HomeMy Public PortalAboutFiscal Year 2024 Preliminary Budget Overview r '�� •s' oo
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Manager's Introduction
Today's Closeout of FY '22 (through June 30, 2022)
Presentation
Update on FY '23 (7/1/2z — 6/3o/zoz3)
An early look at FY '24 (starting 7/1/23)
z
Leadership Formula and Strategic Priorities
Revenue
Expenditures
Unreserved Fund Balance
Debt
Enterprise Funds
Fund Balances '
FiscalYear 2023 Actions
FiscalYear 2023 Budget Amendment
FiscalYear 2024 Revenue Forecast
FiscalYear 2024 Expenditure Forecast
FY '24 Forecasted Budget
Maintaining the Highest Ethical Standards
Ensuring Collaborative Departments
City Manager's ACE Customer Service
Leadership Formula (Accurate, Courteous, Easy)
Transparency in Process and Outcomes
" Be Abnormal "
4
Enhancing the Leadership Team
Building an Effective Organizational Structure
City Manager's A Commitment to Planning
Strategic Priorities
Climate Mitigation and Resiliency
Continued Fiscal Stability
Building for the Future
5
FY 2022 :
A Look Back
Real and Personal Property Tax
General Fund State Aid
Revenue
Local Receipts
"Other Sources"
Revenue and Other Sources FY 2021 FY 20211 12023
Budget Actual Budget Budget
Real & Personal Property •
Tax
$ 122,391,323 $ 130,783,605 $ 133,418,141 $ 134,133,351 $ 140,728,594
State Aid $ 11,955,612 $ 13,142,271 $ 13,482,722 $ 13,710,411 $ 14,243,029
Total $ 134,346,935 $ 143,925,876 $ 146,900,863 $ 147,843,762 $ 154,971,623
FY 2021 FY 2021 FY 2022 FY 2022 FY 2023
Source Budget Actual Budget Actual Budget
Motor Vehicle $ 3,915,000 $ 4,378,523 $ 4,100,000 $ 4,423,920 $ 4,350,000
Meals Excise $ 412,500 $ 407,607 $ 550,000 $ 760,164 $ 650,000
Hotel and Other Excise $ 525,000 $ 250,679 $ 525,000 $ 836,024 $ 675,000
Cannabis Excise $ 333,389 $ 500,000
Penalties & Interest $ 250,000 $ 402,704 $ 250,000 $ 388,047 $ 250,000
PILOT $ 1,024,699 $ 305,679 $ 81,948 $ 71,912 $ 87,088
COMM. Trash $ 15,000 $ 25,663 $ 15,000 $ 31,676 $ 20,000
Fees $ 3,850,000 $ 7,150,845 $ 8,850,000 $ 15,089,863 $ 4,500,000
Rentals $ 128,841 $ 131,243 $ 178,312 $ 192,176 $ 227,769
Cemetery $ 95,000 $ 106,725 $ 95,000 $ 135,475 $ 100,000
Recreation $ 420,000 $ 364,077 $ 420,000 $ 452,845 $ 420,000
License & Permits $ 192,000 $ 96,554 $ 192,000 $ 224,744 $ 200,000
Fines & Forfeits
$ 610,000 $ 356,465 $ 510,000 $ 328,904 $ 450,000 LOCAL RECEIPTS
Investment Income $ 500,000 $ 119,361 $ 250,000 $ 407,453 $ 250,000
Sale of City Prop. $ 5,000 $ 10,900 $ 5,000 $ 42,155 $ 5,000
Belmont Reimb. $ 74,595 $ 81,281 $ 76,127 $ 104,571 $ -
Grant/Employee Reimb. $ 25,000 $ 36,218 $ 25,000 $ 80,272 $ 25,857
Medicaid $ 222,376 $ 579,153
Miscellaneous $ 354,108 $ 571,044
Total $ 12,042,635 $ 14,801,007 $ 16,123,387 $ 25,053,786 $ 12,710,714
Source Transfer from: FY 2021 FY 20211 12023
Budget Actual is Budget Actual Budget
Sale of Lots Ad
or 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Parking Meter
$ 250,000 $ 250,000 $ 150,000 $ 150,000 $ 150,000
Opioid Settlement
$ 60,000
Cemetery Perpetual Care $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000
Capital Proj. Stab. Fund $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000
ESCO Capital Project Stab.
Fund $ 508,388 $ 508,388 $ 505,938 $ 505,938 $ 500,938
New High School Stab.
