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HomeMy Public PortalAboutFiscal Year 2021 Budget Overview Town of Watertown Annual Budget 2020-2021 To download this presentation visit our website: www.watertown-ma.gov AGENDA • FY2020 Budget Update • FY2021 Budget Overview - Revenue and Expenditure Budgets • Revenue and Expenditure Forecast 2 FY 2020 BUDGET UPDATE ORIGINAL REVISED BUDGET BUDGET FY 2020 FY 2020 VARIANCE REVENUE: TAXES $ 114,686,859 $ 116,106,127 $ 1,419,268 STATE AID $ 13,092,571 $ 13,205,612 $ 113,041 LOCAL RECEIPTS $ 13,406,684 $13,406,684 $ - OTHER FINANCING SOURCES $ 6,571,886 $7,193,386 $ 621,500 TOTAL REVENUE $ 147,758,000 $ 149,911,809 $ (2,153,809) EXPENDITURES: EDUCATION APPROPRIATION $ 50,441,424 $ 50,441,424 $ - TOWN DEPTS. APPROPRIATIONS $ 37,594,605 $ 39,049,134 $ 1,454,529 WASTE DISPOSAL $ 3,187,237 $ 3,187,237 $ - SNOW & ICE $ 1,500,000 $ 1,415,000 $ (85,000) STATE ASSESSMENTS $ 2,744,003 $ 2,717,478 $ (26,525) PENSION COSTS $ 21,196,816 $ 21,196,816 $ - INSURANCE & EMPLY. BENEFITS $ 16,058,651 $ 16,077,026 $ 18,375 DEBT AND INTEREST $ 10,093,997 $ 9,764,794 $ (329,203) CAPITAL PROJECTS $ 1,990,100 $ 2,458,303 $ 468,203 OTHER FINANCING USES $ 378,604 $ 884,968 $ 506,364 TOWN COUNCIL RESERVE $ 2,572,563 $ 2,719,629 $ 147,066 TOTAL EXPENDITURES $ 147,758,000 $ 149,911,809 $ 2,153,809 PROJECTED SURPLUS/(DEFICIT) $ - $ (0) $ (0) 3 BUDGET HIGHLIGHTS (Fiscal Year 2021 Budget Message— June 8,2020 - Page 7) • No Layoffs Although there is COVID-19 related reductions in State Aid and Local Receipts totaling$4,004,661,the Submitted Fiscal Year 2021 Budget contains no layoffs of Town and School employees. • 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 2021 and all of this project will be done within the confines of Proposition 2 1/2. The Fiscal Year 2021 Budget includes$6,473,376 for debt service related to this project. Borrowing for this project is being done in phases and $64,000,000 is scheduled to be borrowing in July or August 2020 as part of tomorrow night's Proposed Loan Order totaling $103,455,000. • Fully funded Retirement System as of July 1,2020 As a result of aggressive funding of the Retirement System and based on the current Watertown Contributory Retirement Board's Funding Schedule,the Town's Unfunded Pension Liability will be fully funded as of July 1,2020. The Fiscal Year 2021 Budget includes$14,588,179 for the Pension appropriation. • 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 will be addressed with the continued implementation of a Funding Plan through Fiscal Year 2029 when the OPEB Liability is projected to be fully funded. The Fiscal Year 2021 Budget includes$2,379,017 for the OPEB appropriation. • Initial Funding of Information Technology Assessment Recommendations As a follow-up to the Honorable Town Council's Budget Policy Guideline,funding has been included in the Submitted Fiscal Year 2021 Budget to begin addressing IT staffing needs and website content managements as outlined in the Town-wide Information Technology Assessment. 