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ESCO 2021
Michael J. Driscoll Town Manager TOWN OF WATERTOWN Office of the Town Manager Administration Building 149 Main Street Watertown, MA 02472 Phone: 617-972-6465 www.watertown-ma, gov townmgr@wa tertown-ma, gov To: Honorable Town Council From: Michael J. Driscoll, Town Manager Date: July 6, 2021 Re: Agenda Item — Transfer of Funds Request As you recall, on May 14, 2013 the Honorable Town Council approved a Proposed Amendment to the Fiscal Year 2013 Budget related to the establishment of an ESCO Capital Project Stabilization Fund. The establishment of an energy stabilization fund was one of the action items adopted at the October 2, 2012 Special Town Council Meeting. The ESCO Capital Project Stabilization Fund was established to place rebates, grants and funds from departmental energy savings. This energy stabilization fund will be used to pay the debt service on the energy efficiency projects incurred under the ESCO agreement. As a follow-up to the above, the Honorable Town Council approved transfers of funds from departmental energy savings to the ESCO Capital Project Stabilization Fund at the July 15, 2014, July 14, 2015, July 12, 2016, June 27, 2017, June 26, 2018, June 25, 2019 and June 29, 2020 Town Council meetings (see attached June 25, 2020 Agenda Item correspondence). Consistent with the above -mentioned transfers of funds, attached please find correspondence from Thomas J. Tracy, Town Auditor/Assistant Town Manager for Finance regarding a proposed transfer of $390,000 from various Electricity and Gas accounts to the ESCO Capital Project Stabilization Fund. Therefore, I respectfully request the attached transfer be placed on the July 13, 2021 Town Council Agenda. Thank you for your consideration in this matter. cc: Honorable School Committee Honorable Library Board of Trustees Department Heads Thomas J. Tracy, Town Auditor/Assistant Town Manager for Finance Katherine Morrison, Assistant Town Treasurer/Collector Edward Lewis, Interim Director of Public Buildings, Energy/Project Manager Peter J. McLaughlin, Inspector of Buildings Heidi Perkins, Director of Finance & Operations TRANSFER AMOUNT $390,000 FROM: FY 21 PUBLIC BUILDINGS ELECTRICITY 0119552-520211 FY 21 PUBLIC BUILDINGS GAS 0119552-520213 FY 21 POLICE ELECTRICITY 0121052-520211 FY 21 POLICE GAS 0121052-520213 $ 20,000 $ 11,000 $ 25,000 $ 23,000 FY 21 FIRE ELECTRICITY $ 8,500 0122052-520211 FY 21 FIRE GAS $ 22,500 0122052-520213 FY 21 DPW CEMETERY ELECTRICITY $ 1,000 0149152-520211 FY 21 DPW CEMETERY HEATING OIL $ 3,000 0149152-520212 FY 21 DPW PROP. & BLDGS ELECTRICITY $ 30,000 0149252-520211 FY 21 DPW PROP. & BLDGS GAS $ 65,000 0149252-520213 FY 21 DPW PARKS ELECTRICITY $ 5,000 0149552-520211 FY 21 DPW PARKS GAS $ 3,000 0149552-520213 FY 21 COUNCIL ON AGING ELECTRICITY $ 5,000 0154152-520211 FY 21 COUNCIL ON AGING GAS $ 2,500 0154152-520213 FY 21 LIBRARY ELECTRICITY 0161052-520211 FY 21 LIBRARY GAS 0161052-520213 FY 21 SKATING RINK ELECTRICITY 0163152-520211 FY 21 SKATING RINK GAS 0163152-520213 FY 21 SCHOOL VICTORY FIELD LIGHTS 0194000-590977 TO: FY 21 TRANSFER TO ESCO CAP. PROJECT STAB FUND 0194000-596805 I hereby certify to the availability, authority of funding source, mathematical and appropriate fiscal year. DATE $ 44,000 $ 18,500 $ 54,000 $ 14,000 $ 35,000 $ 390,000 TOWN AUDITOR Thomas J. Tracy Town Auditor TOWN OF WATERTOWN Office of the Town Auditor Administration Building 149 Main Street Watertown, MA 02472 Phone: 617-972-6460 www.watertown-ma.gov ttracy@watertown-ma.gov TO: Michael J. Driscoll, Town Manager FROM: Thomas J. Tracy, Town Auditor/Assistant Town Manager for Finance DATE: July 1, 2021 RE: FY 21 ESCO Transfer Pursuant to your request I have reviewed the Electricity and Gas accounts for all Departments. Attached is a proposed transfer in the amount of $390,000 from