Fund $ 5,798,555 $ 5,798,555 $ 201,000
Utilization Of Overlay
Surplus $ 1,500,000 $ 1,500,000 $ 750,000 •ITHER
SOURCES
Free Cash
$ 12,250,000 $ 12,250,000 $ 2,000,000 $ 2,000,000 $ 2,000,000
Collective Bargaining
Stabilization $ 440,000 $ 440,000
Water Fund
$ 1,588,520 $ 1,588,520 $ 1,553,006 $ 1,553,006 $ 1,511,731
Sewer Fund
$ 1,491,802 $ 1,491,802 $ 1,507,448 $ 1,507,448 $ 1,397,994
Total
$ 17,063,710 $ 17,063,710 $ 13,549,947 $ 13,549,947 $ 7,106,663
FY 2021 FY 20211 12023
Budget Actual Budget Actual Budget
Property Tax $ 122,391,323 $ 130,783,605 $ 133,418,141 $ 134,133,351 $ 140,728,594
State Aid $ 11,955,612 $ 13,142,271 $ 13,482,722 $ 13,710,411 $ 14,243,029
Local Receipts $ 12,042,635 $ 14,801,007 $ 16,123,387 $ 25,053,786 $ 12,710,714
Other Sources $ 17,063,710 $ 17,063,710 $ 13,549,947 $ 13,549,947 $ 7,106,663
Total Revenue $ 163,453,280 $ 175,790,594 $ 176,574,197 $ 186,447,495 $ 174,789,000
FY 2022 FY 20221
Budget Actual Budget
Property Tax $ 133,418,141 $ 134,133,351 $ 715,210 $ 140,728,594
State Aid $ 13,482,722 $ 13,710,411 $ 227,689 $ 14,243,029
Local Receipts $ 16,123,387 $ 25,053,786 $ 8,930,399 $ 12,710,714
Other Sources $ 13,549,947 $ 13,549,947 $ - $ 7,106,663
Total Revenue $ 176,574,197 $ 186,447,495 $ 9,873,298 $ 174,789,000
Departmental Expenses
Debt Service and Capital Projects
General Fund State & County Charges
Expenditures Pension and OPEB
Insurance and Employee Benefits
Other Financing Uses
13
M
1 1 1 1 1
W Budget Actual Budget Actual a Budget
General Government $ 6,815,945 $ 6,239,181 $ 7,283,624 $ 7,004,138 $ 10,391,143
Public Safety $ 21,899,910 $ 21,633,482 $ 22,464,429 $ 22,017,864 $ 22,929,991
Public Works $ 5,802,548 $ 5,495,649 $ 6,282,037 $ 6,103,940 $ 6,870,284
Snow & Ice $ 1,500,000 $ 1,317,325 $ 1,375,000 $ 1,340,112 $ 1,500,000
Waste Disposal $ 3,422,265 $ 3,420,148 $ 3,692,300 $ 3,691,504 $ 4,432,925
Health & Human
Services $ 1,558,265 $ 1,316,660 $ 1,415,627 $ 1,338,172 $ 1,615,678
.4 Library $ 3,197,791 $ 3,062,203 $ 3,387,679 $ 3,302,816 $ 3,626,204
Recreation
Department $ 388,035 $ 382,834 $ 402,886 $ 388,433 $ 477,669
Skating Arena $ 402,497 $ 350,734 $ 486,361 $ 476,158 $ 501,898
Education $ 51,937,315 $ 51,937,315 $ 53,755,121 $ 53,755,121 $ 55,636,550
Total Departmental $ 96,924,571 $ 95,155,531 $ 100,545,064 $ 99,418,258 $ 107,982,342
General Government FY 2023 budget amount includes City Council Reserve of$2,081,611
FY 2021 FY 20211 12023
Budget Actual Budget Actual Budget
W IOU W-
Debt Retirement $ 7,573,650 $ 7,511,369 $ 15,715,354 $ 15,512,687 $ 22,946,963
School Capital Projects $ 5,754,000 $ 5,754,000 $ 6,490,330 $ 6,490,330 $ 310,000
City Capital Projects $ 3,509,768 $ 3,509,768 $ 3,984,478 $ 3,984,478 $ 2,373,920 WoM
Total Debt Svc. & Cap. Proj. $ 16,837,418 $ 16,775,137 $ 26,190,162 $ 25,987,495 $ 25,630,883
FY 2021 FY 20211 12023
Budget Actual Budget Actual Budget
IF i
Total Departmental $ 96,924,571 $ 95,155,531 $ 100,545,064 $ 99,418,258 $ 107,982,342
Total Debt Svc. & Ca Pro'
p• ). $ 16,837,418 $ 16,775,137 $ 26,190,162 $ 25,987,495 $ 25,630,883 GENERAL FUND
EXPENDITURE
State & County Charges $ 2,816,632 $ 2,958,371 $ 3,028,130 $ 3,061,398 $ 3,164,445 SUMMARY
Pension & OPEB $ 16,967,196 $ 16,966,689 $ 14,207,208 $ 14,207,114 $ 14,834,426
Insurance & Employee Benefits $ 16,863,538 $ 16,445,285 $ 17,541,330 $ 17,398,727 $ 19,129,849
Other Financing Uses $ 13,043,925 $ 13,027,011 $ 15,062,303 $ 15,062,133 $ 4,047,055
Grand Total $ 163,453,280 $ 161,328,025 $ 176,574,197 $ 175,135,125 $ 174,789,000
Unreserved
Fund Balance
1 1 1 1 1 1
Unreserved Fund Balance -
Beginning of Fiscal Year $ 15,383,922 $ 16,374,245 $ 20,183,763 $ 22,212,609 $ 24,822,306 S V
Revenues Over/(Under) Budget $ 1,817,753 $ 2,808,326 $ 1,420,636 $ 12,337,314 $ 9,873,298
BALANCE
Expenditures (Over)/Under
Budget $ 1,496,600 $ 2,497,923 $ 3,598,973 $ 2,125,255 $ 1,439,072
Use of Free Cash $ (2,000,000) $ (2,000,000) $ (3,250,000) $ (11,000,000) $ (2,000,000) CERTIFIED FREE CASH
GAAP Adjustments $ (324,030) $ 503,269 $ 259,237 $ (852,872) $ (313,645) ANALYSIS
Unreserved Fund Balance -
End of Fiscal Year $ 16,374,245 $ 20,183,763 $ 22,212,609 $ 24,822,306 $ 33,821,031
Certified Free Cash $ 12,978,697 $ 17,019,246 $ 18,365,067 $ 22,663,363 $ 27,000,000
FY 2022 Certified Free Cash is an Estimated Amount
To fund and maintain Financial Reserves of
8 - 15% of the City's annual budget, we must:
i. Preserve the City's AAA bond rating
z . Promote financial flexibility and stability
IMeet extraordinary and unforeseen events
Financial Reserve Goal 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.
ig
Debt
Balances FY Permanent Debt Budgeted Permanent Debt
1 :o • 6/30/23
FY 2008 Bond Issue $ 3,500,000 $ 500,000 $ 3,000,000
FY 2010 Bond Issue $ 1,835,000 $ 270,000 $ 1,565,000
FY 2012 Bond Issue $ 625,000 $ 125,000 $ 500,000
FY 2013 Bond Issue $ 3,575,000 $ 280,000 $ 3,295,000
FY 2014 Bond Issue $ 1,280,000 $ 215,000 $ 1,065,000
FY 2014 Refunding Bond Issue $ 2,030,000 $ 680,000 $ 1,350,000
FY 2016 Bond Issue $ 425,000 $ 145,000 $ 280,000 ,
FY 2018 Bond Issue $ 2,100,000 $ 9370,000 $ 1,730,000
FY 2019 Bond Issue $ 2,455,000 $ 650,000 $ 1,805,000 .
FY 2020 Bond Issue $ 12,925,000 $ 1,340,000 $ 11,585,000
FY 2021 Bond Issue $ 49,535,000 $ 2,610,000 $ 46,925,000
FY 2021 Bond Issue $ 36,685,000 $ 2,385,000 $ 34,300,000
FY 2022 Bond Issue $ 6,863,500 $ 773,500 $ 6,090,000
FY 2022 Bond Issue $ 26,790,000 $ 1,360,000 $ 25,430,000
TOTAL $ 150,623,500 $ 111703,500 $ 138,920,000
Reflects existing bonds issued for general fund purposes as of June 30, 2021. 0% interest MWRA
Loans and bonds issued for water and sewer projects are not included.
