|
3
<br /> Finance Committee
<br /> Minutes
<br /> March 17, 2016
<br /> Public Hearing—FYI 7 Operating Budget: (continued)
<br /> In developing an analysis of projected fiscal year revenues, state receipts and assessments are
<br /> examined. Cherry sheet estimates include resolution aid or Chapter 70 funds, education offset
<br /> items which include charter tuition reimbursement, school choice, school construction
<br /> reimbursements,the library offset, unrestricted receipts and assessments for the lottery, state
<br /> owned land and veteran's benefits and exemptions. This brings forth a total of$6,696,498 in
<br /> state receipts.
<br /> When subtracting offset to the cherry sheet assessment which includes the county tax,
<br /> mosquito/air pollution control,the regional transit, special education, school and charter school
<br /> sending tuitions,a total of$2,289,331,net state aid is $4,407,167. It was noted the current data
<br /> can be found on page two of MA DOR's Division of Local Services (DLS)municipal cherry
<br /> sheet data bank.
<br /> In addition to the net state aid assessment of$4,407,167, local non-property tax receipts,
<br /> $3,150,000 are calculated with special revenue fund transfers. This includes hotel/motel,
<br /> cemetery, shellfish permits, conservation revolving revenue,the ambulance receipts,the
<br /> betterment/septic, and CPA funds. The total non-property tax revenue is $9,463,013. It was
<br /> noted the betterments/septic and CPA funds are held strictly for the debt service, and the Fire
<br /> Department operating budget is always offset by$500,000 through ambulance receipts.
<br /> With regards to local property tax revenue,it was noted the base levy limit is $42,467,181. When
<br /> calculating the levy limit,the Proposition 2 %Z allowable increase is included as is the FYI
<br /> estimated new growth, an increase of approximately 3.5%, debt exclusions and the Cape Cod
<br /> Commission assessment. This brings forth a total FYI tax levy limit of$45,765,985.
<br /> Mrs. Thayer explained that debt exclusions are temporary,existing only during the terms of a
<br /> bond. In FYI the debt exclusions added to the tax levy include the Mashpee High School
<br /> construction project in its final payment year,the fire sub-station construction project,the senior
<br /> center,the St. Vincent's land purchase (now known as the Pickerel Cove Recreation Area), and
<br /> the new library construction. Any school construction under state reimbursement is subtracted as
<br /> are reductions received on the sale of bonds. The total debt exclusion in FYI is $1,379,911.
<br /> The total FY17 operating budget recommendation is$55,646,031. This budget is reflective of a
<br /> 1.7%increase which includes new positions,professional development, partial funding for an
<br /> additional full-time librarian position and a decrease in the Cape Cod Technical School budget.
<br /> The budget also includes a 1.8%increase to the school operating budget.
<br />
|