HomeMy Public PortalAbout07-15-2014 ESCO Transfer_201407110927183741 TOWN OF
163o WATERTOWN
r,
Office of the Town Manager
/.
Administration Building
_ - 149 Main Street
Watertown,MA 02472
Phone:617-972-6465
Michael J. Driscoll Fax:617-972-6404
Town Manager wnvw.watertown-ma.gov
townmgrC�vatertown-ma.gov
To: Honorable Town Council
From: Michael J. Driscoll, Town Manager
Date: July 8, 2014
Re: Agenda Item—Transfer of Funds Request
As you are aware, one of the top priorities of the Honorable Town Council's Fiscal Year 2014
Budget Policy Guidelines was to implement the ESCO program as recommended at the October 2,
2012 Special Town Council Meeting. The following actions items were adopted by Town Council:
• Move forward on the optimized $7.35M ESCO project.
• Negotiate a contract with Johnson Controls for the ESCO project; including the
addition of quarterly reports of energy usage in all buildings under agreement.
• Review the establishment of an energy stabilization fund in which to place rebates,
grants, and funds from departmental energy savings. The energy stabilization fund will
be used to pay the debt service on the energy efficiency projects incurred under the
ESCO agreement.
On February 26,2013, the Honorable Town Council approved a loan order of$7,350,000 to move
forward on the optimized ESCO Project (see attached February 7, 2013 Agenda Item
correspondence). The following is a summary of the ESCO Project:
• Covers 14 Town and School Buildings
• 97 Energy Infrastructure Upgrade Projects
• $7.35 Million in Energy Infrastructure Investments
• Cashflow: ($144,281) over the first four years; $1.97 million over 20 years.
• Utility rebates of approximately $274,000 used to offset cashflow impact in early years
• Estimated 22.11% savings of baseline energy usage in electricity
• Estimated 32.01 savings of baseline energy usage in natural gas
• The Energy Performance and Management Service Agreement with Johnson Controls
has been negotiated and executed, The following are some of the highlights of the
Agreement:
• Creative financing method that leverages existing operating and energy budgets to
implement turnkey energy infrastructure solutions, increase building efficiency and
reduce operating costs.
• Annual realized energy and operational savings are reallocated to pay debt service
obligations plus any annual program costs.
• Permanent financing payment obligations are met by the guaranteed annual energy
savings. The guaranteed annual energy savings is required by both State law and
contractual obligations.
• The performance contracting program has been properly optimized to result in the
proposed implementation of key infrastructure upgrades that will produce long-term
sustainable energy and operational savings, along with key environmental benefits.
• The measurement and verification program, as negotiated between Johnson Controls
and the Town balances risk with cost and provides for a quarterly review of
performance to support the annual review.
• The Notice to Proceed was issued in late June 2013 with an 18 month construction
schedule.
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 (see
April 18, 2013 Agenda Item correspondence).
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 all of the above, attached please find correspondence from Thomas J. Tracy,
Town Auditor regarding a proposed transfer of$177,862 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 15, 2014 Town
Council Agenda.
Thank you for your consideration in this matter.
cc: Honorable School Committee
Honorable Library Board of Trustees
Department Heads
Beth S. Greenblatt,Beacon Integrated Solutions
Kenneth Thompson, Building Inspector
Charles Kellner, Director of Business Services
TRANSFER AMOUNT$177,862
FROM: FY14 TOWN HALL ELECTRICITY $4,038
0119252-520211
FY14 TOWN HALL GAS $3,574
0119252-520213
FY14 POLICE GAS $13,707
0121052-520213
FY14 FIRE ELECTRICITY $9,378
0122052-520211
FY14 FIRE GAS $1,118
0122052-520213
FY14 DPW STREET LIGHTING $28,529
0142452-520210
FY14 DPW CEMETERY ELECTRICITY $1,042
0149152-520211
FY14 DPW PROP.&BLDGS ELECTRICITY $11,809
0149252-520211
FY14 DPW PROP.&BLDGS.GAS $39,587
0149252-520213
FY14 DPW PARKS ELECTRICITY $4,455
0149552-520211
FY14 DPW PARKS GAS $5,302
0149552-520213
FY14 COUNCIL ON AGING ELECTRICITY $2,098
0154152-520211
FY14 COUNCIL ON AGING GAS $66
0154152-520213
FY14 LIBRARY ELECTRICITY $7,847
0161052-520211
FY14 LIBRARY GAS $5,249
0161052-520213
FY 14 SKATING RINK ELECTRICITY $40,063
0163152-520211
TO: FY14 TRANSFER TO ESCO CAP.PROJ.STAB.FUND $177,862
1 hereby certify to the availability,authority of funding source mathematical
accuracy and appropriate fiscal year. .-
f
�7rl '(
DATE ! TOWN AUDITOR
TOWN of
WATFRTOWN
Office of the Toton Manager
Administration Building
149 Main Street
Watertown,MA 02472
Phone;617-972-6465 '
Michael I.Driscoll Fax:617-972-6404
Town Manager
www.watettown-ma.gov
townutgr 2Cnvatertotvm-nm.gov
To: Honorable Town Council J
From: Michael J, Driscoll,Town Manager
Date: February 7, 2013
Re: AGENDA ITEM—PROPOSED LOAN ORDER
Attached please find correspondence from Phyllis L. Marshall, Treasurer/Collector
regarding ESCO Project Funding.
As you are aware,Fiscal Year 2014 Budget Polley Guideline IC reads as follows:
Implement the Energy Services Company (ESCO)program as recommended by the Town
Council on October 2,2012:
• Move forward on the optimized$7.35M ESCO project.
• Negotiate a contract with Johnson Controls for the ESCO project;including the addition of
quarterly reports of energy usage in all buildings tinder agreement.
• Review the establishment of an energy stabilization fund in which to place rebates,grants, and
funds from departmental energy savings, The energy stabilization farad will be used to pay the debt
service on the energy efficiency projects incurred under the ESCO agreement.
Therefore, in accordance with policy guidance from the Honorable Town Council, I
respectfully request the attached Loan Order of $7,350,000 be placed on the February 12, 2013
Town Council Agenda as a First Reading.
Thank you for your consideration in this matter.
cc: Honorable School Committee
Honorable Library Board of Trustees
Department Heads
John T.Loughran,Director of Business Services
Beth S.Greenblatt,Beacon Integrated Solutions
David J.Doneski,Esquire,Kopeltnan and Paige,P.C.