Date of
• .
Order BANs
Vote Maturing
1pr Description 6/24/23
Total Permanent General Fund Debt $ 138,920,000
Authorized General Fund Debt (not yet issued ):
11/13/2018Feasibility Study and Schematic Design for High School $ 1,000,000 $ 1,000,000
03/22/2022 New High School Construction $ 198,844,242GENERAL FUND
03/22/2022Streets and Sidewalks Improvements $ 2,500,000 DEBT
PLUS
03/22/20223 Elementary School Construction (remaining unissued amount) $ 26,683,728UN - ISSUED DEBT
05/24/2022 Sewer System Improvements $ 750,000
08/09/2022 Sewer System Improvements $ 750,000
09/27/2022 Streets & Sidewalks $ 2,000,000
Subtotal Authorized Unissued Debt: $ 203,844,242
Total Permanent & Short Term And Authorized Un-issued Debt $ 342,764,242
Previously authorized projects, which have been permanently financed, are not included in the above
list as any remaining portions are expected to be rescinded. 22
Enterprise Funds
23
FY 2022 FY 20221
BUDGET ACTUAL BUDGET
REVENUE & OTHER SOURCES:
USAGE CHARGES $ 10,886,108 $ 10,519,436 $ 11,215,263
MUNICIPAL CHARGES $ 85,000 $ 85,000 $ 77,190
INTEREST AND PENALTY CHARGES $ 50,000 $ 70,772 $ 60,000
SEWER LIENS $ 401,053
OTHER UTILITY CHARGES $ - $ 1,170 $ -
INTEREST INCOME $ 15,000 $ 1,378 $ 5,000
TOTAL REVENUE $ 11,036,108 $ 11,078,809 $ 11,357,453 SEWER
EXPENDITURE & OTHER USES: FNTERPRISE
PERSONNEL SERVICES $ 677,878 $ 547,601 $ 693,999mn
SUPPLIES AND SERVICES $ 481,000 $ 456,198 $ 481,000 FUND
MWRA ASSESSMENT $ 6,859,624 $ 6,806,903 $ 6,870,077
CAPITAL OUTLAY $ 1,055,000 $ 1,055,000 $ 1,355,000
TRANSFER TO GENERAL FUND $ 1,507,448 $ 1,507,448 $ 1,397,994�1
DEBT SERVICE $ 455,158 $ 369,578 $ 559,383
TOTAL EXPENDITURES $ 11,036,108 $ 10,742,727 $ 11,357,453
FY 2022 FY 20221
BUDGET ACTUAL BUDGET
REVENUE & OTHER SOURCES:
USAGE CHARGES $ 8,202,530 $ 7,304,812 $ 8,491,308
MUNICIPAL CHARGES $ 185,675 $ 185,675 $ 171,810
INTEREST AND PENALTY CHARGES $ 50,000 $ 43,905 $ 50,000
WATER LIENS $ 245,685
OTHER UTILITY CHARGES $ 125,000 $ 68,287 $ 100,000
TEST CHARGES $ 75,000 $ 77,255 $ 80,000
USE OF RETAINED EARNINGS $ - $ - $ -
SALE OF PROPERTY $ 5,000 $ - $ - Ak
INTEREST INCOME $ 10,000 $ 1,177 $ 5,000
TOTAL REVENUE $ 8,653,205 $ 7,926,796 $ 8,898,118
EXPENDITURE & OTHER USES: ,
PERSONNEL SERVICES $ 1,107,857 $ 999,818 $ 1,125,825
SUPPLIES AND SERVICES $ 395,100 $ 368,269 $ 415,100
MWRA ASSESSMENT $ 4,184,354 $ 4,174,780 $ 4,147,401
CAPITAL OUTLAY $ 236,000 $ 219,757 $ 236,000
TRANSFER TO GENERAL FUND $ 1,553,006 $ 1,553,006 $ 1,511,731
TRANSFER TO CAP.
PROJECT/WATER $ - $ - $ -
DEBT SERVICE $ 1,176,888 $ 645,750 $ 1,462,061
TOTAL EXPENDITURES $ 8,653,205 $ 7,961,379 $ 8,898,118
Account Description Current Year Fun• Carryover
Water:
Street Repair Services $ 127,975
Improvements $ 84,047
Sidewalk Repair Services $ 63,617
Water Materials & Supplies $ 39,089
Replacement Of Equipment $ 23,591
Tools $ 4,268
Total Water Prior Year •
$ 342,587
Sewer: . . . •
Additional Equipment $ 770,522
•
Improvements $ 311,301
Replacement Of Equipment $ 135,727
Contracted Services $ 112,895 J
Sidewalk Repair Services $ 64,238 ■
Street Repair Services $ 60,182
Rental of Equipment $ 44,000
Sewer Materials & Supplies $ 32,487
Total Sewer Prior Year $ 1,531,352
Fund Balances
as of June 30, 2022
z,
Overlay Accounts
Special Revenue Accounts
Fund Balances
as of June 30, ZOZz CPA Fund Balances
Capital Projects Accounts
Stabilization, Trust and Agency Accounts
28
Fiscal Year Amounts
2019 $ 54,049
., OVERLAY ACCOU NTS
2020 .1
mw� m
' '' 654,083
BALANCES AS OF
J U N E 3 0, Zo22
$ 1,919,123
zg
Fund Description Fund Balance
ARPA Fund $ 5,371,206
FY 22 Circuit Breaker $ 2,671,324
O'Neill Property Charitable $ 1,225,524
School Extended Day Program $ 1,144,504
School Lunch Program $ 844,544
Parking Meter Fund* $ 542,778
Pre-school $ 491,385
Cannabis Host Agreement $ 466,125
Athletics Revolving Fund $ 396,205
Multi Drug Task Force $ 326,970 •
Sale Of Cemetery Lots* $ 325,255
Food Pantry $ 292,352
Affordable Housing Dev $ 269,269
Non-resident Tuition $ 250,962
School Foundation Reserve $ 250,000
Top Fifteen Total $ 14,868,401
All Others (119) $ 2,787,770
Total Special Revenue (134) $ 17 656171
*Includes amounts to be transferred for FY 2023 Budget.
