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FINANCE C'OMMITTEE REPORT TO THE IZESIDENTOF MASHPEE
<br /> SPECIAL AND ANNUAL 'fOWN MEETING MAY 7, 241417
<br /> Dear Mashpee Residents:
<br /> I am pleased to present the Finance Committee's analysis and recommendations on.the FY 4)8
<br /> Municipal Budget and its recommendations on each of the Articles to be discussed and voted
<br /> upon at the May 7th Annual Town Meeting. Hopefully this year's report will add to the your
<br /> understanding of the budget process and the issues at hand, so that each of you can make an
<br /> informed decision as you vote on the budget and the various Articles.
<br /> Last year, in an effort to provide residents with an estimate of the financial impact of the budget,
<br /> the FinCom, for the second time, projected a property tax rate for the FY 07 proposed budget.
<br /> The projected tax rate given at last year's May Town Meeting was $6.391$1,414141 of property
<br /> assessment, or a $0,05/$1,000 increase. The actual tax rate established in December by the Tax
<br /> Assessor was $5,8451,000, or a $0.5051,000 decrease from the prior year's rate. This $0.55
<br /> difference between the pi-clected and final tax rate was directly attributable to an 8.95% actual
<br /> increase in the town's total of assessments versus the anticipated 4% increase used to calculate
<br /> the 2006 rate, A projected tax rate for the FY 08 budget is stated below. Please take note;
<br /> Mashpee's tax rate has decreased $41.75/$1,000 over the past two years.
<br /> The format for this year's report is essentially the same as in the past two years. In this report
<br /> the Committee is providing specific comments and recommendations to you, the Board of
<br /> Selectmen, and the Town Manager relative to several policies, practices and/or directions the
<br /> FinCom would like to see addressed or implemented during the coming year. (See FinCom
<br /> Notes A-F as part of the table entitled, "Summary of Municipal Appropriations").
<br /> 1-fopefully, this guidance can be a prompt for future financial and administrative improvements to
<br /> our municipal government,
<br /> The budgetary items coming before ,rown Meeting are as follows:
<br /> • FY 08 expenditures totaling$45,430,672, an increase of$2,600,722, or 6.1%, over
<br /> the final FY 07 budget. (See Article 2)
<br /> • Capital Improvement expenditures of$1,012,388, an increase of$370,147, or
<br /> 56.7%. (See Article 3)
<br /> • A $443,077 appropriation for the Cape Cod Technical High School, which is a
<br /> decrease of$49,404, or 1.0%, from FY 07. (See Article 4)
<br /> • Authorization for an additional $2 million to be added to a previously authorized
<br /> capital appropriation of$3.5 million to construct a new library. (See Article 5)
<br /> • Approval of$1,411,400 for five projects to be implemented using Community
<br /> Preservation Act Funds. (See Special Town Meeting Articles 10-14)
<br /> The Finance Committee has unanimously recommended Town Meeting approval of each of the
<br /> appropriation requests listed above, including the authorization of an additional $2 million to
<br /> construct a new library.
<br /> Based on the budget presented here, the FinCom has calculated a projected 2007 tax rate of
<br /> S6.15/ $1,000 of assessed property value, a ' 0.31/$1,000 increase, or 5.3%. This projection
<br /> assumes an increase in the total ratable base of 6% for the year.
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