- FY 2020-2021 Budget
FY 2020-2021 Budget
On March 11, 2020 the Governor declared a public health emergency due to the growing concern over the coronavirus. As a result, Town Hall was closed to the public to help protect employees, residents and help prevent the spread of the coronavirus. The Governor also, through several executive orders, took steps to suspend all in person voting/town meetings and the Board of Selectmen provided the Board of Finance with the authority to approve the FY20-21 Operating budget and five-year capital plan.
On Tuesday May 5, 2020, the Board of Finance voted to approve an operating budget for the Town and Board of Education for FY20-21 (July 1, 2020 – June 30, 2021) in the amount of $31,131,630. This represents an increase of $471,268 or 1.5% over the current year (FY19-20) approved budget. In an effort to keep the budget as low as possible no new positions, rate or hour increases were included and reductions were made in nearly every department. As a point of reference, the original requested budget was $31,382,700 or an overall increase of 2.4%. The Board of Finance took very seriously their expanded role in the budget process this year and, in light of the economic uncertainty facing many, worked hard to find the best balance between spending on needed services and limiting the tax impact on residents.
A summary of the Operating Budget can be downloaded here:
Capital Improvement Plan:
Included in the FY20-21 operating budget is $1,418,707 in capital projects. Among other items, there is funding for a new Police vehicle, two jetties at west beach, consulting work for a new rec center, the continuation of the sidewalk improvement and paving programs, as well as continued general building repairs, and the completion of the Library technology/all-purpose room. A total of $306,000 in Board of Education projects was covered through the board’s capital reserve. Due to the uncertainty of the current environment, the decision was made not to use fund balance or bonding to fund any capital projects so all of these projects are supported by taxes. While several reductions were made from the original request of $2,134,900 it was important to the Board of Finance to not simply put off the bulk of the capital plan for next year as that would only result in higher long-terms costs. They feel the compromise kept the capital plan moving in a forward direction while also being fiscally responsible.
A summary of the Five-Year Capital Improvement Plan can be downloaded here:
Mill Rate Calculation:
The approved FY20-21 budget results in a mill rate of 25.00. This is a .33 mill increase over the current year or 1.3%. On the average home valued at $245,000 this equals an increase of $81 per year or $6.74 more per month.
A detail document of the Mill Rate Calculation can be downloaded here:
This budget was prepared by the Town’s Finance Department.
If you have any questions or would like more detail please do not hesitate to contact the
Finance Director: Donna Castracane at email@example.com or 860-399-3004