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Board of Finance Public Hearing April 9, 2012

Board of Finance Public Hearing April 9, 2012. Capital and Operating Budgets. Agenda. Two Public Hearings Tonight Capital Projects Operating Budgets Public Audience for Both 3 minutes – focused on merits of the issue Presenters Mary Glassman – 1 st Selectman

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Board of Finance Public Hearing April 9, 2012

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  1. Board of FinancePublic HearingApril 9, 2012 Capital and Operating Budgets

  2. Agenda • Two Public Hearings Tonight • Capital Projects • Operating Budgets • Public Audience for Both • 3 minutes – focused on merits of the issue • Presenters • Mary Glassman – 1st Selectman • Lydia Tedone – Chairman – BOE • Moderator/Presenter – Paul Henault

  3. Capital Budget Public Hearing • Mary Glassman – 1st Selectman • Presentations followed by Public Audience

  4. Operating Budget Public Hearing • Mary Glassman – 1st Selectman • Lydia Tedone – Chairman - Board of Education • Paul Henault – Board of Finance Overview • Presentations followed by Public Audience

  5. Board of Finance • Elected Citizen Oversight Board • Balance Expenditure & Revenues • Hold Public Hearings • Approve Operating and Capital Budgets • Submit to Town Meeting and Referendum • Set Mill Rate (Tax Rate)

  6. Multi Year problem since 2008 State Aid – Government Grants Governor’s Proposal Grand List – Revaluation Declining Values Pension, Wage and Benefits Obligations Recommended Change to Pension Interest Rate Assumption Capital Requests and impact on Debt Policy The Hartford concerns Budget Context

  7. Operating Budgets

  8. Proposed FY 2014 Budget

  9. Estimated Revenue Summary

  10. Estimated Revenue (Non-Property Tax)

  11. Annual Allocation of Budget ($000’s)

  12. Annual Allocation of Budget (000’s)

  13. Comparison of Key Indicators

  14. Current Mill Rate = 31.47 mills - (excluding Fire Tax) Current Mill Rate (Adjusted for Revaluation) = 36.46 mills (excluding Fire Tax) New Mill Rate (Adjusted for Revaluation) = 37.28 mills - (excluding Fire Tax) Change: Percentage Increase = 2.25% (as presented) Mills = 0.82 Mills Tax Implication Estimates

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