Account • 1 Account Balance
FY 2018 Reserve for Open Space/Recreation - COMMUNITY
FY 2019 Reserve for Open Space/Recreation $ 92,544 PRESERVATION
ACT
FY 2020 Reserve for Open Space/Recreation $ 248,140 (CPA)
FY 2021 Reserve for Open Space/Recreation $ 260,000
FY 2022 Reserve for Open Space/Recreation $ 305,121
BALANCES AS OF
Total Reserve Open Space/Recreation $ 905,805 JUNE 30, 2022
FY 2018 Reserve for Historic Preservation $ 117,000
FY 2019 Reserve for Historic Preservation $ 236,739 (PAGE :L OF 2)
FY 2020 Reserve for Historic Preservation $ 248,140
FY 2021 Reserve for Historic Preservation $ 260,000
FY 2022 Reserve for Historic Preservation $ 305,121
Total Reserve for Historic Preservation $ 1,167,000
Account 1 I Account Balance
FY 2018 Reserve for Community Housing $ 1501000
FY 2019 Reserve for Community Housing $ 2361739
FY 2020 Reserve for Community Housing $ 2481140 • • •
FY 2021 Reserve for Community Housing $ 2601000
FY 2022 Reserve for Community Housing $ 305,121
Total Reserve for Community Housing $ 11,2001,000 id
Reserve for Expenditures
Open Space/Recreation Projects $ 294,195
Historic Preservation Projects $ 33,000 '
Total Reserve for Expenditures $ 3271,195
Reserve for Encumbrances $ - A
Undesignated Fund Balance $ 9,897,899
Total: $ 13,497,899 .
NOTE: During Fiscal Year 2023, it is estimated that the CPA fund will grow another $3,700,000.
Fund Description Fund Balance
Three Elementary School Project $ 36,877,804
Greystar Capital Mitigation $ 1/250,000
Arsenal Corridor $ 800,000
Arsenal Mitigation $ 671/412
Water Meters $ 666,833 •
Various Stormwater Mitigation $ 592,810
DPW Equipment $ 517,883
Water Improvements $ 385,895 ■ •
Howard St Project $ 383,421
DPW Equipment $ 355,973
Police Building $ 340,495
Top Eleven Total $ 42,842,527
All Others (58) $ 1,911,230
Total Capital Projects (69) $ 44/753,756
Fund Description : .
OPEB Trust Fund $ 19,796,631
Acquisition of Land/Open Space Stabilization $ 10,000,000
Unfunded Pension Stabilization $ 5,024,429
New High School Stabilization $ 4,376,445 ,
Capital Proj. Stabilization* $ 2,638,588
ESCO Stabilization* $ 1,303,021
Stabilization Fund $ 1,275,298
Sped Stabilization $ 1,027,056
Cemetery Perpetual Care (Non-expendable) $ 1,024,476 •
Federal Law Enforcement Trust $ 662,386
Albert Fleming Scholarship (Non-expendable) $ 300,000
Cemetery Perpetual Care (Expendable) $ 247,109
UPIT Scholarship Fund (Non-expendable) $ 228,630
Top Thirteen Total $ 47,904,069
All Others (60) $ 1,029,795
Total Trusts & Agency (73) $ 48,933,864
*Includes amounts to be transferred for FY 2023 Budget
FY 2023 :
Where are we now?
35
To preserve the City's financial condition we
committed to:
1. Continue to strive to provide the hi hest level
of essential services possible with t e most
efficient utilization of resources.
FiscalYear 202 Budget 2. Ensure annual costs of all operations to be
3 funded on an annual basis out of current
Development revenues.
3. Not defer maintenance and/or recognition of
(Included for background informational purposes) costs of capital equipment, facilities and
infrastructure to tuture 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.
36
The following are the top two priorities of the
ranked Cost-Savings/Revenues Guidelines:
City Council FY 2023 1. Continue to proceed with the guidelines of the
Budget Policy Guidelines Strategic Framework for Economic
(Page s of 3) Development, with the long-term goal to
(adopted November 23, 2ozs) promote a diversified and growing tax base.
z. Continue pursuing mitigation monies and/or
other measures for larger scale projects.
37
The following are the top six priorities of the ranked Program
Enhancements/Expenditures Guidelines:
1. Continue support for Building for the Future Initiative funding in
collaboration with the School Building Committee, for the Three
Elementary Schools project, and for the MSBA High School project,
without debt exclusion funding.
2. Continue to work collaboratively with the Watertown Public Schools to
City CounciI FY2023develop a comprehensive multi-year educational budget that assures
sustainable funding for our schools and the successful education of our
Budget PolicyGuidelines c hildren, and seek to accommodate a FY23 Education appropriation that
will provide level-service funding for our schools.
(Page 1 of 3)
(adopted November �3, 2021) 3� Improve the operational efficiency, flexibility, and capacity of the
Public Works Department to meet the City s growing needs to
manage contractors, respond to work order requests, oversee
development projects, plan and implement infrastructure
improvements, improve communications to residents about road
construction, comply with the MassDEP 2030 Solid Waste
Management Plan, and maintain complete streets infrastructure.
Consider what technology platforms are needed to support the
Department.
38
The following are the top six priorities of the ranked Program
Enhancements/Expenditures Guidelines:
4. Update the five year plan and funding schedule for the integrated
improvements of the City's streets and sidewalks, water-sewer-
stormwater infrastructure, and underground utilities. The plan should
show status of ongoing projects, identify future projects including
those with no funding source, identify sources of stormwater outflow
to the Charles River, and coordination with water-sewer-stormwater
City CounciI FY2023projects and underground utility projects.
Budget PolicyGuidelines 5. With the creation of the Acquisition of Land/Open Space Stabilization
Fund continue workingon plans with the City Council to meet the
(Page 3 of 3) p y
identified and ongoing need for acquisition of land for open space and
(adopted November 23, 2021) recreational use; including proposals submitted to the Community
Preservation Committee.
6. Continue to work with the Watertown Transportation Management
Association to identify sustainable sources of funding, including tax
revenue if needed, for the shuttle bus program in Watertown.