various Town Electricity and Gas accounts. The transfer, if approved by the Town Council, along with a transfer of $215,391 from available balances within the School Department's FY 21 Electricity and Gas accounts would total $605,391 The current balance in the ESCO Capital Project Stabilization Fund is $892,297. The proposed transfer of $390,000 along with the above mentioned School transfer of $215,391 would increase the existing ESCO Capital Project Stabilization Fund to $1,497,688. As you know the FY 22 Debt Service related to the ESCO Project is $505,938 and the FY 22 General Fund Revenue budget includes a transfer in from the ESCO Capital Project Stabilization Fund of $505,938. TRANSFER AMOUNT $390,000 FROM: FY 21 PUBLIC BUILDINGS ELECTRICITY 0119552-520211 FY 21 PUBLIC BUILDINGS GAS 0119552-520213 FY 21 POLICE ELECTRICITY 0121052-520211 FY 21 POLICE GAS 0121052-520213 $ 20,000 $ 11,000 $ 25,000 $ 23,000 FY 21 FIRE ELECTRICITY $ 8,500 0122052-520211 FY 21 FIRE GAS $ 22,500 0122052-520213 FY 21 DPW CEMETERY ELECTRICITY $ 1,000 0149152-520211 FY 21 DPW CEMETERY HEATING OIL $ 3,000 0149152-520212 FY 21 DPW PROP. & BLDGS ELECTRICITY $ 30,000 0149252-520211 FY 21 DPW PROP. & BLDGS GAS $ 65,000 0149252-520213 FY 21 DPW PARKS ELECTRICITY $ 5,000 0149552-520211 FY 21 DPW PARKS GAS $ 3,000 0149552-520213 FY 21 COUNCIL ON AGING ELECTRICITY $ 5,000 0154152-520211 FY 21 COUNCIL ON AGING GAS $ 2,500 0154152-520213 FY 21 LIBRARY ELECTRICITY 0161052-520211 FY 21 LIBRARY GAS 0161052-520213 FY 21 SKATING RINK ELECTRICITY 0163152-520211 FY 21 SKATING RINK GAS 0163152-520213 FY 21 SCHOOL VICTORY FIELD LIGHTS 0194000-590977 $ 44,000 $ 18,500 $ 54,000 $ 14,000 $ 35,000 TO: FY 21 TRANSFER TO ESCO CAP. PROJECT STAB FUND $ 390,000 0194000-596805 I hereby certify to the availability, authority of funding source, mathematical and appropriate fiscal year. DATE TOWN AUDITOR REVENUE FORECAST T AXES: Prior Year Adjusted Levy Limit Prior Year Amended Growth Sub -total Add 2.5 % New Growth Adjusted Levy Limit Overlay NET LEVY LI MIT STATE AID: Cherry Sheet Receipts T OTAL STATE AID LOCAL RECEIPTS: Motor Vehicle Excise M eals Ex cise Hotel Excise Penalties & Interest PILOT Commercial Trash Fees Rentals DR -Cemetery DR -Recreation Licenses & Permits Fines & Forfeits Inv estment Income Sa le of Town Property Belmont Reimbursement Grant/Employee Reimbursements TOTAL LOCA L RECEIPTS OTHER FINANCING SO URCES: Transfer from Sale of Lots Fund Transfer from Parking Meter Fund Transfer from Cemetery Perpetual Care Fund Transfer from Ca pital Projects Stabilization Fund Transfer from Collectiv e Bargaining Stabilization Fd ]Transfer from ESCO Capital Project Stab. Fd. Transfer from New High School Stabilization Fund Transfer from Water Fund Transfer from Sewer Fund Utilization of Free Cash Utilization of Overlay Surplus FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 117,181,127 $ 123,391,323 $ 132,476,106 $ 139,288,009 $ 146,270,209 (118,907) 117,062,220 2,926,556 3,402,547 123,391,323 (1,000,000) 122,391,323 $ 123,391,323 $ 132,476,106 $ 139,288,009 $ 146,270,209 $ 3,084,783 $ 3,311,903 $ 3,482,200 $ 3,656,755 $ 6,000,000 $ 3,500,000 $ 3,500,000 $ 3,500,000 $ 132,476,106 $ 139,288,009 $ 146,270,209 $ 153,426,964 $ (1,000,000) $ (1,050,000) $ (1,050,000) $ (1,100,000) $ 131,476,106 $ 138,238,009 $ 145,220,209 $ 152,326,964 11,955,612 $ 13,481,781 $ 13,481,781 $ 13,481,781 $ 13,481,781 11,955,612 $ 13,481,781 $ 13,481,781 $ 13,481,781 $ 13,481,781 $ 3,915,000 $ 4,100,000 $ 4,350,000 $ 4,475,000 $ 4,600,000 $ 412,500 $ 550,000 $ 600,000 $ 650,000 $ 700,000 $ 525,000 $ 525,000 $ 675,000 $ 825,000 $. 