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Section X - FY20 County Budget FY2020 BUDGET PROJECTION • COUNTY FY 2020 Nantucket County Budget County Review Board January 22, 2019 1 County Agencies •County Administration •Registry of Deeds ▫Administration ▫Deeds Excise 2 County Revenue Sources •Town Assessment •Deeds Excise Revenue •Recording Fees •Corrections Deeds Excise (Public Safety Facility) •Registry of Deeds Excise Fund Balance •County Fund Balance 3 FY 2020 Projected Revenue •Town Assessment: $170,201 •Deeds Excise Receipts: $446,250 ▫County Admin: $267,750 ▫Registry of Deeds: $178,500 •Recording Fees: $171,500 •Corrections Deeds Excise: $250,000 •TOTAL PROJECTED REVENUE: $1,037,950 4 County Funding Requirement (also known as “maintenance of effort”) •By law, the County must provide a certain amount of NON-deeds excise revenue to the Registry •The amount increases by 2½% per year •FY 20 county funding requirement: ▫Registry: $329,381 5 FY 20 Projected Expenses •County Administration --$258,964 ▫No employees (funded through the County) ▫Main expenses are legal and professional services •Registry of Deeds --$466,247 ▫3 full-time employees ▫Administrative expenses ▫Deeds Excise/special projects •Public Safety Facility Debt Service --$250,000 •TOTAL PROJECTED EXPENSES: $975,211 6 Comparison with FY 19 Budget FY 2020 •County Admin ▫$258,964 •Registry of Deeds ▫Payroll = $382,459 ▫Operating Expenses = $43,480 ▫Total = $425,939 ▫Deeds Excise Payroll = $0 ▫Deeds Excise Expenses = $40,309 ▫Deeds Excise Total = $40,309 TOTAL REGISTRY OF DEEDS BUDGET = $466,247 •Public Safety Facility Debt Service ▫250,000 •TOTAL COUNTY BUDGET = $975,211 FY 2019 •County Admin ▫$258,964 •Registry of Deeds ▫Payroll = $392,641 ▫Operating Expenses = $43,480 ▫Total = $436,121 ▫Deeds Excise Payroll = $0 ▫Deeds Excise Expenses = $58,524 ▫Deeds Excise Total = $58,524 TOTAL REGISTRY OF DEEDS BUDGET = $ 494,644 •Public Safety Facility Debt Service ▫250,000 •TOTAL COUNTY BUDGET = $1,003,608 7 Next Steps •Nantucket County Review Committee (Finance Committee) reviews and/or adopts the budget at meeting of January 22, 2019 8