Long Range Financial Plan -

General Fund Revenues


GENERAL FUND REVENUE COMPOSITION

In FY21, Property Taxes comprise more than ¾’s of the Town’s General Fund revenue and approximately 80% of Operating Revenue

General Fund Revenues

Total FY2022 increase of $3.9M (1.3%)

In the out-years, annual operating revenue increases are 2.8+%

PROPERTY TAXES

In FY2022, increase $16.7 million (6.5%)

Debt Exclusions

State Aid

In FY2022 assuming 15% reduction in UGGA and Chapter 70

Local Receipts

In FY2022, an increase of $606K (2.5%)

FY22 recovery too soon to predict activity for local option taxes

Full year impact of refuse fee

Proposal for meter rate increase postponed in FY21

Other Available funds

A decrease of $1.1M (25%), primarily from use of Parking Meter Fund appropriated for CIP projects. Other items in this category include benefit reimbursements from the Enterprise and Revolving Funds and a transfer from the Cemetery Fund.

Free Cash

Certified at $13M

Leaving $6.4M for Fund Balance purposes, leaving $6.6M for appropriation

Free Cash is used in accordance with the Town’s Free Cash Policies:

  1. Budget Reserve – ¼ of the annual “Reserve Fund”
  2. Unreserved Fund Balance / Stabilization Fund – maintain at a minimum of 10% of revenue
  3. Liability / Catastrophe Fund – maintain at 1% of net revenue
  4. CIP – bring CIP funding up to 7.5% from the 6% CIP Policy
  5. NEW - Host Commumity Agreement (HCA) surplus from FY2020
  6. Affordable Housing Trust Fund – deposit if the fund balance is less than $5M
  7. Special Use – augment trust funds for fringe benefits, unfunded liabilities related to employee benefits, and other one-time uses, including additional funding for the CIP

Fund Balance

Ratings agencies look for a Aaa-rated community to have a ratio of Unreserved Fund Balance as a percentage of revenue of approx. 10%

Estimate needing to use $6.4M of Free Cash to work towards 10% goal for unreserved fund balance

Need to address revenue losses in the last quarter of FY20 due to COVID-related shutdowns (parking, hotel/motel, meals)