4 CONTINUED PROGRAM INITIATIVES (Fiscal Year 2021 Budget Message— June 8,2020- Page 8) The following is a list of continued program initiatives that are contained within the Fiscal Year 2021 Budget submission: • Very Strong Commitment to Education • Enhanced Funding of Pension & OPEB Liability • Community Policing including 52 Patrol Officers • Fire Department Sworn Personnel Levels at 87 • Sidewalk Repair & Replacement Program • Additional Resources for the Recreation Department • Town Capital Projects Funding • Roadway Reconstruction and Resurfacing Projects • Tree Management & Street Tree Replanting Program • Automated Trash Collection & Single Stream Recycling • Participation in the Minuteman Household Product Facility • Social Services Resource Program • Community Wellness Program • Children's Room, Friday Evenings &Year Round Weekend Library Hours • Resources for Project Literacy & the HATCH Program 5 OTHER BUDGET ISSUES • Collective Bargaining • Uncertainty of Future Local Aid • Economy Driven Revenues • Capital Improvement Program • Insurance and Employee Benefits • Shared/Regionalized Services • Departmental Operating Budgets 6 FY2021 BUDGET; 1 of 2 CURRENT PROPOSED VARIANCE FY 2020 FY 2021 FY 2021 BUDGET BUDGET TO FY2020 REVENUE: TAXES $ 116,106,127 77.45% $ 122,210,655 80.17% $ 6,104,528 STATE AID $ 13,205,612 8.81% $ 10,565,000 6.93% $ (2,640,612) LOCAL RECEIPTS $ 13,406,684 8.94% $ 12,042,635 7.90% $ (1,364,049) OTHER FINANCING SOURCES $ 7,193,386 4.80% $ 7,623,710 5.00% $ 430,324 TOTAL REVENUE $ 149,911,809 100% $ 152,442,000 100% $ 2,530,191 1.69% EXPENDITURES: EDUCATION APPROPRIATION $ 50,441,424 33.65% $ 51,937,315 34.07% $ 1,495,891 TOWN DEPTS. APPROPRIATIONS $ 39,049,134 26.05% $ 39,822,806 26.12% $ 773,672 WASTE DISPOSAL $ 3,187,237 2.13% $ 3,388,265 2.22% $ 201,028 SNOW & ICE $ 1,415,000 0.94% $ 1,500,000 0.98% $ 85,000 STATE ASSESSMENTS $ 2,717,478 1.81% $ 2,816,632 1.85% $ 99,154 PENSION COSTS $ 13,180,613 8.79% $ 14,588,179 9.57% $ 1,407,566 OPEB $ 8,016,203 5.35% $ 2,379,017 1.56% $ (5,637,186) INSURANCE & EMPLY. BENEFITS $ 16,077,026 10.72% $ 16,996,300 11.15% $ 919,274 DEBT AND INTEREST $ 9,764,794 6.51% $ 15,497,818 10.17% $ 5,733,024 CAPITAL PROJECTS $ 2,458,303 1.64% $ 1,809,600 1.19% $ (648,703) OTHER FINANCING USES $ 884,968 0.59% $ 331,068 0.22% $ (553,900) TOWN COUNCIL RESERVE $ 2,719,629 1.81% $ 1,375,000 0.90% $ (1,344,629) TOTAL EXPENDITURES $ 149,911,809 100% $ 152,442,000 100% $ 2,530,191 1.69% PROJECTED SURPLUS/(DEFICIT) $ - $ - $ - 7 FY2021 BUDGET; 2 of 2 PRE-OVERVIEW OCT. 2019 MANAGERS VARIANCE PROJECTED PROPOSED PROPOSED FY 2021 FY 2021 TO PROJECTED REVENUE: TAXES $ 122,646,475 78.46% $ 122,210,655 80.17% $ (435,820) STATE AID $ 13,205,612 8.45% $ 10,565,000 6.93% $ (2,640,612) LOCAL RECEIPTS $ 13,829,488 8.85% $ 12,042,635 7.90% $ (1,786,853) OTHER FINANCING SOURCES $ 6,643,742 4.25% $ 7,623,710 5.00% $ 979,968 TOTAL REVENUE $ 156,325,317 100% $ 152,442,000 100% $ (3,883,317) -2.48% EXPENDITURES: EDUCATION APPROPRIATION $ 52,963,495 34.00% $ 51,937,315 34.07% $ (1,026,180) TOWN DEPTS. APPROPRIATIONS $ 39,476,794 25.34% $ 39,822,806 