HomeMy WebLinkAboutPreliminary General Fund Revenue 2020 FINAL V.5 09.27.2018What 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 88% 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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How is the Levy Limit Increased?
◦Allowable 2.5 percent increase
◦New Growth
◦Overrides
Permanent
Temporary Exclusions
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FY20 Levy Limit –Projected
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FY19 FY20
% Increase
FY20/FY19
FY2019 Levy Limit 71,686,429 74,428,588 3.83%
2.5% Increase 1,792,160 1,860,710 3.82%
New Growth 700,000 750,000 7.14%
FY20 Allowable Levy Limit 74,178,589 77,039,298 3.86%
Existing Debt Exclusion 8,000,000 8,756,727 9.46%
FY2020 Max Allowable Levy*82,178,589 85,796,025 4.40%
*pending DOR certification of new growth
FY2020 Revenue Projection:
FY2014 –FY2018 Actual
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FY2014 FY2015 FY2016 FY2017 FY2018 CAGR*
Real Estate & Property Taxes 64,045,384 66,762,990 69,288,111 74,166,730 78,242,069 5.1%
Allowance for Abatements (1,419,342) (1,333,479) (985,952) (1,097,999) (423,438) (26.1%)
Excise Tax - Motor Vehicles 2,444,483 2,512,104 2,674,907 2,753,546 2,953,243 4.8%
Other Excise Tax- Boat Excise Tax 34,275 39,434 36,132 33,277 37,136 2.0%
Other Excise Tax- Rooms Tax 2,582,944 3,041,496 3,428,604 3,498,400 3,622,242 8.8%
Other Excise Tax- Meals Excise tax 860,798 908,283 997,903 1,061,396 1,102,316 6.4%
Penalties and Interest on Taxes and Excises 598,411 882,782 657,302 686,444 584,171 (0.6%)
Payment in Lieu of Taxes - 31,328 33,231 14,706 8,794 na
Charges for Services 53,219 40,656 35,103 35,871 32,522 (11.6%)
Fees 751,139 800,972 953,023 1,062,236 1,064,975 9.1%
Rentals 556,200 457,510 743,995 545,935 708,532 6.2%
Other Departmental Income 211,129 104,758 1,065,369 245,385 607,672 30.3%
License & Permits 1,405,962 1,449,772 1,712,508 1,698,581 1,614,695 3.5%
Fines and Forfeits 266,949 242,354 238,387 299,237 315,027 4.2%
Investment Income 79,072 172,420 159,743 135,292 238,949 31.8%
Miscellaneous Recurring Income (RDS Retiree Drug Subsidy)49,245 44,762 11,388 - - (100.0%)
Miscellaneous Non-Recurring Income (Indirect Costs, transfers)2,045,567 589,800 301,457 629,765 619,697 (25.8%)
State Local Aid 1,725,838 2,346,913 3,188,722 3,287,323 3,356,737 18.1%
Total Revenues 76,291,272 79,094,855 84,539,933 89,056,125 94,685,339 5.5%
90,154,124 95,108,777
*Compounded Annual Growth Rate
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FY2019 FY2020
GENERAL FUND EXPENSE SUMMARY APPROVED BUDGET EXPENSE PROJECTION
Salaries - Town 19,545,657 20,310,990 4%
Salaries - School 23,629,022 24,429,022 3%
Transfer to Community School 450,000 450,000 -
Salaries - Town & School 43,624,679 45,190,012 4%
Operating Expenses - Town 7,346,517 7,530,180 2%
Operating Override - 2011 Mosquito Control 160,381 164,391 2%
Operating Expenses - School 5,190,620 5,320,386 2%
Transfer to Community School - -
Operating Expenses - Town & School 12,697,518 13,014,956 2%
Medical Insurance- Active Employees 9,162,038 9,849,191 8%
Medical Insurance- Retired Employees 3,054,013 3,283,064 8%
Medical Insurance 12,216,051 13,132,255 8%
General & Other Insurance 2,275,830 2,503,413 10%
Retirement 4,420,540 4,796,286 9%
Debt Service
Debt Service New Exclusions
Debt Service - Principal & Interest 7,063,518 9,156,727 30%
TOTAL GENERAL FUND OPERATING EXPENSES - PRELIMINARY 82,298,136 87,793,649 7%
Other Articles - Includes Special Fund Transfers 2,818,201 2,551,526 (9%)
General Fund Transfers to Enterprise Funds
Transfer to Our Island Home 1,511,446 1,511,446 -
Transfer to Solid Waste Enterprise Fund (SWEF)3,470,273 3,557,030 2%
Add'l General Fund Subsidy to SWEF 2012-Forward 2,569,251 2,633,482 2%
Add'l General Fund Subsidy to SWEF-Landfill Mining 700,000 700,000 - -
TOTAL OTHER ARTICLE APPROPRIATIONS 11,069,171 10,953,484 (1%)
Other Statutory Expenditures 495,458 495,458 -
TOTAL GENERAL FUND EXPENSES - PRELIMINARY 93,862,765 99,242,591 6%
TOTAL PROJECTED REVENUE 99,980,447
TOTAL PROJECTED EXPENSES 99,242,591
PROJECTED EXCESS LEVY CAPACITY 737,856
Forecasting
Assumptions
*2021 First Round of Year Round Service Assessment
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FY2019 FY2020
GENERAL FUND - OTHER ARTICLES APPROVED BUDGET EXPENSE PROJECTION
Unpaid Bills - 20,000
County Assessment 170,201 170,201
Health and Human Services 450,000 450,000
Reserve Fund 500,000 500,000
Other Post-Employment Benefits Trust Fund (OPEB) 500,000 500,000
Capital Project Stabilization Fund - -
Affordable Housing Trust Fund 300,000 -
Minimum Capital Funding Requirement 898,000 911,325
TOTAL GENERAL FUND OTHER ARTICLES 2,818,201 2,551,526
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FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
General Fund Subsidy 2,295,000.00$ 2,267,598.00$ 2,295,000.00$ 2,352,375.00$ 1,511,446.00$ 1,511,446.00$
Certified Retained Earnings*1,747,556.00$ 1,649,432.00$ 5,962,402.00$ 5,321,795.00$ -$
CPE Payment 1,017,037.50$ 1,690,143.00$ 5,204,549.00$ 1,324,207.00$ 1,515,353.00$ -$
*Includes CPE Payment
General Fund Subsidy
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Free Cash
Local Receipts (Q1/FY20)
Health Insurance
Retirement Assessment
Local Aid
Year-Round NRTA
AHTF
Our Island Home Override
Budgetary Priorities
◦Strategic plan
◦Housing, Transportation,
Environment, Infrastructure
◦Impact of Staffing
Assessment
OSHA
Marijuana
111F (Firefighter
Cancer)
Equal Pay Act
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Expansion of
Room Occupancy
tax to short term
rentals
Enacted Legislation Pending Legislation
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Prior Years FY13-FY18 New Growth
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
DOR Certified New Growth 859,042 679,339 1,037,749 1,140,085 1,270,680 1,251,767