975,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 1,024,699 $ 81,948 $ 87,088 $ 87,628 $ 88,168 $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 3,850,000 $ 3,850,000 $ 3,850,000 $ 3,850,000 $ 3,850,000 $ 128,841 $ 178,312 $ 227,769 $ 227,215 $ 226,644 $ 95,000 $ 95,000 $ 95,000 $ 95,000 $ 95,000 $ 420,000 $ 420,000 $ 420,000 $ 420,000 $ 420,000 $ 192,000 $ 192,000 $ 192,000 $ 192,000 $ 192,000 $ 610,000 $ 510,000 $ 510,000 $ 510,000 $ 510,000 $ 500,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 74,595 $ 76,127 $ 78,030 $ 79,981 $ 81,980 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 12,042,635 $ 11,123,387 $ 11,629,887 $ 11,956,824 $ 12,283,792 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 250,000 $ 150,000 $ 150,000 $ 250,000 $ 250,000 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 440,000 $ - $ - $ - $ - 508,388 $ 505,938 $ 500,938 $ 494,438 $ 493,225 - $ 597,334 $ 576,000 $ 554,667 $ 1,588,520 $ 1,553,006 $ 1,553,006 $ 1,553,006 $ 1,553,006 1,491,802 $ 1,507,448 $ 1,507,448 $ 1,507,448 $ 1,507,448 12,250,000 $ 2,000,000 $ 2,000,000 $ 2,000,000 $ 2,000,000 - $ 1,500,000 $ - $ - $ TOTAL OTHER FINA NCING SO URCES $ 17,063,710 $ 8,348,726 $ 6,822,392 $ 6,894,559 $ 6,338,679 TOTAL REVENUES $ 163,453,280 $ 164,430,000 $ 170,172,069 $ 177,553,373 $ 184,431,216 EXPENDITURE FORECAST FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 DEPARTMENT AL EXPENDITURES: General Govemment Public Safety P ublic Works Snow & Ice Removal Waste Disposal Health & Human Services Library Recreatio n Edu cation TOTALS STATE ASSESSMENTS $ 6,846,945 21,978,910 5,933,548 1,500,000 3,398,265 1,565,765 3,260,291 858,532 51,937,315 97,279,571 2,816,632 7,638,935 $ 7,829,908 $ 8,025,656 $ 8,226,297 22,261,434 $ 22,817,970 $ 23,388,419 $ 23,973,130 6,387,861 $ 6,547,558 $ 6,711,246 $ 6,879,028 1,500,000 $ 1,500,000 $ 1,500,000 $ 1,500,000 3,692,300 $ 3,876,915 $ 4,070,761 $ 4,274,299 1,550,386 $ 1,589,146 $ 1,628,874 $ 1,669,596 3,433,498 $ 3,519,335 $ 3,607,319 $ 3,697,502 893,640 $ 915,981 $ 938,881 $ 962,353 53,755,121 $ 55,636,550 $ 57,583,829 $ 59,599,264 101,113,175 $ 104,233,363 $ 107,454,985 $ 110,781,469 2,978,693 $ 3,059,214 $ 3,141,915 $ 3,226,854 PENSION & OPEB COSTS: Pension $ 14,588,179 $ 7,509,084 $ 1,140,525 $ 892,649 $ 886,534 OPEB $ 2,379,017 $ 6,698,124 $ 9,588,553 $ 10,211,655 $ 10,817,995 TOTALS $ 16,967,196 $ 14,207,208 $ 10,729,078 $ 11,104,304 $ 11,704,529 INSURANCE & EMPLOYEE BENEFITS $ 16,996,300 $ 18,316,330 $ 19,610,247 $ 20,999,673 $ 22,491,723 DEBT AND INTEREST: Permanent Debt/Interest �ESCO - Permanent Debt/Intere st Three Elem. School Proj. - Permanent Debt/Interest Three Elem. School Proj. - Auth/Unissued & Planned New High School Project - Authorized/Unissued Stre et & Sidewalk - Auth/Unissued & Planned Othe r De bt - Authorized/Unissued & Planned Cost of Certifying Bonds TOTALS $ 5,763,312 $ 5,910,189 $ 5,060,687 $ 4,771,056 $ 4,355,327 $ 508,388 $ 505,938 $ 500,938 $ 494,438 $ 493,225 $ 1,143,938 $ 8,370,221 $ 8,155,150 $ 7,902,900 $ 7,425,650 $ 689,438 $ 1,438,143 $ 5,131,344 $ 5,008,368 $ 4,885,393 $ $ 597,334 $ 576,000 $ 554,667 $ $ 1,350,227 $ 1,249,625 $ 2,186,200 $ 3,086,775 $ 3,951,350 $ 568,347 $ 1,836,069 $ 3,559,344 $ 4,862,458 $ 5,590,867 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 10,028,650 $ 19,912,519 $ 25,174,663 $ 26,685,662 $ 26,706,812 CAPITAL PROJECTS: Town Capital Projects $ 1,065,168 $ 470,000 $ 470,000 $ 470,000 $ 470,000 School Capital Projects $ 5,099,000 $ 161,000 $ 230,000 $ 295,000 $ 380,000 Street & Sidewalk Improvements $ 1,114,600 $ 1,170,400 $ 1,228,920 $ 1,290,366 $ 1,354,884 TOTA LS $ 7,278,768 $ 1,801,400 $ 1,928,920 $ 2 ,055,366 $ 2,204,884 TOTA L EXPENDITUR ES $ 151,367,117 $ 158,329,325 $ 164,735,485 $ 171,441,905 $ 177,116,271 OTHER FINANCING USES & MISC: Town Council Reserve $ 2,397,238 Transfers to Enterprise Funds $ 246,068 Transfer to Acquisition Land/Open Sp. Stabilization $ 6,500,000 Tran sfer to New High School Stabilization Fund $ 2,500,000 Transfer to SPED Stabilization Fund $ Miscellane ous $ 442,857 TOTAL OTHER FINANCING USES $ 12,086,163 