26.12% $ 346,012 WASTE DISPOSAL $ 3,346,599 2.15% $ 3,388,265 2.22% $ 41,666 SNOW & ICE $ 1,500,000 0.96% $ 1,500,000 0.98% $ - STATE ASSESSMENTS $ 2,799,450 1.80% $ 2,816,632 1.85% $ 17,182 PENSION COSTS $ 14,625,789 9.39% $ 14,588,179 9.57% $ (37,610) OPEB $ 4,213,487 2.70% $ 2,379,017 1.56% $ (1,834,470) INSURANCE & EMPLY. BENEFITS $ 17,190,498 11.04% $ 16,996,300 11.15% $ (194,198) DEBTAND INTEREST $ 14,436,334 9.27% $ 15,497,818 10.17% $ 1,061,484 CAPITAL PROJECTS $ 2,028,630 1.30% $ 1,809,600 1.19% $ (219,030) OTHER FINANCING USES $ 637,412 0.41% $ 331,068 0.22% $ (306,344) TOWN COUNCIL RESERVE $ 2,550,000 1.64% $ 1,375,000 0.90% $ (1,175,000) TOTAL EXPENDITURES $ 155,768,488 100% $ 152,442,000 100% $ (3,326,488) -2.14% PROJECTED SURPLUS/(DEFICIT) $ 556,829 $ - $ (556,829) 8 Projected Comparison FINAL MANAGER"S VARIANCE VARIANCE AVERAGE FY 2009 PROPOSED FY21 %FY21 ANNUAL % BUDGET FY 2021 TO FY09 TO FY09 INC. OR DEC. REVENUE: TAXES $ 66,633,934 69.63% $ 122,210,655 80.17% $ 55,576,721 83.41% 6.95% STATE AID $ 12,929,784 13.51% $ 10,565,000 6.93% $ (2,364,784) -18.29% -1.52% LOCAL RECEIPTS $ 10,728,827 11.21% $ 12,042,635 7.90% $ 1,313,808 12.25% 1.02% OTHER FINANCING SOURCES $ 5,400,486 5.64% $ 7,623,710 5.00% $ 2,223,224 41.17% 3.43% TOTAL REVENUE $ 95,693,031 100% $ 152,442,000 100% $ 56,748,969 59.30% EXPENDITURES: EDUCATION APPROPRIATION $ 31,846,000 33.28% $ 51,937,315 34.07% $ 20,091,315 63.09% 5.26% TOWN DEPTS.APPROPRIATIONS $ 27,526,586 28.77% $ 39,822,806 26.12% $ 12,296,220 44.67% 3.72% WASTE DISPOSAL $ 3,117,793 3.26% $ 3,388,265 2.22% $ 270,472 8.68% 0.72% SNOW& ICE $ 1,756,001 1.84% $ 1,500,000 0.98% $ (256,001) -14.58% -1.21% STATE ASSESSMENTS $ 2,087,290 2.18% $ 2,816,632 1.85% $ 729,342 34.94% 2.91% PENSION COSTS $ 7,325,580 7.66% $ 14,588,179 9.57% $ 7,262,599 99.14% 8.26% OPEB $ - 0.00% $ 2,379,017 1.56% $ 2,379,017 0.00% INSURANCE & EMPLY. BENEFITS $ 13,353,713 13.95% $ 16,996,300 11.15% $ 3,642,587 27.28% 2.27% DEBTAND INTEREST $ 6,345,007 6.63% $ 15,497,818 10.17% $ 9,152,811 144.25% 12.02% CAPITAL PROJECTS $ 1,220,638 1.28% $ 1,809,600 1.19% $ 588,962 48.25% 4.02% OTHER FINANCING USES $ 316,500 0.33% $ 331,068 0.22% $ 14,568 4.60% 0.38% TOWN COUNCIL RESERVE $ 23,362 0.02% $ 1,375,000 0.90% $ 1,351,638 5785.63% 482.14% GOVERNOR'S MID YEAR 9C CUT $ 774,561 0.81% $ - 0.00% $ (774,561) -100.00% -8.33% TOTAL EXPENDITURES $ 95,693,031 100% $ 152,442,000 100% $ 56,748,969 59.30% PROJECTED SURPLUS/(DEFICIT) $ - $ - $ - 9 Fiscal Year 2021 Revenues 5.00% Real& Personal Property Taxes 7.90% State Aid 6.93% Local Receipts Other Financing Sources Revenue & Other Sources - General Fund REVISED BUDGET PROPOSED BUDGET BUDGET ITEM FY2020 FY2021 REAL & PERSONAL PROPERTY TAX $ 116,106,127 $ 122,210,655 $ 6,104,528 PRIOR LEVY $ 109,523,765 $ 117,181,127 $ 7,657,362 ADD 2.5% $ 2,738,094 $ 2,929,528 $ 191 ,434 NEW GROWTH $ 4,919,268 $ 3,100,000 $ (1 ,819,268) ADJ. LEVY LIMIT $ 117,181,127 $ 123,210,655 $ 6,029,528 OVERLAY $ (1 ,075,000) $ (1,000,000) $ 75,000 NET LEVY LIMIT $ 116,106,127 $ 122,210,655 $ 6,104,528 11 Revenue & Other