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Home My WebLink AboutRevenue Fixed Cost Committee Minutes November 12, 2019 Revenue and Fixed Cost Committee Minutes of Meeting of November 12, 2019 Meeting brought to order: 7:45 AM Present: Lyne Savage, Town Finance Director Dee Casey, Assistant Town Manager Sasha Weinreich, FINCOM Member Jim Mealey, Asst Superintendent of Schools Kevin Foley, FINCOM Member Discussion: • Motion made by Sasha Weinreich and seconded by Kevin Foley to approve the meeting minutes from October 17, 2019 as presented. Motion approved unanimously. • Lyne Savage updated the committee that the October projections remain consistent with the FY20 annual projections as previously presented. • Lyne Savage indicated the Town Assessor recommended increasing the New Growth projection for FY21 by $50,000 to $700,000. • There were no other questions regarding FY20 Revenue Projections. • Motion made by Sasha Weinreich and seconded by Kevin Foley to approve the FY21 Revenue &Fixed Cost Report as presented on 10-17-2019 with the only change being an increase of$50,000 to the New Growth projection. Motion approved unanimously. • Lyne informed the Committee that the Committee will need to meet in January to approve the Fixed Cost projections. She will be working on these projections, and they have been ready historically by the end of December. She will schedule the meeting after the New Year holiday. • Motion made by Kevin Foley and seconded by Sasha Weinreich to adjourn. Motion approved unanimously. Meeting Adjourned: 7:5 5 AM FY20 RFCC Shared Cost Recommendations FY21 REVENUE FIXED COST PROJECTIONS-RFCC WORKSHEET NON DEPARTMENTAL EXPENDITURE DETAIL Actual Actual Actual Budget YTD as of 9/30/19 PROJECTED RFCC Recom'd Benefits/Insurance FY17 FY18 FY19 FY20 FY20 FY20 FY21 Group Insurance 910381458 9,5161640.82 916781089.85 1213001000.00 2,4801105 0 0.00 0.60% 5.29% 1.70% 27.09% -100.00% Unemployment 631377 1091392.78 41,209.53 901000.00 171626 0 0.00 Payroll Taxes 7511155 784,320.12 852,764.82 8201000.00 214,402 0 0.00 Police&Fire Accident&Sickness Insurance 611082 791845.45 1451285.64 14500.00 271550 0 0.00 Workers Compensation 448,834 433,878.00 401,709.00 44500.00 270,386 0 0.00 Total Benefits/Insurance 101362,905 1019241077.17 11,119,058.84 1318001000.00 310101069 0 0.00 2.27% 5.42% 7.30% 26.33% -100.00% Liability Insurance Public Liab./Bldg./Auto Insurance 2742018 291,476 333,698 400,000 3462003 0 0 Total Liability 2741018 291,476.28 3331)698.48 4001000.00 346,003 0 0 -29.45% 6.37% 21.78% 37.23% 18.71% -100.00% Retirement Contributory-Pensions 4,369,169 4,763,787 5,189,280 5,687,695 5,629,804 0 0 Total Retirement 413691169 417631787.00 511891280.00 516871695.00 516291804 0 0.00 7.31% 9.03% 8.93% 9.60% -100.00 Debt Service 6,052,614 6,560,777 5,325,697 5,499,087 1,016,759 0 0 Total Debt Service 610521614 655605777 5532506.91 514991087 11)0161)759 0 0.00 4.04% 8.40% -18.83% 3.26% -100.00 Other Finance Comm.Reserve 0 0 0 0 0 0 0 Articles 0 0 0 0 0 0 0 Overlay 5581150 5661310 5421391 5509000 0 0 0 State Assessments(See State Assessment tab) 4521360 5201922 606,945 551,679 1451975 0 0 13.89% 15.16% 34.17% 5.90% -100.00 Stabilization Fund 601017 159,831 77,656 2371525 237,525 0 0 Capital Stabilization Fund 3509000 35000 0 3509000 35000 0 0 SPED Stabilization Fund 0 0 0 588,256 5881)256 0 0 Transfer to Special Revenue Fund 0 0 25000 0 0 0 0 Transfer to Capital Projects 11400 4,165,000 1,833,505 75000 75000 0 0 OPEB 501000 2001000 75,000 193,605 193,605 0 0 Deficits(Snow and Ice) 0 0 0 0 0 0 Deficits(Overlay) 0 0 0 0 0 0 0 Reserve for Debt 0 0 68,926 681926 68,926 0 0 Transfer to Stevens Estate 0 0 0 0 0 0 0 CIP Purchases 0 0 0 0 0 0 0 Total Other 1,585,327 519621063 3,454,423 3,289,991 2,3341287 0 0 Total Expenditures non-School Direct 2216441034 2815021181 2514221157 2816761773 12,3361922 0 0 11/13/2019,9:30 AM,G:\My Drive\My Documents Isavage's\FY2021\FY21 RFCC\FY21 Non-Departmental Cost-Historial Information.As FY20 RFCC Shared Cost Recommendations FY21 REVENUE FIXED COST PROJECTIONS-RFCC WORKSHEET NON DEPARTMENTAL EXPENDITURE DETAIL Actual Actual Actual Budget YTD as of 9/30/19 PROJECTED RFCC Recom'd Benefits/Insurance FY17 FY18 FY19 FY20 FY20 FY20 FY21 Gr.Lawrence Technical School 4231527 404,892 4671117 491,750.00 1151102 0 0.00 Essex County Agricultural Tech 156,480 156,950 179,379 223,392.00 0 0 0.00 Total School Assessments 5801007 5611842 646,496 7151142 115,102 0 0.00 19.79% -3.13% 15.07% 10.62% -100.00% Total Expenditures All 2392245041 2990649023 2690689653 2993919915 129452,023 0 0.00 Dollar Change 343,243 51839,983 (2,995,370) $,323,261 (29,391,915) (293,391,914.63) Change 1.50% 25.15% -10.31% 12.75% -100.00% -100.00% 11/13/2019,9:30 AM,G:\My Drive\My Documents Isavage's\FY2021\FY21 RFCC\FY21 Non-Departmental Cost-Historial Information.As FY20 RFCC Shared Cost Recommendations Comments 7%increase over FYI 9 budget level funded FYI 9 budget 6.25%increase over FY19 budget 5%increase over FY 19 premium$18,715 plus $125,000 estimated for claims 5%inc per Ins Co.over FYI premium $395,554 plus 49/k for prior year audit FYI YTD plus 25%(equals a 4.76%decrease from FYI 9 budget) actual assessment from ERRB Projected addition$928/1,c on new issues from authorized un issued debt based on the FYI actual 11/13/2019,9:30 AM,G:\My Drive\My Documents Isavage's\FY2021\FY21 RFCC\FY21 Non-Departmental Cost-Historial InformationAs FY20 RFCC Shared Cost Recommendations Comments FYI Assessment plus$94,710(5 additional students @ 18,942 Based on preliminary student count from ERRB 12 students @ 18,616 each chg between FY19 budget vz FY20 Recmd 11/13/2019,9:30 AM,G:\My Drive\My Documents Isavage's\FY2021\FY21 RFCC\FY21 Non-Departmental Cost-Historial Information.xls