SOURCES $6,822,392 3.95% $7,106,663 4.07% $284,271
TOTAL REVENUE $172,612,506 100% $174,789,000 100% $2,176,494
1.26%
EXPENDITURES:
EDUCATION APPROPRIATION $55,636,550 32.04% $55,636,550 31 .83% $0
CITY DEPTS. APPROPRIATIONS $43,294,261 24.94% $44,360,867 25.38% $1 ,066,606
WASTE DISPOSAL $3,876,915 2.23% $4,432,925 2.54% $556,010
SNOW & ICE $1 ,500,000 0.86% $1,500,000 0.86% $0
STATE ASSESSMENTS $3,109,887 1.79% $3,164,445 1 .81% $54,558
PENSION COSTS $1 ,140,525 0.66% $1,125,000 0.64% -$15,525
OPEB $11 ,372,981 6.55% $13,709,426 7.84% $2,336,445
INSURANCE & EMPLY. BENEFITS $19,610,247 11.29% $19,129,850 10.94% -$480,397
DEBT AND INTEREST $25,957,996 14.95% $22,946,963 13.13% -$3,011 ,033
CAPITAL PROJECTS $1 ,928,920 1.11% $2,683,920 1 .54% $755,000
OTHER FINANCING USES $4,345,462 2.50% $3,947,055 2.26% -$398,407
CITY COUNCIL RESERVE $1 ,850,000 1.07% $2,152,000 1 .23% $302,000
TOTAL EXPENDITURES $173,623,744 100% $174,789,000 100% $1 ,165,256
0.67%
PROJECTED SURPLUS/(DEFICIT) $ (1,011 ,238) $0 $1 ,011 ,238
8
Fiscal Year 2023 Revenues
4.07% ®Real&Personal Property Taxes
7.27%
State Aid
8.15%
Local Receipts
Other Financing Sources
80.51%
Revenue & Other Sources - General Fund
REVISED BUDGET PROPOSED BUDGET
BUDGET ITEM FY2022 FY2023
REAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $7,310,454
PRIOR LEVY $123,391 ,323 $134,418,141 $11 ,026,818
PRIOR YEAR AMENDED GROWTH $48,627 w ($48,627)
ADD 2.5% $3,085,999 $3,360,454 $274,455
NEW GROWTH $7,892,192 $4,000,000 ($3,892,192)
ADJ. LEVY LIMIT $134,418,141 $141 ,778,594 $7,360,453
OVERLAY ($1 ,000,000) ($1 ,050,000) ($50,000)
NET LEVY LIMIT $133,418,141 $140,728,594 $7,310,454
10
Revenue & Other Sources - General Fund
PROPOSEDREVISED BUDGET
BUDGET ITEM FY2022 FY2023
REAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $7,310,454
STATE AID $13,482,722 $14,243,029 $760,307
11
Revenue & Other Sources - General Fund
REVISED
- . - .
BUDGET . - .
REAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $7,310,454
STATE AID $13,482,722 $14,243,029 $760,307
LOCAL RECEIPTS $16,123,387 $12,710,714 ($3,412,673)
MOTOR VEHICLE EXCISE $4,100,000 $4,350,000 $250,000
MEALS EXCISE $550,000 $650,000 $100,000
HOTEL EXCISE $525,000 $675,000 $150,000
CANNABIS EXCISE $0 $500,000 $500,000
PENALTIES & INTEREST $250,000 $250,000 $0
PILOT $81,948 $87,088 $5,140
COMMERCIAL TRASH $15,000 $20,000 $5,000
FEES $8,850,000 $4,500,000 ($4,350,000)
RENTALS $178,312 $227,769 $49,457
DEPARTMENTAL REVENUE - CEMETERY $95,000 $100,000 $5,000
DEPARTMENTAL REVENUE - RECREATION $420,000 $420,000 $0
LICENSES & PERMITS $192,000 $200,000 $8,000
FINES & FORFEITS $510,000 $450,000 ($60,000)