Sources - General Fund PROPOSEDREVISED BUDGET BUDGET ITEM FY2020 FY2021 REAL & PERSONAL PROPERTY TAX $ 116,106,127 $ 122,210,655 $ 6,104,528 STATE AID $ 13,205,612 $ 10,565,000 $ (2,640,612) 12 Revenue & Other Sources - General Fund PROPOSEDREVISED BUDGETBUDGET BUDGET ITEM i REAL & PERSONAL PROPERTY TAX $ 116,106,127 $ 122,210,655 $ 6,104,528 STATE AID $ 13,205,612 $ 10,565,000 $ (2,640,612) LOCAL RECEIPTS $ 13,406,684 $ 12,042,635 $ (1 ,364,049) MOTOR VEHICLE EXCISE $ 4,350,000 $ 3,915,000 $ (435,000) MEALS EXCISE $ 550,000 $ 412,500 $ (137,500) HOTEL EXCISE $ 700,000 $ 525,000 $ (175,000) PENALTIES & INTEREST $ 250,000 $ 250,000 $ - PILOT $ 977,236 $ 1 ,024,699 $ 47,463 COMMERCIAL TRASH $ 15,000 $ 15,000 $ - FEES $ 4,100,000 $ 3,850,000 $ (250,000) RENTALS $ 129,358 $ 128,841 $ (517) DR-CEMETERY $ 95,000 $ 95,000 $ - DR-RECREATION $ 420,000 $ 420,000 $ - LICENSES & PERMITS $ 192,000 $ 192,000 $ - FINES & FORFEITS $ 705,000 $ 610,000 $ (95,000) INVESTMENT INCOME $ 500,000 $ 500,000 $ - SALE OF TOWN PROPERTY $ 5,000 $ 5,000 $ - BELMONT REIMBURSEMENT $ 73,090 $ 74,595 $ 1 ,505 GRANT/EMPLOYEE REIMBURSEMENTS $ 25,000 $ 25,000 $ - MEDICAID REIMBURSEMENTS $ 320,000 $ - $ (320,000) TOTAL LOCAL RECEIPTS $ 13,406,684 $ 12,042,635 $ (1 ,364,049) 13 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 $ 65,000 POLICE INSURANCE REPORTS $ 4,000 $ 4,000 POLICE OTHER FEES $ 4,000 $ 4,000 FIRE OTHER FEES $ 60,000 $ 60,000 AMBULANCE FEES $ 1 ,400,000 $ 1 ,150,000 OTHER LICENSING BOARD FEES $ 40,000 $ 40,000 DPW OTHER FEES $ 5,000 $ 5,000 INSPECTION FEES $ 2,200,000 $ 2,200,000 TOWN CLERK FEES $ 55,000 $ 55,000 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 $ 72,000 ADVERTISING BUS SHELTERS $ 5,000 $ 5,000 COUNCIL ON AGING DONATIONS $ 17,000 $ 17,000 TOTAL $ 4,100,000 $ 3,850,000 14 Revenue & Other Sources - General Fund LICENSES & PERMITS REVISED BUDGET PROPOSED BUDGET LIQUOR LICENSES $ 118,000 $ 118,000 HEALTH LICENSES $ 60,000 $ 60,000 POLICE FIREARMS LICENSES $ 2,000 $ 2,000 ,DPW PERMITS $ 10,000 $ 10,000 CEMETERY BURIAL PERMITS $ 2,000 $ 2,000 TOTAL LICENSES & PERMITS $ 192,000 $ 192,000 15 Revenue & Other Sources - General Fund PROPOSED BUDGET FORFEITSFINES & PARKING $ 450,000 $ 450,000 POLICE $ 200,000 $ 150,000 CODE ENFORCEMENT FINES $ 10,000 $ 10,000 LIBRARY $ 45,000 $ - TOTAL FINES & FORFEITS $ 705,000 $ 610,000 16 Revenue & Other Sources - General Fund BUDGETREVISED PROPOSED BUDGET BUDGET ITEM FY2020 FY2021 REAL & PERSONAL PROPERTY TAX $116,106,127 $122,210,655 $ 6,104,528 STATE AID $ 13,205,612 $ 10,565,000 $ (2,640,612) LOCAL RECEIPTS $ 13,406,684 $ 12,042,635 $ (1,364,049) OTHER FINANCING SOURCES $ 7,193,386 $ 7,623,710 $ 430,324 TRANSFER FROM SALE OF LOTS FUND $ 25,000 $ 25,000 $ - TRANSFER FROM PARKING METER FUND $ 350,000 $ 250,000 $ (100,000) TRANSFER FROM CEMETARY PERPETUAL CARE FUND $ 15,000 $ 10,000 $ (5,000) TRANSFER FROM CAPITAL PROJECT STABILIZATION FD $ 500,000 $ 500,000 $ - TRANSFER FROM ESCO CAPITAL PROJ. STAB. FD. $ 515,688 $ 508,388 $ (7,300) TRANSFER FROM COLLECTIVE BARG. STAB. FUND $ 621,500 $ - $ (621,500) TRANSFER