TOTAL EXP. & OTH. FIN. USES $ 163,453,280 TOTA L REVENUES $ $ 163,453,280 $ SURPLUS/(DEFICIT) $ (0) PRIOR YEAR BALANCE BUDGET ASSUMPTION REMAINING SURPLUS/(DEFICIT) (0) 1,230,000 270,675 1,500,000 • 3,000,000 100,000 6,100,675 164,430,000 164,430,000 1,850,000 $ 1,850,000 $ 1,850,000 278,795 $ 287,159 $ 295,774 1,500,000 $ 1,500,000 $ 1,500,000 3,000,000 $ 3,000,000 $ 3,000,000 250,000 $ 250,000 $ 250,000 100,000 $ 100,000 $ 100,000 6,978,795 $ 6,987,159 $ 6,995,774 171,714,280 $ 178,429,064 $ 184,112,045 170,172,069 $ 177,553,373 $ 184,431,216 (0) 0 (0) (1,542,211) $ (875,691) $ 319,171 0 $ 1,542,211 $ 875,691 (1,542,211) $ 666,520 $ 1,194,862 TOWN OF WATERTOWN Office of the Town Manager Michael J. Driscoll Town Manager To: Honorable Town Council From: Michael J. Driscoll, Town Manager Date: June 25, 2020 Re: Agenda Item — Transfer of Funds Request Administration Building 149 Main Street Watertown, MA 02472 Phone: 617-972-6465 www.watertown-ma.gov townmgr@watertow .za .gov As you recall, on May 14, 2013 the Honorable Town Council approved a Proposed Amendment to the Fiscal Year 2013 Budget related to the establishment of an ESCO Capital Project Stabilization Fund. The establishment of an energy stabilization fund was one of the action items adopted at the October 2, 2012 Special Town Council Meeting. The ESCO Capital Project Stabilization Fund was established to place rebates, grants and funds from departmental energy savings. This energy stabilization fund will be used to pay the debt service on the energy efficiency projects incurred under the ESCO agreement. As a follow-up to the above, the Honorable Town Council approved transfers of funds from departmental energy savings to the ESCO Capital Project Stabilization Fund at the July 15, 2014, July 14, 2015, July 12, 2016, June 27, 2017, June 26, 2018 and June 25, 2019 Town Council meetings (see attached June 20, 2019 Agenda Item correspondence). Consistent with the above mentioned transfers of funds, attached please find correspondence from Thomas J. Tracy, Town Auditor/Assistant Town Manager for Finance regarding a proposed transfer of $285,000 from various Electricity and Gas accounts to the ESCO Capital Project Stabilization Fund. Therefore, I respectfully request the attached transfer be placed on the June 29, 2020 Special Town Council Agenda. Thank you for your consideration in this matter. cc: Honorable School Committee Honorable Library Board of Trustees Department Heads Thomas J. Tracy, Town Auditor/Assistant Town Manager for Finance Katherine Morrison, Assistant Town Treasurer/Collector Lori E. Kabel, Director of Public Buildings Edward Lewis, Energy/Project Manager Peter J. McLaughlin, Inspector of Buildings Heidi Perkins, Director of Finance & Operations TRANSFER AMOUNT $285,000 FROM: FY 20 TOWN HALL ELECTRICITY 0119252-520211 FY 20 TOWN HALL GAS 0119252-520213 FY 20 POLICE ELECTRICITY 0121052-520211 FY 20 POLICE GAS 0121052-520213 $ 20,000 $ 15,000 $ 20,000 $ 18,000 FY 20 FIRE ELECTRICITY $ 8,000 0122052-520211 FY 20 FIRE GAS $ 19,000 0122052-520213 FY 20 DPW CEMETERY ELECTRICITY $ 1,000 0149152-520211 FY 20 DPW CEMETERY HEATING OIL $ 1,000 0149152-520212 FY 20 DPW PROP. & BLDGS ELECTRICITY $ 25,000 0149252-520211 FY 20 DPW PROP. & BLDGS GAS $ 58,000 , 0149252-520213 FY 20 COUNCIL ON AGING GAS $ 2,000 0154152-520213 FY 20 LIBRARY ELECTRICITY 0161052-520211 FY 20 LIBRARY GAS 0161052-520213 FY 20 SKATING RINK ELECTRICITY 0163152-520211 FY 20 SKATING,RINK GAS 0163152-520213 TO: FY 20 TRANSFER TO ESCO CAP. PROJECT STAB FUND 0194000-596805 I hereby certify to the availability, authority of funding source, mathematica and appropriate fiscal year. DATE OWN AU $ 20,000 $ 10,000 $ 52,000 $ 16,000 $ 285,000 Thomas J. Tracy Town Auditor TOWN OF WATERTOWN Office of the Town Auditor Administration Building 149 Main Street Watertown, MA 02472 Phone: 617-972-6460 