Mark R.Reich,Esquire,Kopeltnan and Paige,P.C.
�� A ®� EDWARDS WILDMAN PAIMER UP
H I I I HUNTINGTON AVENUE
WILD
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N9gpV�HABmitlbd9 p9®V� +1 617 239 0100maln +IAll227AA0299
adwmdsvdldmnn.<om
Richard A. Manley,IT,
617,239.0384
fax 866.658.1046
rman teyQedwardslvildman.conl
February 6,2013
Peter B. Frazier,Senior Vice President
First Southwest Company
Municipal Advisory Group
54 Canal Street,Suite 320
Boston,Massaclmsetts 021I4
Dear Peter: (Town of Watertown—Energy Efficiency Projects Loan Order)
As requested I suggest the following form of loan order to approve the issuance of bonds or
notes for making energy efficiency improvements to various Town buildings;
Ordered: that,$7,350,000 is appropriated to pay costs of energy efficiency
improvements to various Town buildings,as more fully described in the presentation by
Beacon Integrated Solutions presented to this Council on October 2,2012,including the
payment of all costs incidental and related thereto,and that to meet this appropriation,the
Treasurer with the approval of the Town Manager,is authorized to borrow said amount
under and pursuant to G.L.e.44, §7(3B),or pursuant to any other enabling authority,and
to issue bonds or notes of the Town therefor,and that the Town Manager and the
Treasurer are cacti authorized to take any and all other action necessary to carry out the
purposes of this Order,
The order must be published at least 5 days prior to the holding of a public hearing with respect
to the order and its final passage and require at least a two-thirds vote, as in the case of any other
loan order for bonds.
Please call me if there are any questions about the suggested proceedings,
ithard A.Manley,Jr.
RAM
AM 18152743.1
BOSTON MA FT.LAUDERDALE FL I HARTFORD CT I MADISON NI I NEW YORK NY i NEWPORT BEACIF CA(PROVIDENCE Fu
STAMFORD LT WASHINGTON DC I WEST PALM BEACH PL I WILMINGTON DE I LONDON UK I HONG KONG(ASSOCIATED UFMI)
MEMORANDUM
Date: February 6, 2013
To: Michael J. Driscoll, Town Manager
From: Phyllis L. Marshall, Treasurer—Collector
Subject: ESCO Project Funding
Attached is a copy of the form of loan order for funding of the proposed Energy Services
Contract(ESCO) Project as presented at the Special Town Council Meeting on October 2,
2012. In accordance with the recommended action In the attached copy of the Special Town
Council Meeting, "...that the Town Council move forward on the optimized$7,360,000 ESCO
Project,..", negotiation of the Contract with Johnson Controls Inc. has been ongoing with Ms.
Beth Greenblatt of Beacon Integrated Solutions and Mr. David Doneski of Kopelman & Paige
coordinating with Ms. Parsons for the Town of Watertown. It Is expected that the contract and
attachments will be finalized this month.
The proposed form of Loan Order includes only the costs for the Contract with Johnson Controls
Incorporated for the Energy Conservation Measures. It does not include funding of Owner's
Agent Services, project management or contingency for the project installation.
Please contact me if you have any questions or need additional information regarding this
matter.
Attachments (4)
)ti
d Watertown Town Council
Adnihisliallon Bulid1n0
140 Main Street
Watertown,MA 02472
Phone:617-972.6470
ELECTED OFFICIALS:
Ma1R S.Sldoris,
Council President
Staphon P.Corbett, SPECIAL TOWN COUNCIL MEETING
Vice President TUESDAY,OCTOBER 2,2012 AT 6:301'N):
John A.Donohue, RICHARD E.MASTRANOELO COUNCIL CHAMBER
CoundlorAl Large ADMINISTRATION BUILDING
Susan 0.Folkoff,
Councilor Al Largo Ptll'Snant to (lie Call of the Council President mud in accordance with Section 2.6(c)(ii)
Anthony Pelombe, of the Home Rule Charter authorizing the Council President to call speetat meetings,
Councilor Al Largo the members of(lie Town Council of file City known as the Town of Watertown are
Angeline B.Kounolls, hereby notified of a Special twieethig for the purpose,of discussion and action on the
01strlclACoundlor below noted mattors,
Cecilia Lenk,
District a Coundror
Vincent J.Plalmit,Jr., NIlNUTES
District C Councilor
Kenneth M,Woodland, I, ROLL CALL: A Special Town Council meeting was called to order at 6:30 pm in
District D councilor the Richard E, Mastrangelo Council Chamber,Administration Building. Present for
(lie meeting were Councilors John A,Dotiohae, Susan G. Palkoff,Anthony Paloalba,
Angeline B.Kou iolis,Cecilia Lenk, Vhicent J.Piccirilli,Jr., Kenneth M,Woodland,
Vice President Stephen P.Corbett and Cotuioil President Mark S.Siderls, Also
present were the Town Manager Michael J.Driscoll and Council Clerk Vittorio
Papas,
2. INFORMATIONAL PRESENTATION:
m) hnPmnnattonai Presentation and action on the ESCO project, The Chair
recognized Ms, Phyllis Marshall who provided background on the ESCO project
process which was Initiated In 2008, Ms,Beth OrcenblattBereon Integrated
Solutions provided a power point presentation on the final budget neutral project
and twenty year contract.
Following the presentation, the Chair opened up the meeting to Councilors for
questions mad or comments,
1
Vice President Corbett asked;who is tine general contractor and what is the
tinnerrante of tiro project,
Ms, Oreenblath Indicated that thegeneyal contractor will be Johnson Controls
tvho will provide most of the work hndtouse and will subcontract small portions,
all according to prevailing wage laws,She noted that the project will begin In the
spring of2013 with lighting projects which will generate rebates that will offset
the negative cash flow, Much of the work in schools will be to the heating and
cooling systems and will take place fit the summer when school is closed. The
Project will be compieted by sprhtg of 2014,
All Cotton,Johnson Controls confirmed and elaborated on the thntefi•anne,scope
of work,rebate program and completion date,
Vice President Corbett stated that estimathng energy savings cnn be difficult due
to weather and human behavior and asked Mr, Cotton to elaborate,
Mr,Cotton stated that some of the savings are pretty straight forward and
therefore are guaranteed because they are calculated by using the current
consumption level versus tine new energy equipment.