FROM WATER FUND $ 1,631,808 $ 1,588,520 $ (43,288) TRANSFER FROM SEWER FUND $ 1,534,390 $ 1,491,802 $ (42,588) UTILIZATION OF FREE CASH $ 2,000,000 $ 3,250,000 $ 1,250,000 TOTAL OTHER FINANCING SOURCES $ 7,193,386 $ 7,623,710 $ 430,324 17 Revenue & Other Sources-General Fund-Summary PROPOSEDREVISED BUDGET BUDGET ITEM FY2020 FY2021 REAL & PERSONAL PROPERTY TAX $ 116,106,127 $ 122,210,655 $ 6,104,528 STATE AID $ 13,205,612 $ 10,565,000 $ (2,640,612) LOCAL RECEIPTS $ 13,406,684 $ 12,042,635 $ (1 ,364,049) OTHER FINANCING SOURCES $ 7,193,386 $ 7,623,710 $ 430,324 TOTAL $ 149,911,809 $ 152,442,000 $ 2,530,191 18 Fiscal Year 2021 Expenditures 1.12% 0.98% 212% 1.85% 999/c r0.56% EDUCATION 2.22% PUBLIC SAFETY INSURANCE & BENEFITS PENSION COSTS&OPEB 3.85 0 L DEBT& CAP. PROJECTS ■ PUBLIC WORKS 11.35% ■GEN.GOVERNMENT WASTE DISPOSAL LIBRARY STATE ASSESSM ENTS OTHER FINANCING USES HEALTH & HUMAN SERVICES SNOW& ICE REMOVAL RECREATION 19 Fiscal Year 2021 Expenditures Public Safety FIRE EMERGENCY MANAGEMENT POLICE $11,285,841 $55,601 $10,308,183 7.40% 0.04% 6.76% 34 19A FY 2021 Expenditure Budget REVISED PROPOSED BUDGET ITEM BUDGET BUDGET • FY2020 FY2021 STATE & COUNTY CHARGES $ 2,717,478 $ 2,816,632 $ 99,154 OTHER FINANCING & MISC. $ 3,604,597 $ 1 ,706,068 $ (1 ,898,529) PENSION COSTS $ 13,180,613 $ 14,588,179 $ 1 ,407,566 OPEB $ 8,016,203 $ 2,379,017 $ (5,637,186) DEBT RETIREMENT $ 9,764,794 $ 15,497,818 $ 5,733,024 CAPITAL PROJECTS $ 2,458,303 $ 1 ,809,600 $ (648,703) INSURANCE & EMPLOYEE BENEFITS $ 16,077,026 $ 16,996,300 $ 919,274 GENERAL GOVERNMENT $ 6,172,157 $ 6,716,547 $ 544,390 PUBLIC SAFETY $ 21 ,638,329 $ 21 ,649,625 $ 11 ,296 PUBLIC WORKS $ 5,768,873 $ 5,871 ,584 $ 102,711 SNOW & ICE REMOVAL $ 1,415,000 $ 1 ,500,000 $ 85,000 WASTE DISPOSAL $ 3,187,237 $ 3,388,265 $ 201 ,028 HEALTH & HUMAN SERVICES $ 1 ,491,217 $ 1 ,511,687 $ 20,470 RECREATION $ 823,336 $ 839,996 $ 16,660 LIBRARY $ 3,155,222 $ 3,233,367 $ 78,145 EDUCATION $ 50,441,424 $ 51 ,937,315 $ 1 ,495,891 TOTAL $ 149,911,809 $ 152,442,000 $ 2,530,191 20 Revenue Forecast — Assumptions Real Estate and Personal Property taxes • State Aid • Local Receipts • Other Financing Sources • Utilization of Free Cash • Capital Projects Stabilization Fund • ESCO Capital Project Stabilization Fund 21 Revenue Forecast BUDGET ITEM REAL & PERSONAL PROPERTY TAX $ 116,106,127 $ 122,210,655 $ 128,590,921 $ 135,230,694 $ 142,238,961 PRIOR LEVY $ 109,523,765 $ 117,181,127 $ 123,210,655 $ 129,590,921 $ 136,330,694 ADD 2.5% $ 2,738,094 $ 2,929,528 $ 3,080,266 $ 3,239,773 $ 3,408,267 NEW GROWTH $ 4,919,268 $ 3,100,000 $ 3,300,000 $ 3,500,000 $ 3,500,000 ADJ. LEVY LIMIT $ 117,181,127 $ 123,210,655 $ 129,590,921 $ 136,330,694 $ 143,238,961 OVERLAY $ (1,075,000) $ (1,000,000) $ (1,000,000) $ (1,100,000) $ (1,000,000) NET LEVY LIMIT $ 116,106,127 $ 122,210,655 $ 128,590,921 $ 135,230,694 $ 142,238,961 22 Revenue Forecast BUDGET ITEM I REAL & PERSONAL PROPERTY TAX $ 116,106,127 $ 122,210,655 $ 128,590,921 $ 135,230,694 $ 142,238,961 STATE AID $ 13,205,612 $ 10,565,000 $ 10,565,000 $ 10,565,000 $ 10,565,000 23 