2019-Annual Town Report - Laserfiche WebLink

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• Make recommendations to the voters at both the May, as well as the October Town Meeting, on each Warrant Article presented at Town Meeting, even if the Article has no financial impact. The Finance Committee members fully participated in the budget preparation processes leading to the fiscal year 2020 budget presented by the Town Manager to the residents at the Town Meeting held in May 2019. In its report to the residents, the Finance Committee recommended Town Meeting approval of $59,158,327 for the operating budget, which was the Town Manager's $59,249,327 recommended budget minus $91,000 for a Town Engineer. The Committee also recommended approval of the Capital Improvement Program budget totaling $1,472,692. It should be noted the FY 2020 Operating & Capital budgets are funded as follows: • State Aid (Net of Assessments): $3,484,262 • Revenue Available for Appropriation Unappropriated Cash Available (formerly free cash): Operating Budget:$1,550,000; Capital Budget: $1,379,950 • Local non -tax Receipts: $4,150,000 • Receipts Reserved/Other Special Revenue Funds: $1,916,581 • Amount to be raised by taxes; Tax Levy: $48,624,914 (Plus Debt Exclusions) • Total Debt Exclusions: $1,599,104 The Finance Committee projected an increase in the municipal tax rate to $9.20 per $1,000 of assessed property value. Mashpee was assigned the bond rating of "AAA" by Standard & Poor's. Rationale for this high rating included in their report was a strong economy, strong management, strong budgetary performance and flexibility, strong reserves and a strong institutional framework. Finally, the Finance Committee wishes to extend much thanks and gratitude for the many years of valuable service to the Town from Christopher Avis, who left the committee in May 2019. Additionally, Sylvester Ryan resigned in 2019 and the Committee acknowledges his loyal service to the Town. We welcomed new member John Miller and the return of long time member Charles Gasior bringing our committee back to full staff. Lastly, volunteer service to a community is a desirable and essential component of municipal government. Any resident of Mashpee that has questions for the Finance Committee, please e-mail the Finance Committee at fincom@mashpeema.gov. or through the Town web -site at www.mashpeema.gov. Finance Committee meetings are generally held on Thursday evenings and are usually televised on the local community station — Channel 18. Respectfully submitted, Michael Richardson, Chairman Jeffrey C. Pettengill, Vice -Chairman Gregory McKelvey, Clerk Darlene Furbush Charles Gasior Philip McCahill John Miller 131