39
FY 2023 Actions
40
Enhancing the Leadership Team
Building an Effective Organizational Structure
Strategic Priorities A Commitment to Planning
Climate Mitigation and Resiliency
Continued Fiscal Stability
Building for the Future
41
• Hire Deputy Manager
• About the Auditor Position
Strategic Priority:
• Appoint the Residents' Advisory Committee
Enhancing the 0 Fill vacant department head positions
LeadershipTeam Police Chief — assessment center
Fire Chief — assessment center
FY ' 23 Actions Director of Senior Services
• Connect with the Watertown Community
"Meet and Greet" in each district
Meetings with staff and the public
42
Strategic Priority: • Study H R
Building an • Study Health and Human Services
Effective * Study compensation to bring pay to
Organizational market
Strategy
* Open negotiations for union contracts
FY ' 23 Actions • Develop a strategy to implement 31-1.
43
Strategic Priority: Complete ComprehensiveA Commitment to Plan
Planning • Implement Housing Linkage
FY ' 23 Actions * Join Metro Mayors / Managers Coalition
44
Strategic Priority: • Increase composting / organics program
Climate Mitigation * Complete tree inventory
and Resiliency * Add electric vehicle charging capacity
FY ' 23 Actions * Monitor the state's opt- in net-zero
building code
45
• Maintain strong reserves through the
Strategic Priority: remainder of the fiscal year
Continued Fiscal . Additional support for High School
Stability Stabilization Fund
FY ' 23 Actions • Implement City Council 's strategy for
investment of ARPA funds
46
• Schools :
Compete Lowell School
Begin work on temp High School
Strategic Priority: Complete high school design / financing plan
Building for the • Buy Walkers Pond Site " Lot 8"'
Future • Buy the "Parker School "' office building
FY ' 23 Actions • Commission a stu dy of municipal office use
and related uses, including :
Administration Building
Philips School / Senior Center site
"Parker School" office building
47
The Parker .
School " Office .
Building I L
14
IF
ma'�y use
48
INCREASE
REVENUE (DECREASE) TO READ
REAL ESTATE AND PROPERTY TAXES $ 2,354,675 $ 143,083,269
STATE AID $ 192,746 $ 14,435,775
HOTEL EXCISE $ 150,000 $ 825,000
INVESTMENT INCOME $ 400,000 $ 650,000
OTHER FINANCING SOURCES-TRANSFR FROM O'NEILL FUND $ 1,227,579 $ 1,227,579
TOTAL REVENUE ADJUSTMENT $ 4,325,000
INCREASE
EXPENDITURES (DECREASE) TO READ
SCHOOL CHOICE ASSESSMENT $ 45,419 $ 255,278
0182056-560629
CHARTER SCHOOL ASSESSMENT $ (30) $ 411,521
0182056-560630 ,
ORGANICS/COMPOSTING PROGRAM $ 75,000 $ 500,000
0143352-520293 ,
MUNICIPAL SPACE USE STUDY $ 85,000 $ 85,000
0194000-530336
HEALTH& HUMAN SERVICES STUDY $ 90,000 $ 90,000
0194000-530332
ACQUISITION OF LAND $ 2,000,000 $ 2,100,000
0194000-580950
TRANSFR TO NEW HIGH SCHOOL STABILIZATION FUND $ 2,000,000 $ 3,983,055
0194000-596809
CITY COUNCIL RESERVE $ 29,611 $ 2,081,611
0111152-570780
TOTAL EXPENDITURE ADJUSTMENT $ 4,325,000
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FY 2024 :
A look ahead
• Annual revenues and expenditures will
be estimated by use of objective
analysis . The assumptions and factors
through which the estimates are derived
Fiscal Yea r 2024 will be clearly stated and explained
Preliminary Budget Overview during the budget process .
Revenues & Expenditures
• The numbers provided are preliminary
and subject to change as the budget
process evolves .
53
Real and Personal Property Tax
FY ' 24
General Fund State Aid
Revenue Forecast
Local Receipts
"Other Sources"
54
• Real Estate and Personal Property taxes
are increased z . 5% per year.
• New growth is projected to be
s6, 000, 00o in FY zo24; and $4, 500, 000
Revenue Forecast : for FY Zo25 and FY zoz6 .
Assumptions • Funding for the Optional Tax Exemption
( page 1 of 3) for homeowners at soo /o over the
statutory level is included in the overlay
adjustment.
• State Aid is level funded at the FY zoz3
amount.
55
• The majority of Local Receipts are projected to
remain constant or increase z. 5% annually.
Inspection Fees are projected at $z,75o,000
Investment Income is projected at s650, 000
annually through FY Zoz6.
Revenue Forecast : MotorVehicle Excise is projected to
Assumptions increase $125,00o annually from FY Zo24
( page 2 of 3) through FY zo26 .
Meals Excise is projected to increase $50,000
annually from FY zoz4 through FY Zoz6.
Hotel Excise is projected at $825,000 in FY
2023 and Zo24 and is pro ' cted to increase to
$975, 000 for FY 2o2s an�FY 2026.
56
• Other Financing Sources reflect transfers:
From the Cemetery Perpetual Care Expendable Trust
Fund and the Sale of Lots Fund to partially offset the
Department of Public Works Cemetery Budget
From the Water and Sewer Enterprise Funds to cover
applicable indirect costs
From the Parking Meter Fund to partially offset the
Revenue Forecast : Parking Lots and Meters Budget.
Assumptions • Utilization of Free Cash is recommended at a level of
( page 3 of 3) $2,000,00o annually through FY Zoz6 which includes
$250,000 annually for the Special Education Stabilization
Fund for FY zoz4 through FY zoz6.
• Transfer from the Capital Projects Stabilization Fund is
projected at $500,00o annually through FY 2oz6, which
represents the current balance of the Fund .
