HomeMy WebLinkAboutMicrosoft PowerPoint - Article10 - Finance Cmt [Compatibility Mode] Finance Com 'ttee
n r IFund Ge e a ud g et
for FY 2009
Article 1
// ,
Town of North Andover
May 13th, 2008
C:
Introduction
• As realistic a budget as possible
• Capital Improvement Projects (CIP) impact
future years, not the current years, through
debt service
• Level Services, not level costs
C:
Revenues
2008 Projected 2009 Budget
Revenues: Property Taxes 49,863,338 51 ,650,207
Debt Exclusions 3,097,824 3,515,105
Tax Title - -
Local Receipts 8,909,675 9,239,587
State Aid 10,112,968 10,249,226
nterfund 931 ,091 1 ,004,266
Reserves/One Time Rev. (overlay) 200,000 300,000
Free Cash - 983,278
TOTAL REVENUES AND 73,114,896 76,941,669
FINANCING SOURCES
C:
Expenses
Operating Expenses: FY 2009 Budget
General Government 2,649,879
Public Safety 8,736,699
Public Schools 36,395,338
Public Works 4,013,901
Health & Human Services 891,304
Culture & Recreation 822,057
Employee Benefits 11,734,496
Liability Insurance 350,000
State Assessments 2,348,435
Regional Schools 276,447
Total 68,218,556
Debt Service 8,373,113
Capital and Reserves 350,000
Grand Total 76,9411669
C:
FY09 Budget
• Balanced budget
• Not structurally balanced
($ 1 million Free Cash)
• Small increase in services on the school side
• Doesn't add to stabilization, but doesn't use it
• Reflects marginally higher state aid levels
\ Conclusion
• The Finance Committee believes the budget,
as presented , is a fair budget.
• There is a risk of a shortfall in future years,
which can impact our CIP projects or our level
of services.