HomeMy WebLinkAboutMicrosoft PowerPoint - ARTICLE 7 - FINCOMM [Compatibility Mode] Town of North Andover
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presented by the
North Andover Finance Committee
May 3, 1999
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alanced udget
is our # 1 Pr'ior'ity
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alanced udget
is our # 1 Pr'ior'ity
.
alanced F
prov'ides
Equ 'Itable erv'ice eve s
/ r r
• Accountants
yv, 1 Business people
CPA's & MBAs
Irllr�ll
Parents
Grandparents
J
• Entrepreneurs
• Town citizens
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Departmental Amount % of Total
Request Recommended Requested
Municipal
Government $ 1739013395 $ 1236113994 70. 1 %
School
Department $ 2736023187 $ 2533453253 91 .8 %
Requests include Capital Costs
and allocation of Employee
benefits.
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• 4% Increase in Total Revenue
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• 4% Increase in Total Revenue
• 555 , 810 New Growth Revenue
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• 4% Increase in Total Revenue
• 555 , 810 New Growth Revenue
• 110 New students expected
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• 4% Increase in Total Revenue
• 555 , 810 New Growth Revenue
• 110 New students expected
• 644, 000 Cost for new students
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,* o population r
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• School growth
o ulation
p p
• State education mandates
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• School growth
o ulation
p p
• State education mandates
• Risi n gp ersonnel costs
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• School growth
o ulation
p p
• State education mandates
• Risi n gp ersonnel costs
• Inadequate revenues
% .
Inadequate reve n u e s
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•
Inadequate revenues
•
Uncertainty in fof
revenue esti m ates
�I
• Inadequate revenues
• Uncertainty in fof
revenue esti m ates
* I % Off = 4009000
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• Inadequate revenues
• Uncertainty in fof
revenue esti m ates
* I % Off = 4009000
• Use Cash Reserves
z
\2 y
Current e sustain
our o less a week
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• Current Reserves sustain
our Town less than 1 week.
• Decline in Reserves caused
lower Bond Ratin g and
increased borrowing costs .
• Standard & Poor's lowered
our bond rating from
66A" to 66A-"
• Standard & Poor's lowered
our bond rating from
66A" to 66A-"
• 66Town9s consistent difficulty
in aintaining a financial
cushion leaves it vulnerable
to op uncertainties . "
•
Moody's i ssued stern warning
•
Moody's i ssued stern warning
• 66The outlook for North
Andover is negative - "
• Moody's i ssued stern warning
• 66The outlook for North
Andover is negative - "
• 66Ade q uate Reserves will be
key com ponent i n maintaining
current credit quality. "
Town of North Andover
MINES=
Fiscal Year 1996
to Fiscal Year 2101010
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Adopted all T Boards
in t su e of 1996 .
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• Ado ted by all Town Boards
p
in the summer of 1996 .
,* Purpose - to have financial
ability to provide balanced
level of quality services .
r
„a
• Ado ted by all Town Boards
p
in the summer of 1996 .
,* Purpose - to have financial
ability to provide balanced
level of quality services .
• F lexi bi l it Y to withstand
economic changes over
which we have no control .
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^ ® .
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To eet t de a
challenges natural r
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• To meet the demands &
challenges of natural growth .
• Fund annual costs out of
current revenues .
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• To meet the demands &
challenges of natural growth .
• Fund annual costs out of
current revenues .
• Maintain infrastructure and
capital equip ment.
��/r��f 1� /(4 lrN/��" alb/�'�� Odd 0/A�/r/ ri ✓ IVf,W /� 1
2 , 000
1 ,500
H
R 1 , 000
0 500
0
0
0 F-I
H 99 i2j5 qqrs 4997 4998
1 9500 )
R
H
3
O
s
H
��/r��f 1� /(4 lrN/��" alb/�'�� Odd 0/A�/r/ ri ✓ IVf,W /� 1
Policy = 2 % to 4% of Net Operating Revenues
2 ,000
1 ,500
4%
N
1 ,000
2 %
O 500
D
4- 0
O
H 99 99 1996 1997 i 998
Ma N
3
1 9500 )
O
H
��/r��/ '� /(4 lrN/��" Vii^ alb/�'�� O;�d 0/A�/r/ ri ✓ IVf,W /� 1
Policy = 2 % to 4% of Net Operating Revenues
2 , 000
1 9500 4%
N
1 9000 "111,1147777
2 %
O 500
0
4- 0
O
99 9
rr
C I goo 0 ) 4-
3
O
s , i
H
d
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N 1 ,500
O
p 1 , 000
O
500
N
0
O
= 1996 1997 1998 1999 2000 *
H
* Budgeted Am ount
d
r yi
Policy = 2 % to 3 % of Net Operating Revenues
H
11500
R
= 3 %
O
0 11000
`0
0 2 %
N .W.�
MC 500
R
N
3 0
O
1996 1997 1998 1999 2000 *
* Budgeted Am ount
d
r yi
Policy = 2 % to 3 % of Net Operating Revenues
L 1 ,500
0 3 %
0 1 ,000
4M
2 %
H
500
H
3
O 0
s
1996 1997 1998 1999 2000 *
* Budgeted Amount
P
r i
f
3 ,000
0
0 2 ,500
2 ,000
0
H 1 ,500
= 1 ,000
0
H 500
0
s 0
H
1996 1997 1998 1999 2000 *
* Budgeted Am ount
P
r i
f
Policy = 4% to 6% of Net Operating Revenues
0
IM 3 , 000
M
O
2 , 500 6%
2 , 000
H 1 , 500
4%
= 1 , 000
N
3 500
O
H
1996 1997 1998 1999 2000 *
* Budgeted Amount
P
r i
f
Policy = 4% to 6% of Net Operating Revenues
0
3 , 000
0 2 , 500
0 6%
4
===Wow"
- 2 , 000
, 500 WOMMOPM
4%
no
= 19000
0
N
3 500
O
= 0
H
1996 1997 1998 1999 2000 *
* Budgeted Am ount
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Balanced and Eq
in own Serv'ices
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Balanced and Eq
in own Serv'ices
Supple en a l Budge
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Balanced and Eq
in own Serv'ices
Supple en a l Budge
subject to an overr'ide of
Propos 'it 'ion 2 1 /2
t
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$790 , 000 for Schools
• To fully Depart fund the ment
request and reduce class
sizes .
i rq
$790 , 000 for Schools
• To fully Depart fund the ment
request & reduce class sizes .
$402 , 000 for F 'ire Dept .
• To fund a second am bulance
on all shifts & restore the
Deputy Chief.
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Balanced and Eq
in own Serv'ices
Support ta Town 9 s
F m m . .
inancial P
Vote for future stab '11 '
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