• Transfer from the ESCO Capital Project Stabilization Fund
includes projected funds from departmental energy
savings, rebates and grants. 57
1 1 1 1
Prior Year Levy Limit $ 134,418,140 $ 144,133,269 $ 153,736,600 $ 162,080,015
Add 2.5% $ 3,360,454 $ 3,603,332 $ 3,843,415 $ 4,052,000
New Growth $ 6,354,675 $ 6,000,000 $ 4,500,000 $ 4,500,000 REVENUE FORECAST:
Adjusted Levy Limit $ 144,133,269 $ 153,736,600 $ 162,080,015 $ 170,632,015 TAXES
Overlay $ (1,050,000) $ (1,050,000) $ (1,100,000) $ (1,100,000)
Net Levy Limit $ 143,083,269 $ 152,686,600 $ 160,980,015 $ 169,532,015
State Aid 1 1 1 1
REVENUE FORECAST
Cherry Sheet Receipts $ 14,435,775 $ 14,435,775 $ 14,435,775 $ 14,435,775
Total State Aid $ 14,435,775 $ 14,435,775 $ 14,435,775 $ 14,435,775k-
STATE AID
1 1 1 1
Motor Vehicle Excise $ 4,350,000 $ 4,475,000 $ 4,600,000 $ 4,725,000
Meals Excise $ 650,000 $ 700,000 $ 750,000 $ 800,000
Hotel Excise $ 825,000 $ 825,000 $ 975,000 $ 975,000 REVENUE
FORECAST
Cannabis Excise $ 500,000 $ 500,000 $ 500,000 $ 500,000 LOCAL RECEIPTS
Penalties & Interest $ 250,000 $ 250,000 $ 250,000 $ 250,000 (3. OF
PILOT $ 87,088 $ 87,628 $ 88,168 $ 88,708
Commercial Trash $ 20,000 $ 20,000 $ 20,000 $ 20,000
Fees $ 4,500,000 $ 4,500,000 $ 4,500,000 $ 4,500,000
Rentals $ 227,769 $ 227,215 $ 226,644 $ 226,644
Cemetery $ 100,000 $ 100,000 $ 100,000 $ 100,000
Recreation $ 420,000 $ 420,000 $ 420,000 $ 420,000
Licenses & Permits $ 200,000 $ 200,000 $ 200,000 $ 200,000 REVENUE FORECAST
Fines & Forfeits $ 450,000 $ 450,000 $ 450,000 $ 450,000 kp
L LOCAL RECEIPTS
Investment Income $ 650,000 $ 650,000 $ 650,000 $ 650,000 (20F2)
Sale of City Property $ 5,000 $ 5,000 $ 5,000 $ 5,000
Grant/Employee
Reimbursements $ 25,857 $ 25,857 $ 25,857 $ 25,857
Total Local Receipts $ 13,260,714 $ 13,435,700 $ 13,760,669 $ 13,936,209
r Transf
•
11 Sale of Lots $ 25,000 $ 25,000 $ 25,000 $ 25,000
Parking Meter $ 150,000 $ 250,000 $ 250,000 $ 250,000
Opioid Settlement $ 60,000 $ 60,000 $ 60,000 $ 60,000
Cemetery Perpetual Care $ 10,000 $ 10,000 $ 10,000 $ 10,000
Capital Project Stabilization $ 500,000 $ 500,000 $ 500,000 $ 500,000
O'Neill Properties $ 1,227,579 $ - $ - $ -
ESCO Capital Proj. Stabilization $ 500,938 $ 494,438 $ 493,225 $ 492,125
New High School Stabilization $ 201,000 $ - $ - $ - •
Water Fund $ 1,511,731 $ 1,511,731 $ 1,511,731 $ 1,511,731
Sewer Fund $ 1,397,994 $ 1,397,994 $ 1,397,994 $ 1,397,994
Free Cash $ 2,000,000 $ 2,000,000 $ 2,000,000 $ 2,000,000
Utilization of Overlay Surplus $ 750,000 $ - $ - $ -
Total Other Sources $ 8,334,242 $ 6,249,163 $ 6,247,950 $ 6,246,850
Real Estate & Personal Prop. Tax $ 143,083,269 $ 152,686,600 $ 160,980,015 $ 169,532,015
State Aid $ 14,435,775 $ 14,435,775 $ 14,435,775 $ 14,435,775
Local Receipts $ 13,260,714 $ 13,435,700 $ 13,760,669 $ 13,936,209
Other Financing Sources $ 8,334,242 $ 6,249,163 $ 6,247,950 $ 6,246,850
Total Revenue $ 179,114,000 $ 186,807,238 $ 195,424,409 $ 204,150,849
Considerations
FY ' 24 Forecast Assumptions
Preliminary
General Fund AWord about Education Funding
Expenditure
Forecast Departmental Funding
The OPEB and School Debt Situation
A Preliminary Expenditure Forecast
64
Considerations
FY ' 24 Forecast Assumptions
Preliminary
General Fund AWord about Education Funding
Expenditure
Forecast Departmental Funding
The OPEB and School Debt Situation
A Preliminary Expenditure Forecast
65
Enhancing the Leadership Team
Building an Effective Organizational Structure
Strategic Priorities A Commitment to Planning
Climate Mitigation and Resiliency
Continued Fiscal Stability
Building for the Future
66
Strategic Priority:
Enhancing the • Launch ACE customer service program
LeadershipTeam
• Implement recommendations from the HR
FY ' 24 and HHS studies
Considerations
67
Strategic Priority:
Building an • Expand Economic Development efforts
Effective for small businesses and local business
Organizational districts
Strategy
FY ' 24 • Launch 311.
Considerations
68
• Annual funding for the affordable housing
trust
Strategic Priority: • Continued support for Mt. Auburn Street
A Commitment to and Arsenal Street projects
Planning • Community Conversations on the North
Branch Library
FY ' 24 • Watertown Square Initiative :
Considerations Intersection
Development/zoning
Small business strategies
City owned land / parking lots / former
police station
69
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WATER WN ARE
Q2
71
• Identify opportunities to use electric or plug - in
hybrid vehicles when replacing city fleet
Strategic Priority: • Continue aggressive tree planting program
Climate Mitigation . Continue growth of organics recycling program
and Resiliency
• Solar panels at DPW
FY ' 24 * Continued Investment in Stormwater
Considerations Infrastructure
• Encourage private homeowners to do solar and
heat pumps
72
Strategic Priority: • Continue to fund OPEB
Continued Fiscal • Additional funds to High School
Stability Stabilization
FY ' 24 • Additional funds to Pension Stabilization
Considerations • Additional funds to SPED stabilization
73
* Implement plan for Parker School
Strategic Priority: Parks and Recreation Projects : Victory
Building for the Phase z; Saltonstall; Arsenal Phase B
Future
* Additional funding for streets and
FY ' 24 sidewalks; commitment to walkability
"
Considerations and "complete streets
* High school under construction
74
Considerations
FY ' 24 Forecast Assumptions
Preliminary
General Fund AWord about Education Funding
Expenditure
Forecast Departmental Funding
The OPEB and School Debt Situation
A Preliminary Expenditure Forecast
75
• Departmental expenditures are projected to increase z.5%
annually from FY aoz4 through FY zoa6. The Education
appropriation is projected to increase 3.50% annually from
FY Zoz4 through FY zo26. Snow and Ice Removal is
projected at $1,500,000 through FY zo26.
