The Budget

With the Town’s fiscal year beginning in July, the winter months are consumed with preparing and debating the Budget. On February 15, I produced a Budget proposal for consideration by the Finance Committee and approval by the Annual Town Meeting. This year, the Budget includes a three-year outlook and plan.

The FY 2009 Budget totals $79,414,258 exclusive of enterprise, grant and other special funds. This represents an increase of 5.23% over FY 2008. This increase is inflated by nearly 1% as a result of temporary debt costs incurred for the Hamilton Farm acquisition.

The ability of the Town to control the traditional budget busters of employee health insurance and energy, combined with solid growth in the Chapter 70 state aid program, make this a “Level Services” budget. That is, the budget allows for the continuation of all existing staff, programs and services.

Highlights of the FY 2009 Budget are as follows;

· An overall increase of 5.23%, excluding enterprise funds
· Control of increases in fixed costs, including health insurance and energy.
· Maintenance of existing staff, programs and services
· Prioritization of public education
· Modest restorations and investments in prioritized municipal services
· Establishment of a Recreation Enterprise Fund to replace revolving funds
· Maintenance of adequate reserve balances
· Initial investment to offset GASB 45 (post employment benefit) liability
· Allocation of available debt capacity to capital reserves