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Fiscal Year 2011 Preliminary Budget Planning

Fiscal Year 2011 Preliminary Budget Planning

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Published by: barnbeat on Oct 22, 2009
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10/21/2009

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Joint
 
Meetin
 
of 
 
the
 
Town
 
Council
 
and
 
School
 
CommitteeOctober
 
15,
 
2009
 
Bud et
 
Plannin
 
“Th
 
r
 
R i n
 
 
National
 
Economy
 
¹
State
 
Economy
 
²
Local
 
Economy
 
Unemployment
 
9.8%Consumer
 
confidence
 
index
 
53.1
 
above
 
90
 
means
 
economy
 
is
 
on
 
solid
 
footingTax
 
collections
 
for
 
the
 
1
st
quarter
 
2010
 
are
 
$212
 
million
 
shortLocal
 
Aid
 
cuts
 
in
 
FY10
 
are
 
August
 
unemployment
 
rate
 
7.2%
 
Revenue
 
contraction
 
in
 
all
 
areasMedian
 
price
 
for
 
homes
 
sold
 
$195,000
 
(August
 
2009),
 
down
 
from
 
$245,000
 
in
 
2006Total
 
losses
 
in
 
stock
 
market
 
since
 
peak
 
in
 
October
 
2007
 
e ng
 
cons ereFY10
 
state
 
revenue
 
shortfall
 
could
 
be
 
as
 
much
 
as
 
$500
 
millionAugust
 
unemployment
 
rate
 
Declining
 
property
 
valuesDeclining
 
new
 
building
 
growthTourism
 
industry
 
down$6.6
 
trillionFederal
 
funds
 
rate
 
0.00%
0.25%9.1%
 
³
1
 
The
 
Great
 
Recession:
 
The
 
numbers
 
2
 
Revenues
 
fall
 
short;
 
mid
year
 
cuts
 
ahead,
 
By
 
John
 
Robertson,
 
MMA
 
October
 
2,
 
2009
 
4
 
U.S.
 
Bureau
 
of 
 
Labor
 
Statistics
 
10/15/2009 2
 
tell
 
the
 
story
 
By
 
TIM
 
PARADIS
 
(AP)
 
October
 
10,
 
20093
 
Commonwealth
 
of 
 
Mass,
 
Division
 
of 
 
Unemployment
 
Assistance,
 
September
 
17,
 
2009http://www.ecapechamber.com/cape
cod
chamber
tourism
statistics.asp
 
FY
 
2010
 
General
 
Fund
 
Revenue
 
Millions
Structure
 
Revenue
 
Components
0.9%2.5%0.7%1.8%0. %3.9%1.5%
 
Property
 
taxes
 
(net) $90.7Excise
 
taxes $7.4State
 
aid $13.9*
10.9%
roperty
 
axesExcise
 
taxesState
 
aidFines
 
&
 
penalties
Fines
 
&
 
penalties $1.2Licenses
 
&
 
permits $2.3
 
5.8%
Licenses
 
&
 
permitsCharges
 
for
 
servicesInvestment
 
incomeOther
 
.Investment
 
income $0.9Other $1.1
71.2%
Restricted
 
fundsSavings
Restricted
 
funds $4.9Savings $1.9Total $127.510/15/2009 3
*
 
Includes
 
MSBA
 
loan
 
assistance
 
of 
 
$3.8
 
million.

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