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Wilton Board of Finance Information Sessions. December 9 th and 16 th Wilton Library. Board of Selectmen: Police7,002 Fire4,375 Public Works3,537 Library2,365 Finance/Info Sys2,039 Parks, Rec & Grounds1,647 Land Use1,610 Benefits/Insurance1,247 Human Resources 918

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Wilton Board of Finance Information Sessions

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Wilton board of finance information sessions l.jpg

Wilton Board of FinanceInformation Sessions

December 9th and 16th

Wilton Library


The budget is comprised of many components in 000 s l.jpg

Board of Selectmen:

Police7,002

Fire4,375

Public Works3,537

Library2,365

Finance/Info Sys2,039

Parks, Rec & Grounds1,647

Land Use1,610

Benefits/Insurance1,247

Human Resources 918

Nursing & Home Care 896

All Other 1,887

Total Operating 27,523

Selectmen Capital 1,331

Total Selectmen 28,854

Board of Education 70,291

Debt Service 8,473

Charter Authority 1,076

Revenue:

State Grants-BOE 2422

State Grants-BOS 868

Permits, Lic.& Fees 1,027

Other 1,196

Total Revenue 5,513

Operating Budget 103,181

Fund Balance 2,891

Tax Relief 850

Property Taxes Req’d 101,140

THE BUDGET IS COMPRISED OF MANY COMPONENTS(IN 000’s)


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HOW IS THE MILL RATE CALCULATED?

Mill Rate =

Property Taxes Req’d

Taxable Grand List X 1000


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WHAT ARE THE THREE YEAR PROJECTIONS?

They are forecasts, using the best information at the time, as to what the mill rate will be under certain scenarios

They are NOT approved budgets


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HOW WERE THE PROJECTIONS PREPARED?

FIRST--BOF indentified 3% as the targeted mill rate increases

NEXT--After discussions with many individuals at both the Town and State level estimates were developed for all components other than BOE and BOS.

Information provided by: Sandy Dennies, Town CFO, Ken Post, BOE CFO, David Lisowski, Assessor, Robert Nerney, Planning and Zoning, Rachael Matthews, Building Department, Toni Boucher, State Senator and Peggy Reeves, State Representative.

NEXT--BOS and BOE amounts were "backed into" to achieve the targeted 3% increases


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HOW WERE THE 3% RATES DETERMINED?

  • They reflect the midpoint of the rates proposed by the BOF members. Some members proposed higher rates, some lower.

  • Members proposed rates based on a number of factors including:

    What they felt taxpayers could tolerate considering the economic climate and Wilton's 6% unemployment rate.

    What they felt was appropriate to keep Wilton real estate competitive with surrounding towns. The current year average increase for area towns was 2.58%. Wilton was 2.94%.


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TOWN OF WILTONMILL RATE PROJECTIONS-2012 TO 2014AS OF OCTOBER 2010REGIONAL MILL RATE INCREASES-2011


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TOWN OF WILTONMILL RATE PROJECTIONS-2012 TO 2014AS OF OCTOBERBORDER TOWNS-THREE YEAR AVERAGE INCREASE


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WHAT ARE THE ASSUMPTIONS DRIVING THE PROJECTIONS?

  • GRAND LIST GROWTH will be a fraction of historical levels

  • REVENUES from the State will decrease, no growth in other revenues other than interest income

  • CHARTER AUTHORITY, all or a significant portion, will be required to fund current year expenditures rather than being used to reduce the next year’s tax, as has occurred in the past

  • THE FUND BALANCE in 2012 will be 10%. Reserves will no longer be available to reduce taxes


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Town of WiltonMill Rate Projections-2012 to 2014as of October 2010GRAND LIST GROWTHRevaluation Years Normalized


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PROJECTED INCREASE BY YEAR

(in 000’s)201220132014

Grand List Growth .35 .50 .35

BOE 563 1,771 2,542

BOS 231 727 1,043

Debt Service809 56 89

Revenues (197) 69 (30)

Tax Relief 25 26 117

Fund Balance (1,782) (1,149) 227

Mill Rate 3.014% 3.004% 2.987%


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PROJECTED INCREASE BY YEAR

(in 000”s)201220132014

Grand List Growth .35 .5 .35

BOE .8% 2.5% 3.5%

BOS .8% 2.5% 3.5%

Debt Service9.6% .6% .95%

Revenues (3.6%) 1.2% (.56%)

Tax Relief3.0% 3.0% 346.3%

Fund Balance (38.4%) (103.0%) 227.4%

Mill Rate 3.014%3.004% 2.987%


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WHAT ARE SOME OF THE CHOICES AVAILABLE TO

IMPACT THE MILL RATE?

SHORT TERM:

  • Increase Revenues by increasing existing fees or adopting new fees

  • Accept reduced services

    LONG TERM:

  • Lobby Hartford and Washington to reduce unfunded mandates

  • Develop more cost effective ways to deliver services

  • Defer Capital Projects

  • Explore ways to expand the commercial tax base


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