Expenditure . The Waste Disposal appropriation is projected to increase
Forecast : 5% annually from FY Zoz4 through FY zoz6. Funding of the
Assumptions Service Agreement with Wheelabrator North Andover
beginning in FY zoza through FY zoa6 has been included.
( page 1 of 3) The current agreement with Republic Services for solid
waste and recycling hauling ends June 30, Zoz3.
• State Assessments, exclusive of the MBTA Assessment, are
projected to increase z.5% annually. The MBTA
Assessment is projected to increase 2.75% annually.
76
• Health Insurance costs, included within Insurance &
Employee Benefits, are projected to increase 7.5%
annually.
• The Watertown Contributory Retirement Board Funding
Schedule approved by the Public Employee Retirement
Expenditure Administration Commission has the Retirement System
Forecast : fully funded on July 1, zozs. Pension costs are projected to
be ss,1z5,000 annually from FY 2oz3 through FY zoz6.
Assumptions
( page 2 of 3) • Along-range financial plan for the pay down of the
Unfunded Other Post-Employment Benefits (OPEB)
Liability has been created beginning in FY zozo through FY
2031. Funding of the OPEB Liability is projected at
$9,719,420 in FY Zoz4, $9,044,806 in FY zoz5 and
$5,659, 275 in FY Zoz6.
• Funding of the Three Elementary Schools Pro'ect is
projected at $12,916 675 in FY 2U24, $12,318,9�8 in FY 2025
and $11,952,550 in fY 2026.
• Debt figures are from current and gr�ected future debt as
listed in the FY 2023-2027 CIP / Detrojection Table of the
Capital Improvement Program.
Expenditure 0 The level of projected debt may change pending decisions
on various projects that are lisfed within the Proposed FY
Forecast : 2023-2027 Capital Improvement Program.
Assumptions 0 Street and Sidewalk Improvements are projected to
( page 3 of 3 increase 5% annually.
• Transfer to the Acquisition of Land/Open Space
Stab j�� ration Fund is projected at $1,20,00(7 annually from
FY ZU3 through FY 2026.
• Transfer to the Sp ecial Education Stabilization Fund is
Y
rojected at $25U,000 annually from FY 2024 through FY
026.
Considerations
FY ' 24 Forecast Assumptions
Preliminary
General Fund AWord about Education Funding
Expenditure
Forecast Departmental Funding
The OPEB and School Debt Situation
A Preliminary Expenditure Forecast
79
Two of the top priorities of the Program
Enhancements/Expenditures section of the Honorable
City Council's Fiscal Year 2023 Budget Policy
Guidelines that were adopted on November 23, 2021
reads as follows:
Expenditure Forecast II.A. Continue support for Building for the Future
Initiative funding in collaboration with the School
Building Committee, for the Three Elementary
FY2023 Education Schools project, and for the MSBA High School
project,, without debt exclusion funding.
g
Appropriation l .
• II. B. Continue to work collaboratively with the
(Included for background informational purposes) Watertown Public Schools to develop a
comprehensive multi-year educational budget that
assures sustainable funding for our schools and the
successful education of our children, and seek to
accommodate a FY 23 Education appropriation that
will provide level-service funding for our schools.
so
Expenditure Forecast
FY zoz3 Education Appropriation
(Included for background informational purposes)
Education* $ 55,636,550 $ 57,583,829 $ 59,599,263 $ 61,685,237
The Submitted FiscalYear 2023 Budget continues the City's very strong commitment to
Education.
As indicated earlier in this presentation, the Expenditure Forecast included within the
Submitted FiscalYear zoz3 Budget document has Departmental Expenditures are
projected to increase 2.5% annually from FY 2024 through FY 2026. The Education
appropriation is projected to increase 3.5% annually from FY 2024 through FY 2026.
We look forward to continue working collaboratively with the Watertown Public Schools to
develop a comprehensive multi-year Education Budget that assures sustainable funding
for our schools and the successful education of our children.