Councilor Lenk asked how the baseline changes over the twenty year contract.
Mr.Cotton stated that there is a provision in the contract to deal with the baseline.
Councilor Palomba asked if the rebates are a onetime benefit,
Mr, Cotton indicated yes.
Councilor Kounclts stated that because ofthe fiuuran elennent involved;that silo
would like quarterly reports,
Mr.Cotton stated that they have removed as much of the hummt element as
possible with automated systems and controls that will generate trend reports
which can be rend by the building managers and are reviewed quarterly by
Johnson Controls,
Cooicilo•Plccirllli slated that this prgleet has bcen a long lime coming;going
back to 2008, He noted file h•emendous value in the project and spoke in support
of using an 13SCO In order to got the project done and realize the savings as soon
as possible, He further noted that the twenty year contract places the burden on
Johnson Controls.
Councilor Falkoff spoke in support of the progrmn•
The Chnir thanked all those involved fit this project; especially the Budget and
Fiscal Oversight Comnnitfee and noted(fiat the project will not only achieve
2
savings; but also a better,heating and cooling comfort level for all those in town
buildings and schools from employees to students.
The Manager also thanked all those involved In the project and elaborated on (file
Committee's action items which Included establishing mu energy stability fund
gild tine need for seed monles in.the anount of$64,000 which ire will bring
forward oil October23`d,
VOTE ONE: CouncilorPiccrilli read and moved: Recommend that the Town
Counall glove forward on the optimized$7,35M ESCO Project,seconded by
Councilor Kounelis and adopted by unauhnous roll call vote with Councilors John
A.Donohue,Susan G.Falkoff,Anthony Paloniba,Angeline B.Kounelis, Cecilia
Lends, Vincent J. Picoh-1111,Jr„Kenneth M. Woodland, Vice Presldent Stephen R
Corbett and Council President Mark S.Sideris vothig in the affirmative.
VOTE TWO: Councilor Plechilll read and moved Recommend that the Town
Council direct tine Town Manager to negotiate a contract with Johnson
Controls for the ESCO project; Including the addition of quarterly reports of
energy usage In all buildings under agreement,seconded by Councilor
Kounelis mitt adopted by uuonimous roll call vote with Councilors John A.
Donohue, Susan G. Palko£f,Anthony Palomba,Angeline B.Kounelis,Cecilia
Lenk,Vincent J.Piccirilli,Jr.,Konneth M, Woodland,Vice President Stephen P,
Corbett and Council President Mark S,Sideris voting in the affirmative.
j VOTE THREE: Councilor Piccirilli read and moved Recommend that the
Toren Council review the establlshnnont of all energy stabilization Elnid in
which to place reba(es,grants,and funds from departmental energy savings,
The emegeney stabilization fund will be used to tiny the debt service on the
energy efficiency projects incurred under the ESCO agreement,seconder!by
Councilor Woodland and adopted by unaiimous roll call vote with Councilors
John A.Donohue,Susan O.Falkoff,Anthony Paloniba, Angeline B.Koanolis,
Cecilia Lenk,Vhncent7,Piccirilli,Jr.,Kenneth M.Woodland,Vice President .
Stephen P.Corbett and Comcil President lvla'k S.Sideris voting in the
affirmallYe.
3, MOTIONS, ORDBRS AND RLnSOLUTIONS;
a) Consideration and action on the Committee on Personnel and Town
Organization's reeaumendatlon to proceed with a Stiffing and Operational
Assessment of the Public Works Department,
The Chair noted flint the Personnel Committee provided a report at the last
meeting and tabled any action on the matter so that Councilors could have
Additional time to look over the revised Collins Center proposal.
The Manager provided a briof overview of the DPW study and related transfer of
funds,
3
Councilor Donohno moved to adopt the Committeo's recommendation to move
forward with the revised Collins Ceutor proposal,seconded by Councilor
Kounelis and adopted by unanimous voice vote with Councilors John A.
Donohtte,,Susan O.Palkoff,Anthony Palomba,Angeline B,Kounelis,Cecilia
Look,Vinccut J. Piceiriltt,Jr„ Kenoth M, Woodland, Vice President Stephen P,
Corbett and Council President Mark S.Sideris vothig in the affirmative,
Vice President Corbett moved fhe$21,000 transfer to fiord the study,seconded by
Councilor Lotdc and adopted by unauhnous roll call vote with Councilors John A.
Donohue, Susan G.Fatkoff, Anthony Palomba,Angeline A.Kounells, Cecilia
Lonk, Vincent J.Piceh•1111,Jr„Kenneth M. Woodland,Vice President Stephen P.
Corbett and Council President Mark S. Sideris voting In the affirmative.
The Chair asked for a motion to Suspend the Rules for a late agenda pent. So
moved by Councilor Plcoh9111,seconded by Counollor Woodland and adopted by
unanimous voice vote with Councilors John A.Donohue, Susan O.Falkoff,
Anthony Palomba,Angeline B. Kounells,Cecilia Lenk, Vincent J. Picoh•ittt,Jr.,
Kenneth M. Woodland,Vice President Stephan P.Corbett and Council President
Mork S.Sideris voting in the affirmative;
The Chair asked for a motion to send a letter of support for fimdralsing efforts to
restore file Seidler's Monument at Saifoustati Park, So moved by Councilor
Woodland,seconded by Councilor Falkoff and adopted by unanimous voice vote
with,Counoilots John A.Donohoe,Susan O,Palkoff,Anthony Palomba,Angeline
13, Kouuolis, Cecilia Leak, Vincent J. Plecirllli,Jr.,Kenncllm M. Woodland,Vice
President Stephen P.Corbett and Council President Mark S.Sideris voting in the
aft rmadve;
4. ADJOURNMLrNT; 'There being no fm•ther business to come before the Town
Council,Councilor Donolnte moved to adjourn the meeting at 8:15 pm, seconded by
Councilor Woodland mud adopted by unanimous voice vote.
