HomeMy WebLinkAboutFY24 General Fund Projections SB 09.21.2022FY2024 GENERAL FUND PRELIMINARY BUDGET PROJECTIONS
Select Board
September 21, 2022
Finance Department
Brian E. Turbitt, Finance Director
Mariya Basheva, Financial Analyst
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PROPOSITION 2 ½
What is Proposition 2 ½?
Proposition 2 ½ is a voter initiative law that limits the property tax levy of cities and towns that came into effect in 1982.
What is the Property Tax Levy?
The property tax levy is the revenue a community can raise through real and personal property taxes. The property tax levy is the largest source of revenue for most cities and towns.
In Nantucket the tax levy represents approximately 85% of all General Fund Revenue.
How is the Levy Limit Calculated?
A levy limit for each community is calculated annually by the Department of Revenue. It is important to note that a community’s levy limit is based on the previous year’s levy limit
and not on the previous year’s actual levy.
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PROPOSITION 2 ½
How is the Levy Limit Increased?
Allowable 2.5 percent increase
New Growth
Overrides (Permanent increases to Levy Limit)
Temporary Exclusions
Debt Exclusions
Capital Exclusions
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PRELIMINARY FY2024 LEVY LIMIT
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FY2024 PROJECTED LOCAL RECEIPTS
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FY2024 REVENUE PROJECTIONS
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HISTORICAL ACTUAL REVENUE
FY2018 – FY2022 Actual
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FY2024 PRELIMINARY EXPENDITURES
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FY2024 PRELIMINARY EXPENDITURES
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HISTORICAL ACTUAL EXPENSES
FY2018 – FY2022 Actual
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To Be Determined
Select Board Priorities
Town Administration Priorities
Public Outreach – personnel, professional services
Facilities – personnel, professional services for maintenance & repairs, rent
Continuation of $1M Town employee housing pilot program
Employee retention/succession strategies (training, certifications, etc.)
Infrastructure and Capital projects funding
Project Management Office - personnel, professional services
Storm Water - personnel, professional services, equipment
Public Safety - personnel, equipment
Central Fleet Maintenance - results from central fleet maintenance assessment study
Citizen Warrant Articles
School Priorities
Free Cash
Town expects Free Cash to be certified the week of October 31, 2022
Local Receipts (Q1/FY23)
Solid Waste
Union Negotiations
Health Insurance
Retirement Assessment
Local Aid
NRTA (Service Changes)
PFAS
Cape and Islands Water Protection Fund
Wastewater Infrastructure Improvement Fund (WIIF)
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Brian E. Turbitt, Finance Director
bturbitt@nantucket-ma.gov
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