INVESTMENT INCOME $250,000 $250,000 $0
SALE OF PROPERTY $5,000 $5,000 $0
BELMONT REIMBURSEMENT $76,127 $0 ($76,127)
GRANT/EMPLOYEE REIMBURSEMENTS $25,000 $25,857 $857
TOTAL LOCAL RECEIPTS $16,123,387 $12,710,714 ($3,412,673)
12
Revenue & Other Sources - General Fund
REVISED BUDGET REVISED BUDGET
DPW FEES/WHITE GOODS $15,000 $15,000
TREASURER'S OTHER RECEIPTS $5,000 $5,000
COSTS $65,000 $50,000
POLICE INSURANCE REPORTS $4,000 $3,500
POLICE OTHER FEES $4,000 $3,500
FIRE OTHER FEES $60,000 $75,000
AMBULANCE FEES $1,150,000 $1 ,250,000
OTHER LICENSING BOARD FEES $40,000 $40,000
DPW OTHER FEES $5,000 $5,000
INSPECTION FEES $7,200,000 $2,750,000
CITY CLERK FEES $55,000 $60,000
WETLANDS ORDINANCE $3,000 $3,000
LIEN CERTIFICATE FEES $50,000 $50,000
POLICE EXTRA DETAIL SURCHARGE $100,000 $100,000
REGISTRY CLEARING FEES $72,000 $70,000
ADVERTISING BUS SHELTERS $5,000 $5,000
COUNCIL ON AGING DONATIONS $17,000 $15,000
TOTAL $8,850,000 $4,500,000
13
Revenue & Other Sources - General Fund
LICENSES . . .
MITS REVISED BUDGET PROPOSED BUDGET
LIQUOR LICENSES $118,000 $118,000
HEALTH LICENSES $60,000 $65,000
POLICE FIREARMS LICENSES $2,000 $2,000
DPW PERMITS $10,000 $13,000
CEMETERY BURIAL PERMITS $2,000 $2,000
TOTAL LICENSES & PERMITS $192,000 $200,000
14
Revenue & Other Sources - General Fund
PROPOSEDREVISED BUDGET
FORFEITSFINES & ,
PARKING $400,000 $370,000
POLICE $100,000 $75,000
CODE ENFORCEMENT FINES $10,000 $5,000
TOTAL FINES & FORFEITS $510,000 $450,000
15
Revenue & Other Sources - General Fund
REVISED PROPOSED
BUDGETBUDGET
BUDGET ITEM FY2022 FY2023
REAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $7,310,454
STATE AID $13,482,722 $14,243,029 $760,307
LOCAL RECEIPTS $16,123,387 $12,710,714 ($3,412,673)
OTHER FINANCING SOURCES $13,549,947 $7,106,663 ($6,443,284)
TRANSFER FROM SALE OF LOTS FUND $25,000 $25,000 $0
TRANSFER FROM PARKING METER FUND $150,000 $150,000 $0
TRANSFER FROM OPIOID SETTLEMENT FUND $0 $60,000 $60,000
TRANSFER FROM CEMETARY PERPETUAL CARE FUND $10,000 $10,000 $0
TRANSFER FROM CAPITAL PROJECT STABILIZATION FD $500,000 $500,000 $0
TRANSFER FROM ESCO CAPITAL PROJ. STAB. FD. $505,938 $500,938 ($5,000)
TRANSFER FROM NEW HIGH SCHOOL STAB. FUND $5,798,555 $201,000 ($5,597,555)
TRANSFER FROM WATER FUND $1,553,006 $1,511,731 ($41,275)
TRANSFER FROM SEWER FUND $1,507,448 $1,397,994 ($109,454)
UTILIZATION OF FREE CASH $2,000,000 $2,000,000 $0
UTILIZATION OF OVERLAY SURPLUS $1,500,000 $750,000 ($750,000)
TOTAL OTHER FINANCING SOURCES $13,549,947 $7,106,663 ($6,443,284)
16
Revenue & Other Sources-General Fund-Summary
PROPOSED
REVISED BUDGET BUDGET
BUDGET ITEM FY2022 FY2023
- .
REAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $7,310,454
STATE AID $13,482,722 $14,243,029 $760,307
LOCAL RECEIPTS $16,123,387 $12,710,714 ($3,412,673)
OTHER FINANCING SOURCES $13,549,947 $7,106,663 ($6,443,284)
TOTAL $176,574,197 $174,789,000 ($1,785,196)
17
Fiscal Year 2023 Expenditures
0.860/o o ■ EDUCATION
1.81%
0.92% 0.56/o
a o7% o PUBLIC SAFETY
49/a
�•54% INSURANCE& BENEFITS
PENSION & OPEB COSTS
DEBT&CAP. PROJECTS
PUBLIC WORKS
■ GEN.GOVERNMENT
WASTE DISPOSAL
LIBRARY
STATE ASSESSMENTS
■ OTHER FINANCING USES
■ HEALTH &HUMAN
SERVICES
SNOW&ICE REMOVAL
RECREATION
18
Fiscal Year 2023 Expenditures
Public Safety
FIRE EMERGENCY MANAGEMENT
POLICE $12,162,208 $56,755
$10,711,038 6.96% 0.03%
6.13%
or EXCLUDING
PUBLIC SAFETY
$15,858,999
WIIIIII
: . : :
i
19
FY 2023 Expenditure Budget
REVISED PROPOSED
BUDGET ITEM BUDGET BUDGET A, A •
FY2023
STATE & COUNTY CHARGES $3,028,130 $3,164,445 $136,315
OTHER FINANCING & MISC. $11,895,665 $6,099,055 ($5,796,610)
PENSION COSTS $7,509,084 $1,125,000 ($6,384,084)
OPEB
$6,698,124 $13,709,426 $7,011,302
DEBT RETIREMENT $19,231,365 $22,946,963 $3,715,598
CAPITAL PROJECTS $8,483,775 $2,683,920 ($5,799,855)
INSURANCE & EMPLOYEE BENEFITS $18,316,330 $19,129,850 $813,520
GENERAL GOVERNMENT $7,637,284 $8,339,128 $701,844
PUBLIC SAFETY-L. $22,531,829 $22,930,001 $398,172
PUBLIC WORKS $6,399,537 $6,870,287 $470,750
SNOW & ICE REMOVAL $1,500,000 $1,500,000 $0
WASTE DISPOSAL $3,692,300 $4,432,925 $740,625
HEALTH & HUMAN SERVICES ■� $1,558,727 $1,615,679 $56,952
RECREATION ■ $897,247 $979,567 $82,320
LIBRARY $3,439,679 $3,626,206 $186,527
EDUCATION $53,755,121 $55,636,550 $1,881,429
TOTAL
$176,574,197 $174,789,000 ($1,785,197)
20
Revenue Forecast
BUDGET ITEM
REAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $148,273,059 $156,456,136 $164,895,038
PRIOR LEVY $123,391,323 $134,418,141 $141,778,594 $149,323,059 $157,556,136
PRIOR AMENDED GROWTH $48,627
ADD 2.5% $3,085,999 $3,360,454 $3,544,465 $3,733,076 $3,938,903
NEW GROWTH $7,892,192 $4,000,000 $4,000,000 $4,500,000 $4,500,000
ADJ. LEVY LIMIT $134,418,141 $141,778,594 $149,323,059 $157,556,136 $165,995,038
OVERLAY ($1,000,000) ($1,050,000) ($1,050,000) ($1,100,000) ($1,100,000)
NET LEVY LIMIT $133,418,141 $140,728,594 $148,273,059 $156,456,136 $164,895,038
21
Revenue Forecast
BUDGET ITEM I i -
TEAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $148,273,059 $156,456,136 $164,895,038
STATE AID $13,482,722 $14,243,029 $14,243,029 $14,243,029 $14,243,029
22
Revenue Forecast
BUDGET ITEM
REAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $148,273,059 $156,456,136 $164,895,038
STATE AID $13,482,722 $14,243,029 $14,243,029 $14,243,029 $14,243,029
LOCAL RECEIPTS $16,123,387 $12,710,714 $13,035,700 $13,360,669 $13,536,209
MOTOR VEHICLE EXCISE $4,100,000 $4,350,000 $4,475,000 $4,600,000 $4,725,000
MEALS EXCISE $550,000 $650,000 $700,000 $750,000 $800,000
HOTEL EXCISE $525,000 $675,000 $825,000 $975,000 $975,000
CANNABIS EXCISE $500,000 $500,000 $500,000 $500,000