Addendum
I hereby certify that at a regular meeting of the Town Council for which a quorum
was present, the above nmluutes Were adopted by unanimous voice vote on November
13,20 t 2,
Mark S.Siders,Council President
4
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Performance Contracting Overview
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. ,..,...�:.' '.;�pM,'.�„„��uir,..:h .(M'PJ �i@f�rL•M1{;uW,.,n��rF%l wr�'. �aa', :,,.
h
T3EAC O N 'born of watermwa
.:artinttn m_.ny<op
Program Optimization
Wmnowmg Process Results
w
Total Technical Potential — Original Proposal
o 16 Town and School Buildings
® 145 Energy Infrastructure Upgrade Projects
$10.6 Million in Energy Infrastructure Investments
❑ Cashflow: -$1.22 million during first 11 years; -$61,000 over 20
years.
eo� Winnowing — Initial Scope Refinement
F, 15 Town and School Buildings (removed Old Police Station)
® 118 Energy Infrastructure Upgrade Projects
® $8 Million in Energy Infrastructure Investments
Cashflow: -$278,000 during first 6 years; $1.9 million over 20
years.
17 BEACON
Program Optimization
Recommended Project - Optimized by DepartmentStaff
Recommended Project
® 14 Town and School Buildings
ca 97 Energy Infrastructure Upgrade Projects
o $7.35 Million in Energy Infrastructure Investments.
Li Cashflow: -$144,281 over the first four years; $1.97
million over 20 years. Utility rebates of approximately
$274,000 used to offset cashflow impact in early years.
B7EACOI�T Slide 6
1\ll C1NTI:D.nW'tt0'
JCI Proposed Optimized Program
r,w..o.. .. .... i .. u. .. . . .. r:.: v. .... .... .rbY.':- ;'I,.• .f.\• .V1 .w..
�I
:::t,n.`,: ,,• ,..';a :1.......: t.'...... ..p:r.,... .......f.: :. CO.... ^' ., '....�;.:, : Y�.'=' n.aY'}'A' C,LIYY ':a.:'V�.^1:j :'.•'}L As .
ure Description oflVleas _ Q1 ' ' <" < °' E. _ 3 L
tv
lighting- Fixture Retrofit cl ce cr✓ ^f I? 1_1�1 v`�
Lighting-Fixture Controls �? ct -e
�BuildingEnvelope-Weatherization �(
�BuildingEnvelope-Roof/Atticlnsulation
�Building Controls-Temperature Setback
�Condition A-HVACMechanicalRehab eQ
AirHandlingUnit-VFDonFans 110, -11" �Zf
�HeatingSystem-BoilerReplacement c/
�HeatingSystem-SteamTrapReplacement �✓/ C�
�Heating System-Pipe/Valve/Duct Insulation v c% vn c�/ c✓/ d
IPumpingSystem-VFDonHotWaterPumps c c� e✓l c�
Electric Baseboard to Hot Water Baseboard c�
Kitchen Hood-VFD on Exhaust Fan
lWaterConservation v� d
Walk-in Coolers/Walk-in Freezers c? `✓1 c�
Energy Efficient Transformers v✓ ✓./ �✓! �j
11nstall Low-e Ceiling 41
Replacement Unit Ventilators i
JC1 Proposed Program
Recommended Optimized Project
lWatertown High School $1,959,803 $131,333 $48,992 14.5
Watertown Middle School $689,791 $58,925 $52,090 10.8
Hosmer Elementary School $870,227 $74,727 $33,976 11.2
Lowell Elementary School $1,024,666 $55,721 $38,171 17.7
JCunniff Elementary School $807,959 $27,324 $18,002 28.9
Phillips Elementary School $440,149 $26,602 $2,397 16.5
Watertown Town Hall $415,289 $10,822 $14,350 37.0
Watertown Library $107,030 $16,372 $11,324 5.8
Main Fire Station $260,089 $6,952 $10,166 35.9
North Fire Station $20,842 $1,974 $25 10.5
East Fire Station $121,267 $1,662 $3,522 70.9
Department of Public Works $211,303 $27,949 $7,257 7.3
Ice Rink $307,539 $31,225 $31,833 8.8
iSenior Center $91,624 $1,627 $1,961 55.1
Investment Grade Audit Cost $37,565 - - -
71!%' 65p.245 �..,-$473;21 �.-.$274;O66 15-0:�-.: .,:- . :.
.. .total:. $ 5
Town of Water€o Side a
JC1 Proposed Program
CashflowAnal,vsis at 3.19961Net Interest Cost
' 6 .
Total
Debt Senjrice° - M&V, . : .Total
1 $512,175 $19,800 $531,975 $473,215 $58,760
2 $510,175 $20,394 $530,569 $487,411 $43,158
3 $508,050 $21,006 $529,056 $502,034 $27,022
4 $510,300 $21,636 $532,436 $517,095 $15,341
5 $508,300 $22,285 $530,585 $532,608 $2,023
6 $510,675 $22,954 $533,629 $548,586 $14,957
7 $512,800 $23,642 $536,442 $565,043 $28,601
8 $509,675 $24,352 $534,027 $581,995 $47,968
9 $510,600 $25,082 $535,682 $599,485 $63,773
10 $510,825 $25,835 $536,660 $617,438 $80,779
11 $508,575 $26,610 $535,135 $635,961 $100,777
12 $510,975 $27,408 $538,383 $655,040 $116,657
13 $512,850 $28,230 $541,080 $674,691 $133,611
14 $509,200 $29,077 $538,277 $694,932 $156,655
15 $510,200 $29,949 $540,149 $715,780 $175,631
16 $510,675 $30,848 $541,523 $737,254 $195,731
17 $510,625 $31,773 $642,398 $759,371 $216,973
18 $510,050 $32,726 $542,776 $782,152 $239,376
19 $508,950 $33,708 $542,658 $805,617 $262,959
20 $512,325 $34,719 $547,044 $829,785 $282,741
Debt service is based on assumption of level payments with a net interest cost of 3.19%.
Total principal borrowed of$7,365,000 includes the cost of the Investment Grade Energy Audit.
Debt senate is before rebates of$274,066 which will be used to offset early year cashflow impacts.
BEACON Town of Watertown Sfide 9
jCI Proposed Program
CashflowAnalysis at 3.5916 Net Interest Cost
YEA Debt Service" : -, ,.M&V Total - TotaL.