www.watertown-ma.gov ttracy@watertown-ma.gov TO: Michael J. Driscoll, Town Manager FROM: Thomas J. Tracy, Town Auditor DATE: June 25, 2020 RE: FY 20 ESCO Transfer Pursuant to your request I have reviewed the Electricity and Gas accounts for all Departments. Attached is a proposed transfer in the amount of $285,000 from various Town Electricity and Gas accounts. The transfer, if approved by the Town Council, along with a transfer of $260,000 from available balances within the School Department's FY 20 Electricity and Gas accounts would total $545,000. The current balance in the ESCO Capital Project Stabilization Fund is $1,099,522. The proposed transfer of $285,000 along with the above mentioned School transfer of $260,000 would increase the existing ESCO Capital Project Stabilization Fund to $1,645,399. As you know the FY 21 Debt Service related to the ESCO Project is $508,388 and the FY 21 General Fund Revenue budget includes a transfer in from the ESCO Capital Project Stabilization Fund of $508,388. TRANSFER AMOUNT $285,000 FROM: FY 20 TOWN HALL ELECTRICITY $ 20,000 0119252-520211 FY 20 TOWN HALL GAS l $ 15,000 0119252-520213 FY 20 POLICE ELECTRICITY $ 20,000 0121052-520211 FY 20 POLICE GAS $ 18,000 0121052-520213. FY 20 FIRE ELECTRICITY $ 8,000 0122052-520211 FY 20 FIRE GAS 0122052-520213 $ 19,000 FY 20 DPW CEMETERY ELECTRICITY $ 1,000 0149152-520211 FY 20 DPW CEMETERY HEATING OIL $ 1,000 , 0149152-520212 FY 20 DPW PROP. & BLDGS ELECTRICITY $ 25,000 0149252-520211 FY 20 DPW PROP. & BLDGS GAS $ 58,000 , 0149252-520213 FY 20 COUNCIL ON AGING GAS $ 2,000 0154152-520213 FY 20 LIBRARY ELECTRICITY 0161052-520211 FY 20 LIBRARY GAS 0161052-520213 FY 20 SKATING RINK ELECTRICITY 0163152-520211 FY 20 SKATING, RINK GAS 0163152-520213 TO: FY 20 TRANSFER TO ESCO CAP. PROJECT STAB FUND 0194000-596805 I hereby certify to the availability, authority of funding source, mathematica sid-CrOra y and appropriate fiscal year. DATE $ 20,000 $ 10,000 $ 52,000 $ 16,000 $ 285,000 REVENUE FORECAST FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 T AXES: . Prior Year Adjusted Le vy Limit $ 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 N ew Growth $ 4,919,268 $ 3,100,000 $ 3,300,000 $ 3,500,000 $ 3,500,000 Adjusted L evy Limit $ 117,181,127 $ 123,210,655 $ 129,590,921 $ 136,330 ,694 $ 143,238,961 O verlay $ (1,075,000) $ (1,000,000) $ (1,000,000) $ (1,100 ,000) -$ (1,000,000) NET LEVY LI MIT $ 116,106,127 $ 122,210,655 $ 128,590,921 $ 135,230,694 $ 142,238,961 STATE AID: Cherry She et Receipts TOTAL STATE AID $ 13,205,612 $ 10,565,000 $ 10,565,000 $ 10,565,000 $ 10,565,000 $ 13,205,612 $ 10,565,000 $ 10,565,000 $ 10,565,000 $ 10,565,000 LOCAL RECEIPTS: Motor Vehicle Excise $ 4,350,000 $ 3,915,000 $ 4,040,000 Meals Excise $ 550,000 $ 412,500 $ 500,000 Hote l Ex cise $ 700,000 $ 525,000 $ 675,000 Penalties & Intere st $ 250,000 $ 250,000 $ 250,000 PILOT $ 977,236 $ 1,024,699 $ 1,053,400 Commercial Trash $ 15,000 $ 15,000 $ 15,000 Fees $ 4,100,000 $ 3,850,000 $ 3,850,000 R entals $ 129,358 $ 128,841 $ 178,312 DR -Ce metery $ 95,000 $ 95,000 $ 95,000 DR -Recrea tion $ 420,000 $ 420,000 $ 420,000 Licenses & Permits $ 192,000 $ 192,000 $ 192,000 Fines & Forfeits- $ 705,000 $ 610,000 $ 610,000 Investment In come $ 500,000 $ 500,000 $ 500,000 Sale of Town Prope rty $ 5,000 $ 5,000 $ 5,000 Belmont R eimbursement $ 73,090 $ 74,595 $ 76,460 Grant/Employee Reimbursements $ 25,000 $ 25,000 $ 25,000 M edicaid Reimbu rsements $ 320,000 $ - $ - 4,165,000 512,500 825,000 250,000 1,082,945 15 ,000 3,850,000 227,769 95,000 420,000 192,000 610,000 500,000 5,000 78,371 25,000 4,350,000 525,313 975,000 250,000 1,113,361 15,000 3,850,000 227,215 95,000 420,000 192,000 610,000 500,000 5,000 80,331 25,000 TOTAL LOCAL RECEIPTS $ 13,406,684 $ 12,042,635 $ 12,485,172 $ 12,853,585 $ 13,233,220 OTHER FINANCING SOURCES: Transferfrom Sale of Lo ts