2/27/1997 BOARD OF SELECTMEN Minutes

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S • 4 ' Totrn o Mashpee O Selectmen ' 16 Great e k Apad North ,�`' Alashpee, � s � huset s 02649 LLE Telephone - (508) .539-1400 - (508) 539-1403 February 18, 1997 T Mr.Gegtenour, Costa, Chai nman and Members of the Board of Selectmen FROM: Robe Jr.,Executive Secretary Budget Recommendations for Fiscal Year 1998 I am pleased to submit for your review nay budget recommendations for fiscal year 1998. As always,I have also included my analysis of available revenues to support this budget, along with a detailed breakdown of revenue budgets of the three previous fiscal years. Special thanks in preparing this information should go to our Town Accountant, firs. Diane Rommelmeyer for her assistance and her preparation of our budget worksheet which was done interactively with the Town's general ledger accounting system. As result, your sheets shover not only budget requests and recommendations, but also FY 1996 paid to date,FY 1997 budget and FY 1997 paid through February 11, 1997. I also wish to express nay appreciation to the individual Department Meads who have worked very hard to maintain and increase levels of service while keeping budgets to the lowest possible levels.There is no question that fiscal year 1998 carries with it the most difficult budgeting issues in recent years. while the Town continues to move forward in excellent financial health, as is evidenced by the very positive feedback we received in our recent bond rating from oody's Investor Services, the growth of our community also continues to place stress on our ability to keep costs down. Although our revenue stream is strong and stable,the basic problem confronting the Town is that the growth-fueled demand for services is growing faster than available revenues to support iner'eased budgets. The fiscal year 1998 recommended budget reflects an increase of$2,642,605, up 10.94° from the previous year. Roughly half of this increase,or 1,370,147, comes from increases in our debt service accounts.This reflects the transition in fiscal year 1998 from short-term notes to long-terra bond payments for our new high school. As was planned, this increase in debt service for the high school perfectly coincides with a net increase in our State reimbursem nts for educational construction of$1,380,131.This effectively cancels out any negative tax impacts of transitioning the high school from short-term to long-term debt. Congratulation to the many Town and State officials who have worked to make this schedule fall into place so well. Capital improvement planning continues to move forward in a positive fashion with very active CIP Committee analyzing all capital needs. This year the proposed financial policies of the Finance Cottee provided a good framework from which to approach capital spending limits.The CIP Committee has used this framework to separate long-term debt levels from operat