PENALTIES & INTEREST $250,000 $250,000 $250,000 $250,000 $250,000
PI LOT $81,948 $87,088 $87,628 $88,168 $88,708
COMMERCIAL TRASH $15,000 $20,000 $20,000 $20,000 $20,000
FEES $8,850,000 $4,500,000 $4,500,000 $4,500,000 $4,500,000
RENTALS $178,312 $227,769 $227,215 $226,644 $226,644
DR-CEMETERY $95,000 $100,000 $100,000 $100,000 $100,000
DR-RECREATION $420,000 $420,000 $420,000 $420,000 $420,000
LICENSES & PERMITS $192,000 $200,000 $200,000 $200,000 $200,000
FINES & FORFEITS $510,000 $450,000 $450,000 $450,000 $450,000
INVESTMENT INCOME $250,000 $250,000 $250,000 $250,000 $250,000
SALE OF CITY PROPERTY $5,000 $5,000 $5,000 $5,000 $5,000
BELMONT REIMBURSEMENT $76,127 $0 $0 $0 $0
GRANT/EMPLOYEE REIMBS. $25,000 $25,857 $25,857 $25,857 $25,857
TOTAL LOCAL RECEIPTS $16,123,387 $12,710,714 $13,035,700 $13,360,669 $13,536,209
23
ll Revenue Forecast
BUDGET ITEM mm mm
REAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $148,273,059 $156,456,136 $164,895,038
STATE AID . $13,482,722 $14,243,029 $14,243,029 $14,243,029 $14,243,029
LOCAL RECEIPTS $16,123,387 $12,710,714 $13,035,700 $13,360,669 $13,536,209
OTHER FINANCING SOURCES $13,549,947 $7,106,663 $6,249,163 $6,247,950 $6,246,850
TRANSFERS FROM FOLLOWING FUNDS:
TRANSFER FROM SALE OF LOTS FUND I $25,000 $25,000 $25,000 $25,000 $25,000
TRANSFER FROM PARKING METER FUND BERM $150,000 $150,000 $250,000 $250,000 $250,000
TRANSFER FROM OPIOID SETTLEMENT FUND LJN $60,000 $60,000 $60,000 $60,000
TRANSFER FROM CEMETERY PERPETUAL CARE Mir $10,000 1 $10,000 $10,000 $10,000 $10,000
TRANSFER FROM CAPITAL PROJECTS STAB. FUND $500,000 $500,000 $500,000 $500,000 $500,000
TRANSFER FROM ESCO CAP. PROJECT STAB. FUND In $505,938 $500,938 $494,438 $493,225 $492,125
TRANSFER FROM NEW HIGH SCHOOL STAB. FUND $5,798,555 $201,000 $0 $0 $0
TRANSFER FROM WATER FUND 'WO $1,553,006 $1,511,731 $1,511,731 $1,511,731 $1,511,731
TRANSFER FROM SEWER FUND r $1,507,448 $1,397,994 $1,397,994 $1,397,994 $1,397,994
UTILIZATION OF FREE CASH $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000
UTILIZATION OF OVERLAY SURPLUS $1,500,000 $750,000 $0 $0 $0
TOTAL OTHER FINANCING SOURCES $13,549,947 $7,106,663 $6,249,163 $6,247,950 $6,246,850
24
DETAIL OF UTILIZATION OF FREE CASH &
OVERLAY SURPLUS
UTILIZATION OF FREE CASH -ANNUAL $2,000,000 $2,000,000 $2,000,000 $1,750,000 $1,750,000 $1,750,000
UTILIZATION OF FREE CASH - COVID 19 - LOSS REVENUE $1,250,000
UTILIZATION OF FREE CASH -ACQ. LAND/OPEN SPACE STAB. $6,500,000
UTILIZATION OF FREE CASH - NEW HIGH SCHOOL STAB. $2,500,000
UTILIZATION OF FREE CASH - SPED STABILIZATION $250,000 $250,000 $250,000
UTILIZATION OF OVERLAY SURPLUS $1,500,000 $750,000
TOTAL: $12,250,000 $3,500,000 $2,750,000 $2,000,000 $2,000,000 $2,000,000
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Revenue Forecast - Summary
BUDGET ITEM
REAL & PERSONAL PROPERTY TAX $133,418,141 $140,728,594 $148,273,059 $156,456,136 $164,895,038
STATE AID $13,482,722 $14,243,029 $14,243,029 $14,243,029 $14,243,029
