1/20/1998 FINANCE COMMITTEE Minutes

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s Iver. Whritenour stated that he has a few points he would like to make on the F99 Revenues that will tie in with the issue of Free Cash: • Total state revenue is up$200,000. • Total non-property tax revenue is down$200,000. • The detail of the levy calculation is on Page 2 of the report. Mr. Golub questioned why the Ambulance receipts are ofd Mr. Whritenour stated that the ambulance receipts are not ofd This is the amount of ambulance receipts that are used to � supplement the budget. Last year, an ambulance was purchased so that it why it was high. i Mr. Golub questioned Mr. Whritenour on the item under Local Revenues called Overlay Surplus-CIP and what it was. Mr. Whritenour stated that those were funds used for the overlay surplus to support specific projects such as mapping. Mr. Golub questioned lir, Whritenour on the item under Local Revenues called Available Bond Proecds. Mr. Whritenour stated that those were the funds that were devoted to the C.I.P. that were left over from previous construction projects. Mr. Cobb questioned if the stabilization fund would be included in this. Mr. Whritenour stated that the stabilization fund is noted on the second page of the report. The reason that the stabilization is not in there is because they are specific budget items and stabilization goes in a different section—a section for offsetting the entire budget in a general sense. Mr. Whritenour reviewed the second page of the report which included the Local Property Tax revenue which consists of the Base Levy,plus 2-112%Increase,Estimated New Growth,the Levy Limit Inside Prop. 2-1/2,the Debt Exclusions,the Cape Cod Commission, the Total Levy Limit,Total Adjusted Levy,and Total General Government. Mr. Whritenour noted that the key in these items is that the Total Levy Limit.is$21,174,942 and last year's levy was$18,684,477; so the increase is$2,490,465 which is 13.3%. He noted that taking all the items combined in revenues,you get a total of$27,922,938.59 and comparing those against the total budget request in the amount of$30,350,645--add to that the budget overlay in the amount of$300,000--then the total needed to raise i $30,650,645 and that is$2,727,706 over what we have to raise if you do a 13-1/2%tax increase and you would stili be$2,727,706 short. He noted that a key point is that at this stage of the budget,he has the amount of zero in the Funds used for Offset. when the budget is finalized,it will not be zero. Mr. Whritenour commented that in F9 ,there was approximately$1,000,000 of stabilization fund used just to buy down for the Proposition 2-1 levy limit. In addition to that,there was$1.8 million used of some resources to offset the tax levy for a total of $210783M00- He noted that he would like to point out two key item: 1 we need to have funds available from free cash and other sources to address the issue of a 13%tax increase. We still have to address the issue of the 13P , of stabilization that was in last year's budget just to get it down.