Finance Committee

Budget Overview

April 26, 2010

2

Financial Highlights

• FY 2010 Year to Date Budgets Capital Projects Bond Sales State Aid Flooding Emergency Costs

3

Income Source Changes

• Since 2008 the contribution to the budget from State Aid and non-tax revenue has declined from 15.1% to 11.8% (FY11 est.).

0.00%

5.00%

10.00%

15.00%

20.00%

FY08 FY09 FY10 FY11est.

Other

State Aid

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Finance CommitteeOverview

• Total FY11 Proposed Budget Plan:

$76,568,448 + 1.4%

Maintain core Town and School services Assumes 10% state aid cuts Other projected revenue approximately flat. Proposed total budget can be funded under

the Levy Limit

5

Finance CommitteeFY 2011 Planning

Expenses Summary- Key changes:

• Operating Budgets Total: +$563,285 +1.0%

• Joint Accounts: +$597,400 +5.6%

• Excluded Debt: - $ 65,410 - 1.4%

Gross $ 935,000 higher than FY 2010 Offset by $ 1,000,000 from Stabilization Fund

6

Finance CommitteeFY 2011 Planning

Budget Summary

• FY11 Budget Plan: $76,568,448 + 1.4%

• Town Operations + 0%

• Concord Schools + 0%

• Concord-Carlisle HS + 4.2%Concord operating assessment

• Other Accounts + 2.8%

FY11 Estimated property tax impact

• Current median single family assessed value = $656,700

FY10 FY11 change

Tax at median $8,596 $8,748 + $152

Tax per $100,000 $1,309 $1,332 + $ 23

Percent change + 3.3% + 1.8%

8

Finance Committee Conclusion

• Continued Risks State Aid, Local Revenues, Slow

Growth

• Dependence on Property Tax• Prudent, Consistent Policy-Based

Management and Governance