Revenue Forecast BUDGET ITEM REAL & PERSONAL PROPERTY TAX $ 116,106,127 $ 122,210,655 $ 128,590,921 $ 135,230,694 $ 142,238,961 STATE AID $ 13,205,612 $ 10,565,000 $ 10,565,000 $ 10,565,000 $ 10,565,000 LOCAL RECEIPTS $ 13,406,684 $ 12,042,635 $ 12,485,172 $ 12,853,585 $ 13,233,220 MOTOR VEHICLE EXCISE $ 4,350,000 $ 3,915,000 $ 4,040,000 $ 4,165,000 $ 4,350,000 MEALS EXCISE $ 5502000 $ 412,500 $ 500,000 $ 512,500 $ 525,313 HOTEL EXCISE $ 700,000 $ 525,000 $ 675,000 $ 825,000 $ 975,000 PENALTIES & INTEREST $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 PILOT $ 977,236 $ 1,024,699 $ 1,053,400 $ 1,082,945 $ 1,113,361 COMMERCIAL TRASH $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 FEES $ 4,100,000 $ 3,850,000 $ 3,850,000 $ 3,850,000 $ 3,850,000 RENTALS $ 129,358 $ 128,841 $ 178,312 $ 227,769 $ 227,215 DR-CEMETERY $ 95,000 $ 95,000 $ 95,000 $ 95,000 $ 95,000 DR-RECREATION $ 420,000 $ 420,000 $ 420,000 $ 420,000 $ 420,000 LICENSES & PERMITS $ 192,000 $ 192,000 $ 192,000 $ 192,000 $ 192,000 FINES & FORFEITS $ 705,000 $ 610,000 $ 610,000 $ 610,000 $ 610,000 INVESTMENT INCOME $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 SALE OF TOWN PROPERTY $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 BELMONT REIMBURSEMENT $ 73,090 $ 74,595 $ 76,460 $ 78,371 $ 80,331 GRANT/EMPLOYEE REIMBURSEMENTS $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 MEDICAID REIMBURSEMENTS $ 320,000 $ - $ - $ - $ - TOTAL LOCAL RECEIPTS $ 13,406,684 $ 12,042,635 $ 12,485,172 $ 12,853,585 $ 13,233,220 24 Revenue Forecast BUDGET ITEM REAL & PERSONAL PROPERTY TAX $ 116,106,127 $ 122,210,655 $ 128,590,921 $ 135,230,694 $ 142,238,961 STATE AID $ 13,205,612 $ 10,565,000 $ 10,565,000 $ 10,565,000 $ 10,565,000 MOCAL RECEIPTS $ 13,406,684 $ 12,042,635 $ 12,485,172 _ $ 12,853,585 $ 13,233,220 OTHER FINANCING SOURCES $ 7,193,386 $ 7,623,710 $ 6,548,268 $ 6,622,201 $ 6,696,608 TRANSFERS FROM FOLLOWING FUNDS: TRANSFER FROM SALE OF LOTS FUND ' $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 TRANSFER FROM PARKING METER FUND $ 350,000 $ 250,000 $ 350,000 $ 350,000 $ 350,000 TRANSFER FROM CEMETERY PERPETUAL CARE FUND $ 15,000 $ 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 COLLECTIVE BARGAINING STAB. FUND $ 621,500 TRANSFER FROM ESCO CAPITAL PROJECT STAB. FUND $ 515,688 $ 508,388 $ 505,938 $ 500,938 $ 494,438 TRANSFER FROM WATER FUND $ 1,631,808 $ 1,588,520 $ 1,628,233 $ 1,668,939 $ 1,710,662 TRANSFER FROM SEWER FUND $ 1,534,390 $ 1,491,802 $ 1,529,097 $ 1,567,324 $ 1,606,508 UTILIZATION OF FREE CASH $ 2,000,000 $ 3,250,000 $ 2,000,000 $ 2,000,000 $ 2,000,000 TOTAL OTHER FINANCING SOURCES $ 7,193,386 $ 7,623,710 $ 6,548,268 $ 6,622,201 $ 6,696,608 25 DETAIL OF UTILIZATION OF FREE CASH & OVERLAY SURPLUS mmmmmm UTILIZATION OF FREE CASH -ANNUAL $2,000,000 $2,000,000 $3,250,000 $1,750,000 $1,750,000 $1,750,000 UTILIZATION OF FREE CASH - SPED STABILIZATION $ 250,000 $ 250,000 $ 250,000 UTIL. OF OVERLAY SURPLUS - 3 ELEMENTARY SCHOOL PROJECT $ 500,000 TOTAL: $2,500,000 $2,000,000 $3,250,000 $2,000,000 $2,000,000 $2,000,000 26 Revenue Forecast - Summary