Excluded Debt

Section III - Non-Departmental: 7002 Excluded Debt

A vote by a municipality at an election to exclude debt service payments for a particular capital project form the levy limit. The amount necessary to cover the annual debt service payment is added to the levy limit for the life of the debt only. A debt exclusion may temporarily increase the levy above the levy ceiling.

• The budget represents a $1,236,450 (79.53%) increase over the FY22 budget.
• Town Meeting approved the purchase of the Cape Cod Sea Camps and residents voted to exclude this new debt. The FY23 debt payment for the Bay parcel property is $1,287,000.
• The Town excluded the 20 million dollar debt for the Bay property for 30 years and was able to finance the purchase at a low interest rate due to our AAA stable bond rating.
• The impact to residents of this new excluded debt is approximately 25 cents per thousand dollars of property value or $100 on a $400,000 assessed value.