Planning to Outlast Yet Another Fiscal Crisis. A Review of Scenarios and Options for the Continued Stabilization of City Government and the Enhancement of the Community Presented by City Manager Jay Ash to the Chelsea City Council October 21, 2008. Defining the Problem.
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A Review of Scenarios and Options for the Continued Stabilization
of City Government
and the Enhancement of the Community
City Manager Jay Ash
Chelsea City Council
October 21, 2008
Chapter 70 is the largest source and must be directed to schools.
FY’09 - $50.8m
FY’01-FY’09 – up 35%
State may have constitutional obligation to maintain Ch. 70 levels.
Schools would have to absorb cuts.
State law does not provide for schools to maintain reserves.
Lottery Aid (FY’09 - $6.8m) and Additional Assistance (FY’09 - $3.4m) are largest sources and can be used for almost everything.
FY’09 - $10.2m combined
FY’01-FY’09 – down 4%
State has no constitutional obligations to maintain either.
Add’l Asst. has been under siege – could be eliminated.
Lottery Aid could be cut.Local Aid Overview
The FY’09-FY’13 Projects the Following Budget Surpluses/Deficits
Total Project Four Year Deficit = $1.515m
Residential Project Units Status Building Fees Property Taxes
Forbes Phase I 64 On Track $100,000 $160,000
Atlas Phase I 60 Completed $95,000 $135,000
Parkway Plaza 238 Completed $500,000 $600,000
Forbes Phase II 70 Unsure $175,000 $210,000
Atlas Phase II 60 Delayed $126,000 $135,000
Admirals Hill 160 On Track $345,000 $400,000
Urb. Ren. Phase I 280 Delayed $500,000 $700,000
Scattered Sites 200 Various $500,000 $450,000
Webster Block 141 On Track $250,000 $282,000
Forbes III 164 Unsure $420,000 $492,000
Urb. Ren. Phase II 250 Delayed $600,000 $750,000
TOTAL 1,687 $3,608,000 $4,314,000
Just Delayed/Unsure $1,821,000 $2,287,000
Mystic Mall On Track $115,000 $115,000
Cambria Suites On Track $225,000 $230,000
Assuming a 5 year problem (which might be too pessimistic):