1 $517,775 $19,800 $537,575 $473,215 $64,360
2 $518,675 $20,394 $539,069 $487,411 $51,658
3 $519,225 $21,006 $640,231 $502,034 $38,197
4 $519,425 $21,638 $541,061 $517,095 $23,9066
5 $519,275 $22,285 $541,560 $532,608 $8,952
6 $518,776 $22,954 $541,729 $548,586 $6,857
7 $517,925 $23,642 $541,567 $565,043 $23,476
8 $516,725 $24,352 $541,077 $581,995 $40,918
9 $520,175 $25,082 $545,257 $599,455 $54,198
10 $518,100 $25,835 $543,935 $817,438 $73,504
11 $515,675 $26,610 $542,285 $636,961 $93,677
12 $517,900 $27,408 $545,308 $655,040 $109,732
13 $519,600 $28,230 $547,830 $674,691 $126,861
14 $515,775 $29,077 $544,852 $694,932 $150,080
16 $516,600 $29,949 $546,549 $715,780 $169,231
16 $516,900 $30,848 $547,748 $737,254 $189,506
17 $516,675 $31,773 $548,448 $759,371 $210,923
18 $520,925 $32,726 $553,651 $782,152 $228,501
19 $519,475 $33,708 $553,183 $805,617 $252,434
20 $517,500 $34,719 $552,219 $829,785 $277,566
2. 61, '* Oi -a A
Debt service is based on assumption of level payments with a net interest cost of 3.5%.
Total principal borrowed of$7,365,000 includes the cost of the Investment Grade Energy Audit.
,!'� D-eebt service is before rebates of$274,066 which will be used to offset early year cashflow impacts.
JCI Proposed Program'
Cashflow nalysrs at 3.5966 1VIC w L i 6MonLh Ban
v:' f v s`iL'.Y:41;`%i r`r:<Ci s.Y,-r�i eF.ti'%7r..�Sk... '✓])"':17 'Y,4`i.'aara.`i r M r''C�'.Q^QS, .i it�:1:`... ..-�''.'1' s'C:�:v' MAL':'S" '�FN.�
r:A"'i3'N A'Y.
ikSf:>=:gR*xa ` Debt SenAcerll M&V Total Total r1l S s.�.aCA'SI:TE.I_
1 S183,800 $19.800 $203,600 $118,304 $85,296
2 S524,560 $20,394 $544,954 $487,411 $57,643
3 S527,812 $21,006 S548,818 $602,034 $46,784
4 $532,575 $21,636 $553,536 $517,095 $36,441
5 $531,900 $22,285 S553,160 $532,608 $20,552
6 $530,875 $22,954 $552,454 $548,586 $3,868
7 $529,500 $23,642 $551,417 $566,043 $13,626
8 $527,775 $24,352 $554,984 $581,995 $27,031
9 $530,613 $25,082 $553,095 $599,455 $46,360
10 S528,013 S25,835 _ $555,810 $617,438 $61,629
11 $529,975 $26,610 $558,022 $635,961 $77,939
12 $531,413 $27,408 S559,733 $855,040 $95,307
13 S532,325 $28,230 $556,030 $674,691 $118,661
14 $527,800 $29,077 $556,914 $694,932 $138,018
15 $527,S38 $29,949 $50-2,212 $715,780 $153,568
16 $532,263 $30,848 $561,923 $737,254 $175,331
17 S531,075 $31,773 $661,136 : 759,371 $198.235
18 $529,363 $32,726 $564,764 $782,152 $2-17,388
19 S532,038 $33,708 $562,808 S805,617 $242,809
20 CS52n,9.100 +S-S4f,719 $5y633,819 S829,785 $266.966
n /W7in'.�25WS41,04s'vow s.'';.^n�.W,+�:�'033; .;4Jii R:li �i�'1a:':1A+9�',1r6Fl :v:::i:,l:�� i%::(.i.
�2:3B0:55'3 . ; ;`Yx6:a"4581C'8S" ...:;a:.
[1]Year 1 reflects debtservioe and energysavings during construction. Debt service is based one month SAN at 1.5%
net interest cost and 19.5 yr Bond at a net interest cost of3.5%.Savings in Yr.1 reflects 26%of the annual
performance guarantee of energy savings during the construction period. Yrs 2 20 reflect
annual debt seniice, annual costs and guaranteed energy sav ngs, post project construction.
* Total principal borrowed of$7,365,000 includes the cost of the Investment Grade Energy Audit-
* Debt service is before rebates ofS274,066 which vvilI be used to offset early year cashilow impacts_
JCI Proposed Program
Optimized Project Savings as a Percent ofBasellne Usage
„w,.yr ........;craya,,..�., .,,.......:.�,. �mn`i,k,,v
:r ,.,�:u....sv\ura'gr..r,;"icrt�.r.. :Mc,y_i.r, "„a�� 'H an c,.,.y...,�'.i; �4.,::, ^n,:,; •r;�':"— ?�:�r',
;:,;•r�°tsr-:. -:$a'sPsne:w :-aa>::�:r,';�xz?;,:;x�:rf;:,:'� ::-Post;:&etro�:u,�;��%m<;,,,,: ;;EercentcSav Ks„o�":';Bass°�ine.
Electricity Natisal.Gas Electricity Natural Gas` Electricity Natural.Gas
�'`< we ,i acuity awn (kWh) (1vZotu) (kWh) (MMtu) (kwb) (MNIBta)
High School 1,264,920 13,123 307,738 4,166 24.33% 31.75%1
Middle Scbool 691,248 4,389 251,014 1,346 36.31% 30.67%
Hosmer ES 759,410 7,937 178,734 2,728 23.54% 34.37%
,LoweILES 354,720 6,282 103,157 2,751 29.08% 43.79%
lcutniff ES 284,400 3,184 87,555 878 30.79% 27.58%
IPbMips ES 175,424 3,926 15,352 1,357 8.75% 34.56%
(Town Hall 287,640 1,134 38,078 313 13.24% 27.60%
Library 595,560 1,637 61,444 327 10.32% 19.98%
Main Fire Station 125,880 1,002 19,961 248 15.86% 24.750/6I
North Fire Station 41,239 475 116 125 0.28% 26.32%1
East Fire Station 56,344 471 101 108 0.18% 22.93%
DPW 423,780 5,431 49,258 1,349 11-62% 24.84%
Ike Rink 617,084 1,961 142,684 630 23.12% 32.13%
'784 195 5835:,,....,..:- ..„ ... :.:...........,,..:.,.�, 48 21.79% 24.62%Senior Center 26
�,. ,_..,. . __, ;.'.:......:.r..y_ :,-,,,-..a.'„ • .,..,,•r,...,7: ,.._,:. .. . ,. . ,:,t��:..,... .,,.'`a...�_ 1>... ...:.......::„�,,::�`��... ._..:'� _..... : `�;�?n';>;.,,s: 1. /o �... ..y.J,.:...i,_,�'�2:01:✓0
BACON TOWS Of Watfft= side 1t
Next Steps
Contract negotiations
a Kopelman and Paige, supported by Beacon will
negotiate with JCI:
Terms and conditions
Final scope of work
® Measurement and Verification plan
R Commissioning plan
is Training plan
o Final draft agreement for Council consideration in
December 2012
® .Anticipated execution in January 2013
® Loan order in February 2013
BEAC d N Tollm of Watertown SH9812
i:zriwn>cu mio .