LOCAL RECEIPTS $16,123,387 $12,710,714 $13,035,700 $13,360,669 $13,536,209
OTHER FINANCING SOURCES $13,549,947 $7,106,663 $6,249,163 $6,247,950 $6,246,850
TOTAL $176,574,197 $174,789,000 $181,800,951 $190,307,784 $198,921,126
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Expenditure Forecast
BUDGET ITEM
DEPARTMENTAL EXPENDITURES $101,411,724 $105,930,342 $109,208,289 $112,593,198 $116,088,706
GENERAL GOVERNMENT $7,637,284 $8,339,128 $8,547,606 $8,761,296 $8,980,328
PUBLIC SAFETY $22,531,829 $22,930,001 $23,503,251 $24,090,832 $24,693,103
PUBLIC WORKS $6,399,537 $6,870,287 $7,042,044 $7,218,095 $7,398,547
SNOW & ICE REMOVAL $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000
WASTE DISPOSAL $3,692,300 $4,432,925 $4,654,571 $4,887,300 $5,131,665
HEALTH & HUMAN SERVICES $1,558,727 $1,615,679 $1,656,071 $1,697,473 $1,739,909
LIBRARY $3,439,679 $3,626,206 $3,716,861 $3,809,782 $3,905,027
RECREATION $897,247 $979,567 $1,004,056 $1,029,158 $1,054,887
EDUCATION $53,755,121 $55,636,550 $57,583,829 $59,599,263 $61,685,237
TOTALS $101,411,724 $105,930,342 $109,208,289 $112,593,198 $116,088,706
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11 Expenditure Forecast
BUDGET ITEM
DEPARTMENTAL EXPENDITURES $101,411,724 $105,930,342 $109,208,289 $112,593,198 $116,088,706
STATEASSESSMENTS $3,028,130 $3,164,445 $3,249,675 $3,337,204 $3,427,094
PENSION & OPEB COSTS $14,207,208 $14,834,426 $10,644,420 $7,969,806 $4,584,275
PENSION COSTS $7,509,084 $1,125,000 $1,125,000 $1,125,000 $1,125,000
OTHER POST EMPLOYMENT BENEFITS $6,698,124 $13,709,426 $9,519,420 $6,844,806 $3,459,275
TOTAL PENSION & OPEB COSTS $14,207,208 $14,834,426 $10,644,420 $7,969,806 $4,584,275
DEBT & INTEREST $19,231,365 $22,946,963 $32,029,321 $36,922,872 $40,667,075
PERMANENT DEBT/INTEREST $5,910,189 $6,158,914 $5,833,306 $5,374,325 $3,722,550
ESCO - PERMANENT DEBT/INTEREST $505,938 $500,938 $494,438 $493,225 $492,125
THREE ELEM. SCHOOL PROJ. - PERMANENT DEBT/INTEREST $8,370,221 $8,155,150 $7,902,900 $7,425,650 $7,179,650
THREE ELEM. SCHOOL PROJ. -AUTH/UNISSUED & PLANNED $1,438,143 $2,810,424 $5,013,775 $4,893,338 $4,772,900
NEW HIGH SCHOOL PROJECT-AUTHORIZED/UNISSUED $597,334 $1,016,945 $5,238,905 $8,511,206 $12,263,175
STREET & SIDEWALK-AUTH/UNISSUED & PLANNED $1,249,625 $1,347,500 $2,915,000 $3,835,100 $4,766,400
OTHER DEBT-AUTHORIZED/UNISSUED & PLANNED $1,154,915 $2,952,092 $4,625,997 $6,385,028 $7,465,275
COST OF CERTIFYING BONDS $5,000 $5,000 $5,000 $5,000 $5,000
TOTAL DEBT & INTEREST $19,231,365 $22,946,963 $32,029,321 $36,922,872 $40,667,075
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Expenditure Forecast
3 Elementary Schools Debt Service $9,808,364 $10,965,574 $12,916,675 $12,318,988 $11,952,550
New High School Debt Service $597,334 $1,016,945 $5,238,905 $8,511,206 $12,263,175
Transfer To New High School Stabilization $3,000,000 $1,983,055
Pension & OPEB $14,207,208 $14,834,426 $10,644,420 $7,969,806 $4,584,275
TOTAL $ 27,612,906 $28,800,000 $28,800,000 $28,800,000 $28,800,000
