05/05/2008 Annual Town Meeting - Laserfiche WebLink

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� r NOTES TO CALCULATION OF PROJECTED FY 08 TAX RATE NOTE 1. State Aid Reimbursements. Because state revenues to municipalities are not finalized until the State Legislature approves the s State's FY budget, the amount listed here is an estimate provided by the State which includes an additional amount announced in March. The final amount will be changed accordingly when the State budget has been finalized. s NOTE 2. Municipal Receipts. f The final total of the town's receipts from fees and permits will not be available until the town ` s closes its books on the FY `08 year on June 30th. The same total of Municipal Receipts are in the FY 09 budget, which is a little "iffy", since there has been a substantial decrease in building „a s permit fees received in FY 08. rpt NOTE 3. Surplus Funds or free cash". s To supplement non-property tax revenues, only$1,561,504 is available in surplus funds to 9 appropriate in this budget. The "free cash"balance starting the FY 09 year will be approximately $200,000. su NOTE 4. Other Available Municipal Funds. ''' ;; Funds from ambulance receipts, betterment reserves, an overlay surplus and the Community Preservation Act assessment totaling $2,193,974 are being appropriated as non-property tax revenues in this budget. NOTE 5. Total Non-Property Tax Funds. ' The non-property tax funds being applied against this FY '09 budget total $13,252,180, which is , $1,014,280 less than was used in calculating last year's tax rate of$6.58/ $1,000. ; t NOTE 6. Total Budget Appropriations As presented in the "Summary of Municipal Appropriations"table the FY '09 budget is $48,062,271, including Capital Improvement expenditures, the assessment for the Cape Cod I� Regional Technical School, and the Budget Overlay, which is a reserve for uncollected or , refunded taxes. This budget is $354,398,higher than last year's actual budget. ' t' NOTE 7. Amount to be Raised by Property Taxes. ' The anticipated tax levy which the difference between the proposed budget minus the anticipated non property tax revenues will be $34,810,091. This amount is $1,368,678, or 4.1%, more than was raised last year. Property taxes fund 72% of the municipal budget. s NOTE 8. Total Property Assessments. Last March coming off a year where the value of the town's property assessments had increased II by almost 10%, the FinCom did not think that applying a 6% increase in property assessments was an unreasonable increase to project the tax rate that would result at the end of the year. But from that point to the end of 2007, construction came to a halt and residential sales plummeted to the point that by the end of 2007, the total of assessments calculated by the town's assessor actually came in 1.3% lower than the previous year. This year, to compound the reduced amount of free cash to apply to the budget, the Assessor is predicting that by the end of 2008 the total of assessments could well go down by an additional 5%, which means there will be a smaller 17