.i�A�
Questions
Thank You
Beacon Integrated. Solutions
P.O. Box 320325
Boston, MA 02132
bgreenblatt@beacon-llc.com
www.beacon-llc.com
BEACON town of Watertown S01afle 13
TOWN OF
1630 WATERTOWN
Office of the Town Manager
r,.'•
. � Administration Building
149 Main Street
Watertown,MA 02472
Phone:617-972-6465
Fax:617-972-6404
Michael J.Driscoll www.watertown-ma.gov
Town Manager rownmvr@vatertown-magov
To: Honorable Town Council
From: Michael J. Driscoll,Town Manager
Date: April 18, 2013
RE: Proposed Amendment to the Fiscal Year 2013 Budget
Enclosed please find, for your review and consideration a Proposed Amendment to the
Fiscal Year 2013 Budget. The Proposed Amendment is related to the establishment of an ESCO
capital projects stabilization fund.
The Fiscal Year 2014 Budget Policy Guideline IC reads as follows:
Implement the Energy Services Company(ESCO) program as recommended by the Town
Council on October 2,2012:
• Move forward on the optimized$7.35M ESCO project.
• Negotiate a contract with Johnson Controls for the ESCO project; including the addition of
quarterly reports of energy usage in all buildings under agreement.
• Review the establishment of an energy stabilization fund in which to place rebates, grants,
and funds from departmental energy savings. The energy stabilization fund will be used to
pay the debt service on the energy efficiency projects incurred under the ESCO agreement.
As you are aware, on February 26, 2013 the Honorable Town Council approved a Loan Order
of $7,350,000 to move forward on the optimized ESCO project. The Energy Performance and
Management Services Agreement with Johnson Controls has been negotiated and executed.
Therefore, in order to move forward with an energy stabilization fund in accordance with
policy guidance from the Honorable Town Council, I respectfully request the attached Amendment be
placed on the April 23, 2013 Town Council Agenda as a First Reading amending the Fiscal Year 2013
Budget.
Given this Amendment, the Fiscal Year 2013 Revenues and Expenditures will be each
increased by $473,215. Therefore, the revised Fiscal Year 2013 Revenues and Expenditures are
$103,020,480.
cc: Honorable School Committee
Honorable Library Board of Trustees
Department Heads
FISCAL YEAR 2013
BUDGET AMENDMENT
INCREASE
REVENUE (DECREASE) TO READ
UTILIZATION OF OVERLAY SURPLUS $ 473,215 $ 473,215
00145840-484400
TOTAL REVENUE ADJUSTMENT $ 473,216
INCREASE
EXPENDITURES (DECREASE) TO READ
TRANSFER TO ESCO CAPITAL PROJECT STABILIZATION FD. $ 473,215 $ 473,215
0194000-596805
TOTAL EXPENDITURE ADJUSTMENT $ 473,215
TOWN OF WATERTOWN
Auditor
1630
Administration Building
149 Main Street
MA 02472 Watertown,
/Zt Phone: 617-972.6460
' Fax: 617-972.6563
www.«vatc r town-m a.gov
Thomas J. Tracy
Town Auditor
TO: Michael J. Driscoll,Town Manager
FROM: Thomas J.Tracy,Town Auditor
DATE: July 3, 2014
RE: FY14 ESCO'rransfer
Pursuant to your request I have reviewed the Electricity and Gas accounts for all
Departments. Attached is a proposed transfer in the amount of$177,862 from various
Town Electricity and Gas accounts.
The transfer, if approved by the Town Council, along with a transfer of$114,000 from
available balances within the School Department's FY14 Electricity and Gas accounts
would total$291,862.
The current balance in the ESCO Capital Project Stabilization Fund is$242,294. The
proposed transfer of$177,862 along with the above mentioned School transfer of
$114,000 would increase the existing ESCO Capital Project Stabilization Fund to
$534,156.
As you know the FY15 Debt Service related to the ESCO Project is$528,651 and the FY15
General Fund Revenue budget includes a transfer in from the ESCO Capital Project
Stabilization Fund of$52.8,651.
Therefore, the attached transfer of$177,862 is necessary in order to have sufficient
Funding for the ESCO related planned activity within FY15.
TRANSFER AMOUNT$177,862
FROM: FY14 TOWN HALL ELECTRICITY $4,038
0119252-520211
FY14 TOWN HALL GAS $3,574
0119252-520213
FY14 POLICE GAS $13,707
0121052-520213
FY14 FIRE ELECTRICITY $9,378
0122052-520211
FY14 FIRE GAS $1,118
0122052-520213
FY14 DPW STREET LIGHTING $28,529
0142452-520210
FY14 DPW CEMETERY ELECTRICITY $1,042
0149152-520211
FY14 DPW PROP.&BLDGS ELECTRICITY $11,809
0149252-520211
FY14 DPW PROP.&BLDGS.GAS $39,587
0149252-520213
FY14 DPW PARKS ELECTRICITY $4,455
0149552-520211
FY14 DPW PARKS GAS $5,302
0149552-520213
FY14 COUNCIL ON AGING ELECTRICITY $2,098
0154152-520211
FY14 COUNCIL ON AGING GAS $66
0154152-520213
FY14 LIBRARY ELECTRICITY $7,847
0161052-520211
FY14 LIBRARY GAS $5,249
0161052-520213
FY 14 SKATING RINK ELECTRICITY $40,063
0163152-520211
TO: FY14 TRANSFER TO ESCO CAP.PRO).STAB. FUND $177,862
I hereby certify to the availability,authority of funding source mathematical
accuracy and appropriate fiscal year.
