FY 2022 actual performance outpaced initial projections due to a resilient local economy, which was largely driven by a robust housing market and the return of services to pre-COVID levels. Additional funding from the State and Federal Government for COVID/CARES assistance (considered one-time revenue sources) also helped. The drop from FY 2021 to FY 2022 is the direct result of moving to Enterprise Funds for Beaches, Moorings, Rock Harbor, Transfer Station and Sewer operations.

Although post-pandemic costs of core services (both personnel and supply chain) continue to grow at levels that exceed Proposition 2 1/2 constraints, FY 2022 actual expenses were lower than projected due primarily to turnover and the inability to fill open positions. In addition, reimbursements received from the State and Federal Government for COVID pandemic costs resulted in budget turn backs in certain expense line items.

Earlier seasonal residency and robust home sales contributed to higher usage which drove FY 2022 actual revenues exceeding projections.

FY 2022 actual expenses were lower than projected due primarily to staffing challenges and the completion of capital projects under budget. he

Enterprise Funds were adopted in FY 2022 to provide transparency of the true cost of the Beaches, Transfer Station, Moorings, Rock Harbor Boat Basin, and Sewer operations. On an annual basis, the Select Board sets the policy to fund these operations through a composition of funding sources including user fees, tax levy or other available revenue subsidy. For all operating expenses, the Beaches and Mooring operations are funded 100% from user fees. The Rock Harbor Boat Basin operation is currently funded by 61% user fees and a 39% tax levy subsidy. The Transfer Station operation is currently funded by 63% user fees and a 37% tax levy subsidy. The Sewer operations are currently funded by a transfer from the Wastewater Stabilization Fund until the operation is up a running and user fees are being collected (est. FY 2024). For FY 2022, no debt service is being paid from the Enterprise Funds.

FY 2022 actual expenses were lower than projected due primarily to the close out of budgeted capital surplus, which was expected as it is essentially a savings reserve for future capital expenses. into further detail about the data or media being shown. Think about how the visualizations help tell your story. Make your content more accessible by writing short sentences, choosing words and phrases you’d use when talking to a neighbor, and avoiding jargon.

Through the imposition of a 3% surcharge on the Town's real estate tax levy, the Community Preservation Act (CPA) provides the Town with funding for open space protection, historic preservation, affordable housing and outdoor recreation. The State, through the Mass. Department of Revenue (DOR), provides supplementary revenue annually which has historically been equal to upwards of 30% of the Town's surcharge.

At the annual town meeting, the Town adopts a budget for the Community Preservation Act Fund. The budget includes a list of projects as well as other fund related expenses (debt service and administrative expenses). Projects often take more than one year to complete. The above chart illustrates the expenses paid during each fiscal year.

Adequate financial reserves (a.k.a. savings account or rainy day fund) are critical to a Town's overall fiscal stability by providing a resource to sustain operations during difficult economic periods, as well as protection from unforeseeable risks. Healthy reserves also positively impact a community’s credit rating and, in turn, reduce the overall long-term cost to finance major projects.

In FY 2021, the Select Board adopted a formal reserve policy that established guidelines based on recommendations from industry experts. The policy sets reserve targets and acceptable uses, and Town meeting voted to transfer funds at the May 2021 Annual Town Meeting (FY 2022*) to implement this policy.

Town departments continue to apply for grant opportunities in an effort to reduce reliance on the tax rate for projects and services. The above list represents grants awarded during FY 2022.

Debt Service represents the annual amount paid from the budget for principal and interest on long and short-term debt.

The above chart illustrates the FY 2022 expenses paid for significant, multi-year capital projects. These costs are usually funded by debt.

FY 2023 General Fund Revenue Projections are shown in the RIGHT column above, and the FY 2023 Actuals-To-Date are reflected in the LEFT column.

FY 2023 General Fund Budgeted Expenses are shown in the RIGHT column above, and the FY 2023 Actuals-To-Date are reflected in the LEFT column.

FY 2023 Water Fund Revenue Projections are shown in the RIGHT column above, and the FY 2023 Actuals-To-Date are reflected in the LEFT column.

FY 2023 Water Fund Budgeted Expenses are shown in the LEFT column above, and the FY 2023 Actuals-To-Date are reflected in the RIGHT column.

FY 2023 Enterprise Fund Revenue Projections are shown in the LEFT column above, and the FY 2023 Actuals-To-Date are reflected in the RIGHT column.

FY 2023 Enterprise Fund Budgeted Expenses are shown in the LEFT column above, and the FY 2023 Actuals-To-Date are reflected in the RIGHT column.

FY 2023 Community Preservation Act Fund Revenue Projections are shown in the RIGHT column above, and the FY 2023 Actuals-To-Date are reflected in the LEFT column.

FY 2023 Community Preservation Act Fund Budgeted Expenses are shown in the LEFT column above, and the FY 2023 Actuals-To-Date are reflected in the RIGHT column.