Fund $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Transfe r 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 Transferfrom Ca pital Projects Stabilization Fund $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 Transfer from Collective Bargaining Stabiliza tion Fd $ 621,500 ---,Transferfrom ESCO Capita l Proje ct Sta b. Fd_ $ 515,688 $ 508,388 $ 505,938 $ 500,938 $ 494,438 Transfer from Wa ter 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 Utiliza tion of Free Cash $ 2,000,000 $ 3,250,000 $ 2,000,000 $ 2,000,000 $ 2,000,000 TOTAL OTHER FINA NCING SOURCES $ 7,193,386 $ - 7,623,710 $ 6,548,268 $ 6,622,201 $ 6,696,608 TOTAL REVENUES - $ 149,911,809 $ 152,442,000 $ 158,189,361 $ 165,271,480 $ 172,733,789 EXPENDITURE FORECAST FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 DEP ARTMENTAL EXPENDITURES: 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 He alth & Hum an 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 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 TO TALS $ 94,092,795 $ 96,648,386 $ 99,631,176 $ 102,710,947 $ 105,890,977 STA TE ASSESSMENTS $ 2,717,478 $ 2,816,632 $ 2,875,427 $ 2,953,467 $ 3,033,629 PENSION & OPEB COSTS: Pen sion $ 8,180,613 $ 14,588,179 $ 1,008,276 $ 1,018,337 $ 766,944 Unfunde d Pension Liability Paydown $ 5,000,000 $ - $ - $ $ - OPEB - $ 8,016,203 $ 2,379.017 $ 13,677,996 $ 9 ,598,528 $ 7,.042,271 TOTALS $ 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 AND INTEREST: 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 Pro). _ - Permanent Debt/Interest $ 270,778 $ 258,000 $ 247,250 $ 236,500 $ 225,750 Three ©em. School Proj.-AutlWnissue d & 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-A uthorized/Unissued & Planne d $ 1,118,394 $ 1,737,242 $ 3,228,288 $ 4,827,086 $ 5,809,198 Co st of Certifying Bonds $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 TOTA LS . $ 9,764,794 $ 15,497,818 $ 19,511,601 $ 25,273,393 $ 29,751,149 CAPITAL PROJECTS: Town Capital Proje cts $ 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 TOTA LS $ 2,458,303 $ 1,809,600 $ 1 ,901,360 $ 1,968,880 . $ 1,903,880 TOTA L EXPENDITURES $ 146,307,212 $ 150,735,932 $ 156,800,989 $ 163,006,053 $ 169,253,792 OTHER FINANCING USES & MISC: Town Coun cil 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. Pro jectSta billzation 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 FINAN CING USES $ 3,604,597 $ 1,706,068 $ 2,213,450 $ 2,471,054 $ 2,728,885 TOTAL EXP. & OTH. FIN. USES TOTAL REVENUES $ 149,911,809 $ 152,442,000 $ 159,014,439 $ 165,477,107 $ 171,982,677 $ 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 PRIO RYEAR BALANCE BUDGET ASSUMPTION $ (0) $ (0) $ 825,078 $ 205,627 REMAINING SURPLUS/(DEFICIT) $ 0 $ 0 $ (825,078) $ 619,451 $ 956,739 Michael j, Driscoll Town Manager TOWN OF WATERTOWN Office of the Town Manager Administration Building 149 Main Street Watertown, MA 02472 Phones 617-972-6465 www,watertown-ma.gov townmgr®watertown-ma.gov To: Honorable Town Council From: Michael J. Driscoll, Town Manager Date: June 20, 2019 Re: Agenda Item -- Transfer of Funds Request As you recall, on May 14, 2013 the Honorable Town Council approved. a Proposed Amendment to the Fiscal Year 2013 Budget related to the establishment of an ESCO Capital Project Stabilization Fund, The establishment of an energy stabilization fund was one of the action items adopted at the October 2, 2012 Special Town Council Meeting, The ESCO Capital Project Stabilization Fund was established to place rebates, grants and funds fiom departmental energy savings, This energy stabilization fund will be used to pay the debt service on the energy efficiency projects incurred under the ESCO agreement, As a follow-up to the above, the Honorable Town Council approved transfers of funds from • departmental energy savings to the ESCO Capital Project Stabilization Fund at the July 