DATE TOWNAUDITOr
REVENUE FORECAST
ASSUMPTIONS:
Real Estate and Personal Property taxes are increased 2.5%per year. New growth is projected to be$2,000,000 annually from
FY 2016 through FY 2018. Funding for the Optional Tax Exemption for homeowners at 100%over the statutory level is included in
the overlay adjustment.
Proposition 2 '/z debt exclusion override is based on bond costs and school construction reimbursements. FY 2018 is the last year for
school construction reimbursements related to the 1995 Debt Exclusion Override.
State Aid is based upon the recommendations contained in the House Ways and Means Committee Budget(HWM). In subsequent
fiscal years,State Aid is level funded at the projected FY 2015 amount.
The majority of Local Receipts are projected to remain constant or increase 2.5%annually. Motor Vehicle Excise is projected at
$3,300,000 annually through FY 2018. Other Excise(Hotel)is projected to increase$50,000 in FY 2016 and$300,000 in FY 2017.
Investment income is projected at$65,000 annually through FY 2018.
Other Financing Sources reflect transfers from the Panting Meter Fund to partially offset the Parking Lots and Meters Budget,from
the Cemetery Perpetual Care Expendable Trust Fund and the Sale of Lots Fund to partially offset the Department of Public Works
Cemetery Budget, and from the Water and Sewer Enterprise Funds to cover applicable indirect costs.
Utilization of Free Cash is recommended at a level of$2,000,000 annually through FY 2018,which includes$250,000 annually for
the Special Education Stabilization Fund.
Transfer from the Capital Projects Stabilization Fund is projected at$500,000 annually through FY 2017,which represents the balance
of the Fund.
Transfer from the Unfunded Pension Liability Stabilization Fund is projected at$250,000 annually through FY 2018.
Transfer from the ESCO Capital Project Stabilization Fund includes projected funds from departmental energy savings,rebates and
grants.
REVENUE FORECAST
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
TAXES:
Prior Year Adjusted Levy Limit $ 78,070,918 $ 82,314,931 $ 86,372,804 $ 90,532,124 $ 94,795,427
Add 2.5% $ 1,951,773 $ 2,057,873 .$ 2,159,320 $ 2,263,303 $ 2,369,886
New Growth $ 2,292,240 $ 2,000,000 $ 2,000,000 $ 2,000,000 $ 2,000,000
Adjusted Levy Limit $ 82,314,931 $ 86,372,804 $ 90,532,124 $ 94,795,427 $ 99,165,313
Overlay $ (950,000) $ (950,000) $ (1,050,000) $ (950,000) $ (950,000)
Debt Exclusion(FY 2018 Last Year) $ 278,050 $ 226,620 $ 176,600 $ 125,204 $ 72,480
NET LEVY LIMIT $ 81,642,981 $ 85,649,424 $ 89,658,724 $ 93,970,631 $ 98,287,793
STATE AID:
Cherry Sheet Receipts $ 9,921,563 $ 10,528,071 $ 10,528,071 $ 10,528,071 $ 10,528,071
Sch. Constr. Reimb. (Lowell,Cuniff&MS) $ 913,208 $ 913,208 $ 913,208 $ 913,208 $ 913,208
TOTAL STATE AID $ 10,834,771 $ 11,441,279 $ 11,441,279 $ 11,441,279 $ 11,441,279
LOCAL RECEIPTS:
Motor Vehicle Excise $ 3,250,000 $ 3,300,000 $ 3,300,000 $ 3,300,000 $ 3,300,000
Other Excise $ 540,000 $ 545,000 $ 595,000 $ 895,000 $ 895,000
Penalties&Interest $ 195,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000
PILOT $ 872,374 $ 895,328 $ 918,970 $ 943,322 $ 968,404
Commercial Trash $ 16,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000
Fees $ 1,831,000 $ 1,956,000 $ 2,004,900 $ 2,055,023 $ 2,106,398
Rentals $ 156,676 $ 156,218 $ 130,748 $ 130,266 $ 131,908
DR-Cemetery $ 75,000 $ 75,000 $ 75,000 $ 75,000 $ 75,000
DR-Recreation $ 390,000 $ 425,000 $ 425,000 $ 425,000 $ 425,000
Licenses&Permits $ 205,000 $ 205,000 $ 205,000 $ 205,000 $ 205,000
Fines&Forfeits $ 885,000 $ 885,000 $ 885,000 $ 885,000 $ 885,000
Investment Income $ 65,000 $ 65,000 $ 65,000 $ 65,000 $ 65,000
Sale of Town Property $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000
Belmont Reimbursement $ 67,473 $ 69,124 $ 70,124 $ 71,124 $ 72,124
Grant/Employee Reimbursements $ 40,000 $ 40,000 $ 40,000 $ 40,000 $ 40,000
Advertising Bus Shelters $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000
Medicaid Reimbursements $ 365,000 $ 326,000 $ 326,000 $ 326,000 $ 326,000
Wheelabrator Service Agreement Incentive $ 112,800
TOTAL LOCAL RECEIPTS $ 8,967,523 $ 9,335,470 $ 9,320,743 $ 9,695,735 $ 9,774,834 ,
OTHER FINANCING SOURCES:
Transfer from Sale of Lots Fund $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000
Transfer from Parking Meter Fund $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000
Transfer from Cemetery Perpetual Care Fund $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000
Transfer from Capital Projects Stabilization Fund $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ -
Transfer from Unfunded Pension Liab, Stab.Fd. $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000
Transfer from ESCO Capital Project Stab. Fd. $ 473,215 $ 528,651 $ 525,738 $ 522,038 $ 522,738
Utilization of Free Cash $ 1,500,000 $ 1,750,000 $ 1,750,000 $ 1,750,000 $ 1,750,000
Utilization of Free Cash-SPED $ 790,000 $ - $ 250,000 $ 250,000 $ 250,000
Utilization of Free Cash-1 Time Curriculum $ 210,000 $ 250,000 $ - $ - $ -
Utilization of Overlay Surplus-1 Time Curriculum $ - $ 500,000 $ - $ - $
Transfer from Water Fund $ 1,430,435 $ 1,491,355 $ 1,528,639 $ 1,566,855 $ 1,606,026
Transfer from Sewer Fund $ 1,232,446 $ 1,278,821 $ 1,310,792 $ 1,343,561 $ 1,377,150
TOTAL OTHER FINANCING SOURCES $ 6,761,096 $ 6,923,827 $ 6,490,168 $ 6,557,454 $ 6,130,915
TOTAL REVENUES $ 108,206,371 $ 113,350,000 $ 116,910,914 $ 121,665,099 $ 125,634,821 ',
EXPENDITURE FORECAST
ASSUMPTIONS:
Departmental expenditures are projected to increase 2.5%annually from FY 2016 through FY 2018.