Considerations
FY ' 24 Forecast Assumptions
Preliminary
General Fund AWord about Education Funding
Expenditure
Forecast Departmental Funding
The OPEB and School Debt Situation
A Preliminary Expenditure Forecast
82
General Government $ 8,339,127 $ 8,547,605 $ 8,761,295 $ 8,980,328
Public Safety $ 22,930,001 $ 23,503,251 $ 24,090,832 $ 24,693,103
Public Works $ 6,870,287 $ 7,042,044 $ 7,218,095 $ 7,398,547
EXPENDITURE
Snow & Ice Removal $ 1,500,000 $ 1,500,000 $ 1,500,000 $ 1,500,000 mob FORECAST
Waste Disposal $ 4,507,925 $ 4,733,321 $ 4,969,987 $ 5,218,487 MP
Health & Human Services $ 1,615,679 $ 1,656,071 $ 1,697,473 $ 1,739,909 P- A T A
Library $ 3,626,206 $ 3,716,861 $ 3,809,782 $ 3,905,027 'P�EXPENDITURES
Recreation $ 979,567 $ 1,004,056 $ 1,029,158 $ 1,054,887
Education $ 55,636,550 $ 57,583,829 $ 59,599,263 $ 61,685,237
Total Departmental $ 106,005,341 $ 109,287,038 $ 112,675,885 $ 116,175,527
Insurance & Employee
Benefits $ 19,129,850 $ 20,482,838 $ 21,935,708 $ 23,495,902
Considerations
FY ' 24 Forecast Assumptions
Preliminary
General Fund AWord about Education Funding
Expenditure
Forecast Departmental Funding
The OPEB and School Debt Situation
A Preliminary Expenditure Forecast
84
Expenditure Forecast 4/26/2022— Submission of the Fiscal Year 2023 Budget
1 1 ■ 1 1
Pension $ 1,125,000 $ 1,125,000 $ 1,125,000 $ 1,125,000
Other Post Employment Benefits(OPEB) $ 13,709,426 $ 9,519,420 $ 6.844,806 $ 3,459,275
3 Elementary School Project $ 10,965,574 $ 12,916,675 $ 12,318,988 $ 11,952,550
Transfer To New High School Stabilization $ 1,983,055 $ - $ - $New High School Debt Service $ 1,016,945 $ 5,238,905 $ 8,511,206 $ 12,263,175
TOTAL $ 28,800,000 $ 28,800,000 $ 28,800,000 $ 28,800,000
Expenditure Forecast 10/11/2022— Fiscal Year 2024 Preliminary Budget Overview
2023 & J 1 1 1
Pension $ 1,125,000 $ 1,125,000 $ 1,125,000 $ 1,125,000
Other Post Employment Benefits(OPEB) $ 13,709,426 $ 9,719,420 $ 9,044,806 $ 5,659,275
3 Elementary School Project $ 10,965,574 $ 12,916,675 $ 12,318,988 $ 11,952,550
Transfer To New High School Stabilization $ 3,983,055 $ 2,000,000 $ - $ -
New High School Debt Service $ 1,016,945 $ 5,238,905 $ 8,511,206 $ 12,263,175
TOTAL $ 30,800,000 $ 31,000,000 $ 31,000,000 $ 31,000,000
Variance Between the Expenditure Forecasts
Pension $ - $ - $ - $ -
Other Post Employment Benefits(OPEB) $ - $ 200,000 $ (2,200,000) $ (2,200,000)
3 Elementary School Project $ - $ - $ - $ -
Transfer To New High School Stabilization $ (2,000,000) $ (2,000,000) $ - $New High School Debt Service $ - $ - $ - $ -
TOTAL $ 2,000,000 $ 2,200,000 $ 2,200,000 $ 2,200,000
• As of July 1, 2021, the Unfunded OPEB Liability is estimated to be $70,824,000 which is projected to be fully funded in FY 2031. 85
3 Elementary Schools Debt Service $ 10,965,574 $ 12,916,675 $ 12,318,988 $ 11,952,550 $ 11,591,363
New High School Debt Service $ 1,016,945 $ 5,238,905 $ 8,511,206 $ 121263,175 $ 12,023,481
Transfer To New High School Stab. $ 3,983,055 $ 2,000,000
Pension & OPEB $ 14,834,426 $ 10,844,420 $ 10,169,806 $ 6,784,275 $ 7,385,156 • •
Total $ 31,811,100 $ 31,000,000 $ 31,000,000 $ 31,000,000 $ 31,000,000
1) Fiscal Year 2024 is the projected high point for the 3 elementary schools debt service.
2) New High School Project estimated at$200,000,000 ($150,000,000 City & $50,000,000 MSBA)
3) New High School debt service will be financed over 30 years.
4) Fiscal Year 2026 is the projected high point for the New High School debt service.
Considerations
FY ' 24 Forecast Assumptions
Preliminary
General Fund AWord about Education Funding
Expenditure
Forecast Departmental Funding
The OPEB and School Debt Situation
A Preliminary Expenditure Forecast
87
Permanent Debt/Interest $ 6,158,914 $ 5,833,306 $ 5,374,325 $ 3,722,550
ESCO - Permanent Debt/Interest $ 500,938 $ 494,438 $ 493,225 $ 492,125
Three Elem. School Project-
Permanent Debt/Interest $ 8,155,150 $ 7,902,900 $ 7,425,650 $ 7,179,650
Three Elem. School Project-
Auth/Unissued & Planned $ 2,810,424 $ 5,013,775 $ 4,893,338 $ 4,772,900
New High School Project -
Authorized/Unissued $ 1,016,945 $ 5,238,905 $ 8,511,206 $ 12,263,175
Street& Sidewalk -
Auth/Unissued & Planned $ 1,347,500 $ 3,037,500 $ 4,075,600 $ 5,120,400
Acquisition of Land Debt Service
q $ 1,140,000 $ 1,113,000 $ 1,086,000
Other Debt -
Authorized/Unissued & Planned $ 2,952,092 $ 4,625,997 $ 6,385,028 $ 7,465,275
Cost of Certifying Bonds $ 5,000 $ 5,000 $ 5,000 $ 5,000
Total Expenditure $ 22,946,963 $ 33,291,821 $ 38,276,372 $ 42,107,075
City Capital $ 1,145,000 $ 470,000 $ 495,000 $ 495,000 •
School Capital Projects $ 310,000 $ 295,000 $ 280,000 $ 230,000
Street& Sidewalk Improvements $ 1,228,920 $ 1,290,366 $ 1,354,884 $ 1,422,628
Total Expenditure $ 2,683,920 $ 2,055,366 $ 2,129,884 $ 2,147,628
Departmental Expenses
Debt Service and Capital Projects
General Fund State & County Charges
Expenditures Pension and OPEB
Insurance and Employee Benefits
Other Financing Uses
go
Departmental $106,005,341 $109,287,038 $112,675,885 $116,175,527
Debt Service & Capital Projects $ 25,630,883 $ 35,347,187 $ 40,406,256 $ 44,254,703
State & County Charges $ 3,209,834 $ 3,296,199 $ 3,384,890 $ 3,475,973 EXPENDITURE
ORECAST
Pension & OPEB $ 14,834,426 $ 10,844,420 $ 10,169,806 $ 6,784,275
Insurance & Employee Benefits $ 19,129,850 $ 20,482,838 $ 21,935,708 $ 23,495,902
Other Financing Uses $ 10,303,666 $ 7,636,470 $ 5,794,164 $ 5,952,089
Total Expenditure $179,114,000 $186,894,152 $194,366,710 $200,138,469
FY ' 24
Forecasted Budget
Total Revenue $ 179,114,000 $ 186,807,238 $ 195,424,409 $ 204,150,849 •
Total Expenditures $ 168,810,334 $ 179,257,682 $ 188,572,546 $ 194,186,380
Projected Surplus/(Deficits) $ _ $ (86,914) $ 1,057,699 $ 4,012,379
Prior Year Balance Budget $ _ $ - $ 86,914 $ (1,057,699)
Remaining Surplus/(Deficit) $ _ $ (86,914) $ 1,144,612 $ 2,954,682
Lowell Elementary School �� ,
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