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NOTES To CALCULATION OF PROJECTED FY 08 TAX RATE
<br /> NOTE 1, State Aid Reimbursements.
<br /> Because state revenues to municipalities are not finalized until the State Legislature approves the
<br /> State's FY budget, the amount listed here is an estimate provided by the State. The final amount
<br /> will be changed accordingly when the State budget has been finalized. What the Town Manager
<br /> learned late in the budget process was that one of the components of State Aid Revenues, i.e., the
<br /> state reimbursement for the construction of Mas,hpee High School, will be reduced beginning in
<br /> FY 08 and continuing to the final payment on the bond in FY17. Beginning in FY 08 the State
<br /> re-imbursement will be $944,476 a year, down froin $1,628,186 in prior years, a reduction of
<br /> $638,710 in this budget year.
<br /> NOTE 2. Municipal Receipts,
<br /> The final total of the town's receipts from fees and permits will not be available until the town
<br /> closes its books on the FY '06 year on June 30"h, While the Municipal Receipts in FY 07,
<br /> exceeded $4 million, because there has been a substantial decrease in building permit fees
<br /> received in FY 07 receipts of$3,500,000 are being used in preparing the anticipated revenues for
<br /> this FY '08 budget year.
<br /> NOTE 3. Surplus Funds or "free cash".
<br /> To supplement non-property tax revenues, $2,753,873 in available surplus funds is being
<br /> appropriated in this budget, The"free cash" balance starting the FY 08 year will be
<br /> approximately $400,000. FY 07 started with an opening "free cash" balance of roughly
<br /> $200,0001, and ended the fiscal year with a"free cash" balance of over$1,813,000.
<br /> NOTE 4. Other Available Municipal Funds.
<br /> Funds from accounts for ambulance receipts, betterment reserves, and Community Preservation
<br /> Act funds totaling$1,619,434 are being appropriated as non- property tax revenues in this
<br /> budget.
<br /> NOTE 5, Total Non-Property Tax Funds.
<br /> The non-property tax funds being applied against this FY '08 budget total $13,61.9,570,which is
<br /> $1,420,737 more than was used in projecting last year's tax rate.
<br /> NOTE 6. Total Budget Appropriations
<br /> As presented in the"Summary of Municipal Appropriations" table the FY '08 budget is
<br /> $47,186,13,7,including Capital Improvement expenditures, the assessment for the Cape Cod
<br /> Regional Technical School, and the Budget Overlay, which is a reserve for uncollected or
<br /> refunded taxes. This budget is $2,796,465, or 6.3%, higher than last year.
<br /> NOTE 7. Amount to be Raised by Property Taxes.
<br /> The anticipated tax levy as a result of the proposed budget minus the anticipated non property tax
<br /> revenues will be$33,566,567. This amount is$3,509,045, or 11.7%, more than was raised last
<br /> year. Property taxes fund 71% of the municipal budget,
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