15, 2014, July 14, 2015, July 12, 2016, June 27, 2017 and June 26, 2018 Town Council meetings (see attached July 8, 2014, July 9, 2015, July 6, 2016, June 22, 2017' and June 21, 2018 agenda item correspondences). Consistent with the above mentioned transfers of funds, attached please find correspondence fiom Thomas J, Tracy, Town Auditor/Assistant Town Manager for Finance regarding a proposed transfer of $231,000 fiom various Electricity and Gas accounts to the ESCO Capital Project Stabilization Fund. Therefore, 1 respectfully request the attached transfer be placed on the June 25, 2019 Town. Council Agenda, Thank you for your consideration in this matter, cc; Honorable School Committee • Honorable Library Board of Trustees Department Heads Thomas J, Tracy, Town Auditor/Assistant Town Manager for Finance Jennifer G, Gonzalez, Town Treasurer/Collector Lori E. Kabul, Director of Public Buildings Beth S. Greenblatt, Beacon Integrated Solutions Edward Lewis, Energy/Project Manager Peter J, McLaughlin, Inspector of Buildings Heidi Perkins, Director of Finance & Operations TRANSFER AMOUNT $231,000 FROM: FY 19 TOWN HALL ELECTRICITY 0119262-620211 FY 19 TOWN HALL GAS 0119262-620213 FY 19 POLICE ELECTRICITY 0121062-620211 FY 19 POLICE GAS 0121062-520213 FY 19 FIRE ELECTRICITY 0122052-520211 FY 19 FIRE GAS 0122062-620213 FY 19 DPW CEMETERY ELECTRICITY 0149162-620211 FY 19 DPW PROP, & BLDGS ELECTRICITY 0149262-620211 FY 19 DPW PROP. 84 BLDGS GAS 0149262-620213 FY 19 COUNCIL ON AGING GAS 0164162-620213 FY 19 LIBRARY ELECTRICITY 0161062-620211 FY 19 LIBRARY GAS 6161062-620213 FY 19 SKATING RINK ELECTRICITY 0163162-620211 FY 19 SKATING RINK GAS 0163162-520213 TO: FY 19 TRANSFER TO ESCO CAP. PROJECT STAB FUND 0194000-696805 I hereby certify to the availability, authority of funding source, mathematical accuracy and appropriate flscal year, DATE 0)p//7 $ 15,000 $ 13,000 $ 11,000 $ 16,000 $ 6,000 $ 17,000 $ 600 $ 20,000 $ '57,500 $ 1,600 $ 13,000 $ 9,500 $ 42,000 $ 10,000 $ 231,000• TOWN AUDIT Thomas J, Tracy Town Auditor TOWN OF WATERTOWN Office of the Town Auditor Administration Building 149 Main Street Watertown, MA02472 Phone, 617-972.6460 www,watertown-ma,gov ttracyC watertown-tna,gov TO: Michael J. Driscoll, Town Manager FROM: Thomas J. Tracy, Town Auditor DATE: June 20, 2019 RE: . FY 19 ESCO Transfer Pursuant to your request I have reviewed the Electricity and Gas accounts for all Departments. Attached is a proposed transfer in the amount of $231,000 from various Town Electricity and Gas accounts. The transfer, if approved by the Town Council, along with a transfer of approximately $400,000 from available balances within the School Department's FY 19 Electricity and Gas accounts would total $631,000. The current balance in the ESCO Capital Project Stabilization Fund is $703,002. The proposed transfer of $231,000 along with the above mentioned School transfer of approximately $400,000 would increase the existing ESCO Capital Project Stabilization Fund to $1,334,002. As you know the FY 20 Debt Service related to the ESCO Project is $515,688 and the FY 20 General. Fund Revenue budget includes a transfer in from the ESCO Capital Project Stabilization Fund of $515,688. TRANSFER AMOUNT $231,000 FROM: FY 19 TOWN HALL ELECTRICITY 0119262-520211 FY 19 TOWN HALL GAS 0119252-520213 FY 19 POLICE ELECTRICITY 0121052-520211 FY 19 POLICE GAS 0121052-520213 FY 19 FIRE ELECTRICITY 0122052-620211 FY 19 FIRE GAS 0122052620213 FY 19 DPW CEMETERY ELECTRICITY 0149162-620211 FY 19 DPW PROP, & BLDGS ELECTRICITY 0149252-620211 • FY 19 DPW PROP, & BLDGS GAS 0149262-620213 FY 19 COUNCIL ON AGING GAS 0154152-620213 FY 19 LIBRARY ELECTRICITY 0161052620211 FY 19 LIBRARY GAS 0161052.520213 FY 19 SKATING RINK ELECTRICITY 0163162520211 FY 19 SKATING RINK GAS 0163152-620213 TO: FY 19 TRANSFER TO ESCO CAP. PROJECT STAB FUND 0194000-596805 I hereby certify to the availability, authority of funding source, mathematical accuracy and appropriate fiscal year, DATE 61?, 77/7 $ 15,000 $ 13,000 $ 11,000 $ 16,000 $ 6,000 $ 17,000 $ 500 $ 20,000 $ '57,500 $ 1,500 $ 13,000 $ 9,500 $ 42,000 $ 10,000 $ 231,000. 