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Expenditure Forecast
BUDGET ITEM
DEPARTMENTAL EXPENDITURES $101,411,724 $105,930,342 $109,208,289 $112,593,198 $116,088,706
STATE ASSESSMENTS $3,028,130 $3,164,445 $3,249,675 $3,337,204 $3,427,094
PENSION & OPEB COSTS $14,207,208 $14,834,426 $10,644,420 $7,969,806 $4,584,275
INSURANCE & EMPLOYEE BENEFITS $18,316,330 $19,129,850 $20,482,838 $21,935,708 $23,495,902
DEBT & INTEREST $19,231,365 $22,946,963 $32,029,321 $36,922,872 $40,667,075
CAPITAL PROJECTS $8,483,775 $2,683,920 $2,055,366 $2,129,884 $2,147,628
CITY CAPITAL PROJECTS $1,951,154 $1,145,000 $470,000 $495,000 $495,000
SCHOOL CAPITAL PROJECTS $5,362,221 $310,000 $295,000 $280,000 $230,000
STREET & SIDEWALK IMPROVEMENTS $1,170,400 $1,228,920 $1,290,366 $1,354,884 $1,422,628
TOTAL CAPITAL PROJECTS $8,483,775 $2,683,920 $2,055,366 $2,129,884 $2,147,628
30
Expenditure Forecast
BUDGET ITEM
, .
DEPARTMENTAL EXPENDITURES $101,411,724 $105,930,342 $109,208,289 $112,593,198 $116,088,706
STATE ASSESSMENTS $3,028,130 $3,164,445 $3,249,675 $3,337,204 $3,427,094
PENSION COSTS $14,207,208 $14,834,426 $10,644,420 $7,969,806 $4,584,275
INSURANCE & EMPLOYEE BENEFITS $18,316,330 $19,129,850 $20,482,838 $21,935,708 $23,495,902
DEBT & INTEREST $19,231,365 $22,946,963 $32,029,321 $36,922,872 $40,667,075
CAPITAL PROJECTS $8,483,775 $2,683,920 $2,055,366 $2,129,884 $2,147,628
OTHER FINANCING USES $11,895,665 $6,099,055 I $4,186,470 $4,344,164 $4,502,089
CITY COUNCIL RESERVE $1,960,990 $2,152,000 $2,300,000 $2,450,000 $2,600,000
TRANSFERS TO ENTERPRISE FUNDS $270,675 $249,000 $256,470 $264,164 $272,089
TRANSFER TO ACQUISITION LAND/OPEN SP. STAB. $1,500,000 $1,250,000 $1,250,000 $1,250,000 $1,250,000
TRANSFER TO NEW HIGH SCHOOL STAB. FUND $3,000,000 $1,983,055 L $0 $0 $0
TRANSFER TO UNFUNDED PENSION STAB. FUND $5,000,000 $0 $0 $0 $0
TRANSFER TO SPED STABILIZATION FUND $0 $0 $250,000 $250,000 $250,000
TRANSFER TO AFFORDABLE HOUSING TRUST $0 $250,000 $0 $0 $0
MISCELLANEOUS $164,000 $215,000 $130,000 $130,000 $130,000
TOTAL OTHER FINANCING USES $11,895,665 $6,099,055 $4,186,470 $4,344,164 $4,502,089
TOTAL EXPENDITURES & OFU
31
Expenditure Forecast Summary
EXPENDITURES $176,574,197 $174,789,000 $181,856,378 $189,232,837 $194,912,769
REVENUES $176,574,197 $174,789,000 $181,800,951 $190,307,784 $198,921,126
I SURPLUS/DEFICIT $0 $0 ($55,428) $1,074,947 $4,008,357
PRIOR YEAR BALANCED BUDGET ASSUMPTION $0 $0 $55,428 ($1,074,947)
REMAINING SURPLUS/DEFICIT $0 $0 ($55,428) $1,130,374 $2,933,411
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The City of Watertown
The City Seal designed by Charles Brigham, architect
The origin of the City seal:
In 1919, architect Charles Brigham designed the city seal from an account from the 1630
diary of early American explorer Roger Clap.
Fred Milmore, local heraldic artist, gave the seal its official heraldic colors in 1965 and
designed the official city flag which hangs in the City Hall.
1
P,g C,E C4
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