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Budget and Bond Hearing
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  1. Budget and Bond Hearing Town of Waterville valley Fiscal year 2014 annual budget FY2014 Bond requests Wednesday, February 5, 2013 6:00 pm Recreation Department multipurpose room

  2. Definitions Operating Budget– Expenditures for Department Operations which does not include Bonding, Special Warrant Articles, or Capital Reserves Revenues – Fees and income other than Taxes (only an estimate at Town Meeting time) Appropriation – An amount of money which Town Meeting authorizes to be spent during the fiscal year

  3. Tax Impact of Proposed Budget Increase The Total Town Budget Increase as proposed is: $344,551 Additional Taxes on a $250,000 property are: $260 Additional Taxes on a $500,000 property are: $520 Additional Taxes on a $750,000 property are: $780

  4. Budget Overview

  5. Major Impacts Of the $203,002 increase in the operating budget, the majority of the increase ($166,000) is due to increases in debt service The balance of the difference ($37,000) is primarily due to changes in personnel costs such as retirement and health insurance premiums

  6. Use of Fund Balance • Using Fund Balance (Surplus) reduces the amount of taxes to be raised that year • Fund Balance has been used (and is recommended this year ) to pay for one time, capital items such as vehicles and major pieces of equipmentNOTE: All numbers are actual except for 2014 which are proposed

  7. Bond Request • Construction of New Public Works Garage • Total Cost Estimate for the Project is $800,000 • $235,800 Request to be combined with $564,200 approved at the 2011 Town Meeting as part of the Recycling Project • Construction of a 4-bay, 4,800 sq. ft. building • Vehicle and equipment storage for all Public Works operations as well as vehicle wash area and operator maintenance area • Public Safety to occupy vacated Public Works areas in the current bays adjacent to Town Offices

  8. Debt Service Review

  9. Special Warrant Articles • Ambulance Replacement - $180,000 • Current Vehicle 10 years old • New Vehicle will enhance Advanced Life Saving Capabilities • Pedestrian Village Study - $90,000 • Integrated with Planning and Land Use Plans • Public Safety Building Improvements - $50,000 • Construction of Per Diem Staff Sleeping Quarters and Showers to replace use of the Golden Eagle Lodge • Grinder Pump Replacement - $75,000 • Existing Pump 15+ years old • Corcoran Pond Capital Reserve - $10,000

  10. Operating Budget – Capital Projects • Sidewalk Tractor Lease - $53,000 • Final year of a three year lease • Tractor and implements such as articulated mower are working well • Water/Wastewater Repair Account - $50,000 • Reserve for unanticipated maintenance and repairs • Used for two leaks in FY2013 which depleted the funds raised last year

  11. Town Operating Budget • Personnel • Retirement System Changes • Cost of Living Increase • Special Programs • Support of Mad River Endurofest • Other • New Debt Service Payments • Information Technology Office

  12. Personnel • Retirement System Changes • Increase of $16,585 (10%) over FY2013 costs • Increase due to second year of cuts in State of NH subsidy • No further changes until July 2015 • Cost of Living Increase • Recommend 1.5% COLA increase for FY2014

  13. Special Programs • Support of Mad River Endurofest • Multi-day Event with Races Saturday & Sunday • Multiple Off Road and Triathlon and Race Events • First Weekend of August • Cooperative Effort of the Town, Ski Area and Race Organizer

  14. Other Budget Items • Impact of New Debt Service Payments (4711, 4721) • Bonds for FY2011 – FY2013 Projects • Recycling • Tripoli Road and W. Branch Road repairs • Sewer Treatment Plant Tank Replacements • First Year of Town Information Technology Office (4193) • Improve Town Website • New Website Service Provider with a complete update of the site • New content and additional links to information • On-line Payment Initiatives • Continue and Improve Live Webstream of Town Meetings • Investigate faster internet connections at Town Hall • Improved equipment • Inventory and capital plan for IT Equipment and Software