BUDGET ITEM REAL & PERSONAL PROPERTY TAX $ 116,106,127 $ 122,210,655 $ 128,590,921 $ 135,230,694 $ 142,238,961 STATE AID $ 13,205,612 $ 10,565,000 $ 10,565,000 $ 10,565,000 $ 10,565,000 LOCAL RECEIPTS $ 13,406,684 $ 12,042,635 $ 12,485,172 $ 12,853,585 $ 13,233,220 OTHER FINANCING SOURCES $ 7,193,386 $ 7,623,710 $ 6,548,268 $ 6,622,201 $ 6,696,608 TOTAL $ 149,911,809 $ 152,442,000 $ 158,189,361 $ 165,271,480 $ 172,733,789 27 Expenditure Forecast - Assumptions Departmental Expenditures • Education Appropriation • Snow and Ice Removal Waste Disposal State Assessments Insurance and Employee Benefits Pension Costs Other Post-Employment Benefits (OPEB) Three Elementary Schools Building Project Debt Special Education Stabilization Fund 28 Expenditure Forecast BUDGET ITEM 1 1 DEPARTMENTAL EXPENDITURES $ 94,092,795 $ 96,648,386 $ 99,631,176 $ 102,710,947 $ 105,890,977 GENERAL GOVERNMENT $ 6,172,157 $ 6,716,547 $ 6,884,461 $ 7,056,572 $ 7,232,986 PUBLIC SAFETY $ 21,638,329 $ 21,649,625 $ 22,190,866 $ 22,745,637 $ 23,314,278 PUBLIC WORKS $ 5,768,873 $ 5,871,584 $ 6,018,374 $ 6,168,833 $ 6,323,054 SNOW & ICE REMOVAL $ 1,415,000 $ 1,500,000 $ 1,500,000 $ 1,500,000 $ 1,500,000 WASTE DISPOSAL $ 3,187,237 $ 3,388,265 $ 3,557,678 $ 3,735,562 $ 3,922,340 HEALTH & HUMAN SERVICES $ 1,491,217 $ 1,511,687 $ 1,549,479 $ 1,588,216 $ 1,627,922 LIBRARY $ 3,155,222 $ 3,233,367 $ 3,314,201 $ 3,397,056 $ 3,481,983 07� r� RECREATION $ 823,336 $ 839,996 $ 860,996 $ 882,521 $ 904,584 EDUCATION $ 50,441,424 $ 51,937,315 $ 53,755,121 $ 55,636,550 $ 57,583,830 TOTALS $ 94,092,795 $ 96,648,386 $ 99,631,176 $ 102,710,947 $ 105,890,977 29 Expenditure Forecast DEPARTMENTAL EXPENDITURES $ 94,092,795 $ 96,648,386 $ 99,631,176 $ 102,710,947 $ 105,890,977 STATE ASSESSMENTS $ 2,717,478 $ 2,816,632 $ 2,875,427 $ 2,953,467 $ 3,033,629 PENSION & OPEB COSTS $ 21,196,816 $ 16,967,196 $ 14,686,272 $ 10,616,865 $ 7,809,215 PENSION COSTS $ 8,180,613 $ 14,588,179 $ 1,008,276 $ 1,018,337 $ 766,944 UNFUNDED PENSION LIABILITY PAYDOWN $ 5,000,000 $ 1 - $ - $ - $ - OTHER POST EMPLOYMENT BENEFITS $ 8,016,203 $ 2,379,017 $ 13,677,996 $ 9,598,528 $ 7,042,271 TOTAL PENSION & OPEB COSTS $ 21,196,816 $ 16,967,196 $ 14,686,272 $ 10,616,865 $ 7,809,215 DEBT & INTEREST $ 9,764,794 $ 15,497,818 $ 19,511,601 $ 25,273,393 $ 29,751,149 PERMANENT DEBT/INTEREST $ 6,004,914 $ 4,666,687 $ 3,932,375 $ 3,164,587 $ 2,955,206 ESCO - PERMANENT DEBT/INTEREST $ 515,688 $ 508,388 $ 505,938 $ 500,938 $ 494,438 THREE ELEM. SCHOOL PROJ. - PERMANENT DEBT/INTEREST $ 270,778 $ 258,000 $ 247,250 $ 236,500 $ 225,750 THREE ELEM. SCHOOL PROJ. -AUTH/UNISSUED & PLANNED $ 710,415 $ 6,215,376 $ 8,507,050 $ 12,587,207 $ 15,405,607 STREET & SIDEWALK- AUTH/UNISSUED & PLANNED $ 1,139,605 $ 2,107,125 $ 3,085,700 $ 3,952,075 $ 4,855,950 OTHER DEBT- AUTHORIZED/UNISSUED & PLANNED $ 1,118,394 $ 1,737,242 $ 3,228,288 $ 4,827,086 $ 5,809,198 COST OF CERTIFYING BONDS $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 TOTAL DEBT & INTEREST $ 9,764,794 $ 15,497,818 $ 19,511,601 $ 25,273,393 $ 29,751,149 30 Expenditure Forecast PENSION COSTS $ 13,180,613 $ 14,588,179 $ 1,008,276 $ 1,018,337 $ 766,944 OTHER POST EMPLOYMENT BENEFITS $ 8,016,203 $ 2,379,017 $ 13,677,996 $ 9,598,528 $ 7,042,271 THREE ELEM. SCHOOL PROJ. - PERMANENT DEBT/INTEREST $ 270,778 $ 258,000 $ 247,250 $ 236,500 $ 225,750 THREE ELEM. SCHOOL PROJ. -AUTH/UNISSUED & PLANNED $ 710,415 $ 6,215,376 $ 8,507,050 $ 12,587,207 $ 15,405,607 TOTAL DEBT & INTEREST $ 22,178,009 $ 23,440,572 $ 23,440,572 $ 23,440,572 $ 23,440,572 31 Expenditure Forecast BUDGETI , DEPARTMENTAL EXPENDITURES $ 94,092,795 $ 96,648,386 $ 99,631,176 $ 102,710,947 $ 105,890,977 STATE ASSESSMENTS $ 2,717,478 $ 2,816,632 $ 2,875,427 $ 2,953,467 $ 3,033,629 PENSION & OPEB COSTS $ 21,196,816 $ 16,967,196 $ 14,686,272 $ 10,616,865 $ 7,809,215 INSURANCE & EMPLOYEE BENEFITS $ 16,077,026 $ 16,996,300 $ 18,195,153 $ 19,482,501 $ 20,864,942 DEBT & INTEREST $ 9,764,794 $ 15,497,818 $ 19,511,601 $ 25,273,393 $ 29,751,149 CAPITAL PROJECTS $ 2,458,303 $ 1,809,600 $ 1,901,360 $ 1,968,880 $ 1,903,880 TOWN CAPITAL PROJECTS $ 734,203 $ 440,000 $ 440,000 $ 440,000 $ 440,000 SCHOOL CAPITAL PROJECTS $ 662,500 $ 255,000 $ 291,000 $ 300,000 $ 235,000 STREET & SIDEWALK IMPROVEMENTS $ 1,061,600 $ 1,114,600 $ 1,170,360 $ 1,228,880 $ 1,228,880 TOTAL CAPITAL PROJECTS $ 2,458,303 $ 1,809,600 $ 1,901,360 $ 1,968,880 $ 1,903,880 32 Expenditure Forecast BUDGET ITEM 1 1 1 1 1 1 DEPARTMENTAL EXPENDITURES $ 94,092,795 $ 96,648,386 $ 99,631,176 $ 102,710,947 $ 105,890,977 STATE ASSESSMENTS $ 2,717,478 $ 2,816,632 $ 2,875,427 $ 2,953,467 $ 3,033,629 PENSION COSTS I m $ 21,196,816 $ 16,967,196 $ 14,686,272 $ 10,616,865 $ 7,809,215 INSURANCE & EMPLOYEE BENEFITS $ 16,077,026 $ 16,996,300 $ 18,195,153 $ 19,482,501 $ 20,864,942 DEBT & INTEREST $ 9,764,794 $ 15,497,818 $ 19,511,601 $ 25,273,393 $ 29,751,149 CAPITAL PROJECTS $ 2,458,303 $ 1,809,600 $ 1,901,360 $ 1,968,880 $ 1,903,880 OTHER FINANCING USES $ 3,604,597 $ 1,706,068 $ 2,213,450 $ 2,471,054 $ 2,728,885 TOWN COUNCIL RESERVE $ 2,719,629 $ 1,375,000 $ 1,625,000 $ 1,875,000 $ 2,125,000 TRANSFERS TO ENTERPRISE FUNDS $ 293,604 $ 246,068 $ 253,450 $ 261,054 $ 268,885 TRANSFER TO CAP. PROJECT STABILIZATION FUND $ 500,000 $ - $ - $ - $ - TRANSFER TO SPED STABILIZATION FUND $ - $ - $ 250,000 $ 250,000 $ 250,000 MISCELLANEOUS $ 91,364 $ 85,000 $ 85,000 $ 85,000 $ 85,000 TOTAL OTHER FINANCING USES $ 3,604,597 $ 1,706,068 $ 2,213,450 $ 2,471,054 $ 2,728,885 149,911,809 1 1 1 ' 1 ' 165,477,107 33 Expenditure Forecast Summary EXPENDITURES $ 149,911,809 $ 152,442,000 $ 159,014,439 $ 165,477,107 $ 171,982,677 REVENUES $ 149,911,809 $ 152,442,000 $ 158,189,361 $ 165,271,480 $ 172,733,789 SURPLUS/DEFICIT $ 0 $ 0 $ (825,078) $ (205,627) $ 751,112 PRIOR YEAR BALANCED BUDGET ASSUMPTION $ (0) $ (0) $ 825,078 $ 205,627 REMAINING SURPLUS/DEFICIT $ 0 $ 0 $ (825,078) $ 619,451 $ 956,739 34 The Town of Watertown The Town Seal designed by Charles Brigham, architect The origin of the Town seal: In 1919, architect Charles Brigham designed the town 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 town flag which hangs in the Town Hall. r f II Ai qCE - 35