LRFP - General Fund Budget
In FY21, total General Fund budget of $300M
Personnel costs (wages + benefits) comprise more than 75% of the Operating Budget
FULLY-ALLOCATED EXPENDITURES
In FY21, expenses associated with Education comprise 59% of the Operating budget
The next largest areas are non-School Benefits and Public Safety
Expenditure Summary
For FY22, estimated total increase in expenditures of $12.3M (7.4%)
This does not include restorations.
School Collective Bargaining $5M (net of turnover savings)
Town Collective Bargaining assuming 0% for FY22
In the out-years, annual increase ranges from 3.1% - 4.5%
Benefits
Total estimated FY22 increase of $4.5M (5%)
Assuming 5% for Group Health plus 40 enrollees
Resume annual increase for OPEB funding plan
Unemployment increase
Benefits - Major Accounts
Health Insurance ($34M)
Assuming a 5% rate increase
Assuming 40 new subscribers (10 T / 30 S)
Total increase of $1.6 million
Each 1% increase in rates equals ~$320K
Pensions ($28.6M)
For FY22, increase of $2M based on funding schedule and estimate for Non-Contributory retirees
Annual appropriation increases 7.85% will put strain on future budgets
OPEB’s ($4.4M)
Increase operating budget funding from $3.7M to $3.9M