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VOO8 '' $ 1 .11a0-1. 9 MeN L99'9£Z`£ $ 8$1`090'£ $ 9t0`fi68'Z $ iT6O'8£L'Z $ L£8`6Z9'Z $ %TZ PP'd £90'99%`6-41- $ 906`SoVZZL $ 69V1-91.'91-1- $ S9L'£ZS`60L $ 1.1 -9'£61.`-0. t 1?w fl Anal Pel snlp ylPaAl0ud S3Cti1 £ZOZ M ZZOZ,Ld LZOZ l d OZOZ Ad _ 61.OZ 113 ISVO 10d SCIN3Aal EXPENDITU RE FO REC AST DEPARTM ENTA L EXPENDITURES: General Government P ub55Saf ety P ubfcWorks S now & Ice Removal Waste Dispos al Health & Human Services Library Reerea5on Education TOTALS S TA TE ASSESSMENT S PENSION & OPEB COSTS_ Pension U nfunde d Pe nsion LiabiTdy Paydown _ OPEB _ TOTALS INSURANCE & EMPLOY EE SEN1=t-1i s D EBT AN D INTERE ST: Perman ent Debt/Inis.rc."t ESCO - Permanent Debt/Interes t Street & Sidewalk-Au th/Unissued & Planned Three Elem. School Proj.-A ufh/Unissued & Planned Other Debt- A uthoriz ed/Un iss ue d & Planne d Cost of Certifying Bon ds TOT ALS CA PITA L PROJECTS: Town Cap&al Pro jec ts School Capdal•Proje cts Shee t & Side walk Improv eme nts TOTALS TOTAL EXPEND ITURES OTHE R FINA NCING USES &MISC : Town Counc il Reserve . Transfers to Ente rprise Funds Transfer to Cap. Projects -3 Elementary School Transfer to Cap. Projec t S ta bE mfon Fund T ra nsferto SPED Sta b lizatlon Fund Miscellaneou s TOTA L OTHER FINANCING USES TOT AL EXP. & OTH. FM USES TOTAL REVENUES SURPLUS/(DEFICIT) PR1ORY EAR BALANCE BUDGET ASSUMPTIO N REMAINING SUR PLUSJ(DEFICIT) FY2019 FY2020 FY 2021 FY2022 FY 2023 5 5,770,162 5 6,133,588 $ 6 ,286,928 $ 6,444,101 5 6,605,203 $ 19,903,555 $ 20,926,114 5 21,449,267 $ 21,985,499 $ 22,535,136 $ 5,572,265 5 5,719,616 5 5,862,605 $ 6 ,009,172 $ 6,159,401 $ 1 ,564,810 $ 1,500,000 $ 1,500,000 5 1,500,000 $ 1,500,000 $ 3 ,099,162 $ 3,187,237 $ 3,346,599 $ 3,513,929 $ 3,689 ,625 $ 1,466,662 $ 1,484 ,716 $ 1,521,834 5 1,559,880 5 1,598,877 $ 3 ,038,139 $ 3,111,083 $ 3,188,860 $ 3,268,582 -- 5 3,350,296 $ 815,899 5 819,488 $ 839,975 $ 860,975 5 882,499 $ 48,039,451 5 50441 ,424 $ 52.963,495 $ 55 ,611,670 $ 58,392,253 5 89,270,125 $ 93 ,323, 266 $ 95,959,564 $ 100,753,806 $ 104,713,291 $ 2,613,656 5 2,744,003 $ 2,799,450 5 2,875,427 $ 2,953,467 5 -liv-4 ,572 $ 8,088,176 5 $ 250,000 $ 5,000 ,000 5 $ 8,016203 5 $ 18,485,572 5 21,104,379 $ 17,599,957 5 13,460,536 5 9,42 2,365 $ 15,245,037 5 16,058,651 $ 17,442,086. $ 18,662 ,729 5 19,972,878 16,772,287 827 ,670 $ $ 821218 8 5 817,209 - $ 12.637,298 5 8 ,505,156 $ 5,650,506 $ 5,337,364 $ $ 517,238 $ $ 692 ,125 -5 1,,279,20 $ $ - $ 981,193 5 $ 1 ,735,243 $ 1,975,552 $ $ 5,000 $ 5.000 $ 5 8,600,412 $ 10,093,997 $ $ 215,000 5 440,000 $ 5 520,000 $ 488,500 5 $ 1,011, 000 $ 1 ,061,600 $ $ 1, 746,000 $ 1,990,100 5 4,049,939 508,388 2,646,275 4,485,615 3,386,827 5,000 15,082,044 5 3 ,369,128 $ 505,938 $ 3,528,850 $ 8,625,036 $ 4,349,067 $ 5,000 $ 20,383,019 440,000 $ 474,000 5 1,114,630 5 2,028,630 5 5 2,628,337 $ 500,938 $ 4,375,425 5 12,663,207 $ 5,343,751 $ 5,000 5 25,516,658 440,000 $ 440,000 280,000 5 335,000 1,170,360 $ - 1,228,880 1 ,890,360 5 2,003,880 5 135,960,802 5 145,314,396 $ 151,911,732 $ 158,025,876 $ 164,582,539 $ 6,516,470 $ 300,293 5 1,700,000 $ 500,000 $ $ 246,500 $ 6,263,263 5 $ $ 5 2,065,000 $ 293,604 5 $ - $ $ 85, 000 $ 2,443,604 5 2,065,000 5 302,412 $ 5 - $ 250,000 $ 85,000 $ 2,702,412 $ 5 14 724,065 5 147,758,000 5 154,614,144 $ 142 4, 065 5 147,758,000 5 154,971,706 $ (0) 5 (0) $ 357,562 $ - $ 0 5 0 $ (0) 5 0 5 .357,552 2,065,000 5 2,065,000 311,484 $ 320,829 5 250,000 $ 250,000 85,000 5 85,000 2,711,484 5 2,720,829 5 160737,361 5 167,303,368 5 5 646,291 5 (28,571) 5 (357,562) $ (646,291) $ 288,728 $ (674,864) 161,383,652 $ 167,274,796