The Education appropriation is projected to increase 5.0%annually from FY 2016 through FY 2018.
Snow and Ice Removal is projected at$1,165,000 through FY 2018 which is the current eight year average expenditure level.
The Waste Disposal appropriation is projected to increase 3%annually from FY 2015 through FY 2018 and includes funding of the
Service Agreement with Wheelabrator North Andover.
State Assessments,exclusive of the MBTA Assessment,are projected to increase 2.5%annually. The MBTA Assessment is projected
to increase 2.75%annually.
Pension costs are projected to increase$1,550,000 annually from FY 2016 through FY 2018 while utilizing an annual $250,000
appropriation from the Unfunded Pension Liability Stabilization Fund. The Watertown Contributory Retirement Board adopted a
Funding Schedule which has been approved by the Public Employee Retirement Administration Commission that has the Retirement
System fully funded in FY 2019.
Health Insurance costs,included within Insurance&Employee Benefits,are projected to increase 5%annually from FY 2016 through
FY 2018.
Debt figures are from current and projected future debt as listed in the FY 2015-2019 CIP/Debt Projection Table of the Capital
Improvement Program. The level of projected debt may change pending decisions on various projects that are listed within the
Proposed FY 2015-2019 Capital Improvement Program,the Roadway Management Study and the Facilities Assessment Study.
Street and Sidewalk Improvements are projected to increase 5%annually.
Town and School Capital Projects are listed in the Capital Improvement Program.
Transfer to the Special Education Stabilization Fund is projected at$250,000 annually through FY 2018.
EXPENDITURE FORECAST
FY 2014 FY 2016 FY 2016 FY 2017 FY 2018
DEPARTMENTAL EXPENDITURES:
General Government $ 4,442,154 $ 4,503,009 $ 4,615,584 $ 4,730,974 $ 4,849,248
Public Safety $ 15,368,445 $ 15,981,900 $ 16,381,448 $ 16,790,984 $ 17,210,758
Public Works $ 4,700,682 $ 4,827,350 $ 4,948,034 $ 5,071,735 $ 5,193,528
Snow&Ice Removal $ 1,656,265 $ 1,165,000 $ 1,165,000 $ 1,165,000 $ 1,165,000
Waste Disposal $ 2,957,740 $ 3,008,335 $ 3,098,585 $ 3,191,543 $ 3,287,289
Health&Human Services $ 1,000,818 $ 1,008,734 $ 1,033,953 $ 1,059,801 $ 1,086,296
Library $ 2,378,287 $ 2,475,488 $ 2,537,376 $ 2,600,810 $ 2,665,830
Recreation $ 615,318 $ 622,261 $ 637.818 $ 653,763 $ 670,107
Education $ 36,675,000 $ 38,942,000 $ 40,889,100 $ 42,933,555 $ 45,080,233
TOTALS $ 69,794,709 $ 72,534,077 $ 75,306,896 $ 78,198,164 $ 81,213,290
STATE ASSESSMENTS $ 2,253,730 $ 2,413,680 $ 2,458,143 $ 2,524,994 $ 2,593,665
PENSION COSTS $ 10,683,126 $ 12,309,391 $ 13,861,233 $ 15,408,243 $ 16,955,253
INSURANCE&EMPLOYEE BENEFITS $ 13,881,480 $ 13,954,440 $ 14,618,512 $ 15,315,336 $ 16,046,535
DEBT AND INTEREST:
Permanent Debt/Interest $ 5,193,514 $ 5,639,112 $ 5,259,696 $ 4,731,145 $ 4,431,734
ESCO $ 517,775 $ 528,651 $ 525,738 $ 522,038 $ 522,738
Street and Sidewalk $ 625,000 $ 625,000 $ 1,225,000 $ 1,800,000 $ 2,350,000
Other $ 644,700 $ 586,165 $ 1,295,475 $ 1,928,990 $ 2,339,411
Cost of Certifying Bonds $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000
TOTALS $ 7,010,989 $ 7,408,928 $ 8,335,909 $ 9,012,173 $ 9,673,883
CAPITAL PROJECTS:
Town Capital Projects $ 482,395 $ 210,000 $ 210,000 $ 260,000 $ 285,000
School Capital Projects $ 434,000 $ 459,500 $ 469,200 $ 485,000 $ 488,700
Street&Sidewalk Improvements $ 792,146 $ 831,753 $ 873,341 $ 917,008 $ 962,858
TOTALS $ 1,708,541 $ 1,501,253 $ 1,552,541 $ 1,662,008 $ 1,736,558
TOTAL EXPENDITURES $105,332,575 $110,121,769 $ 116,133,234 $ 122,120,917 $ 128,219,183
OTHER FINANCING USES&MISC:
Town Council Reserve $ 1,465,596 $ 2,050,000 $ 2,050,000 $ 2,050,000 $ 2,050,000
Transfers to Enterprise Funds $ 280,900 S 294,731 $ 302,099 $ 309,652 $ 317,393
Transfer to SPED Stabilization Fund $ 790,000 $ - $ 250,000 $ 250,000 $ 250,000
Education One Time Curriculum Initiatives $ 210,000 $ 750,000 $ - $ - $ -
Miscellaneous $ 127,300 $ 133,500 $ 134,706 $ 135,336 $ 135,336
TOTAL OTHER FINANCING USES $ 2,873,796 $ 3,228,231 $ 2,736,805 $ 2,744,988 $ 2,752,729
TOTAL EXP.&OTH. FIN.USES $108,206,371 $113,350,000 $ 118,870,039 $ 124,865,905 $ 130,971,912
TOTAL REVENUES $108,206,371 $113,350,000 $ 116,910,914 $ 121,665,099 $ 125,634,821
SURPLUS/(DEFICIT) $ (0) $ (0) $ (1,959,125) $ (3,200,806) $ (5,337,092)
PRIOR YEAR BALANCED BUDGET ASSUMPTION $ - $ 0 $ 0 $ 1,959,125 $ 3,200,806
REMAINING SURPLUS/(DEFICIT) $ (0) $ (0) $ (1,959,125) $ (1,241,681) $ (2,136,286)