Wakefields Financial Picture

Finance Committee
April 2015

Agenda
Past
Receipts
Accounts
Spending

Present
Future

Past 20 year average annual increase is 4.0%; 10 year average is 2.8%

Excludes Enterprise Accounts

and Chapter 90 (Roads)

10 year average increase: Health 3.9%, Ret 3.4%, NE Reg Voc 11.6%
(Health budget now includes $1.8 million toward Post Retirement Health Trust)

Personal Services Budgets - $000

Schools
Fire
Library
Police
DPW
Other
Total

FYE10

FYE15

Annual Inc %

21,266
3,064
863
3,583
2,331
1,639
32,746

25,711
3,932
1,070
4,334
2,790
2,072
39,909

3.9%
7.1%
4.4%
3.9%
3.7%
4.8%
4.0%

Budgets - $000

Schools
Fire
Library
Police
DPW
Gen Govt
Total

FYE10

FYE15

Annual Inc %

26,183
3,205
1,125
3,850
3,485
2,411
40,259

31,288
4,130
1,452
4,693
4,269
3,238
49,070

3.6%
5.2%
5.2%
4.0%
4.1%
6.1%
4.0%

FYE16
Our reserves have recovered to an acceptable level 13% of
Budget
Some services that had been recently been cut, will be partially
restored, for example:
Schools
Contemplated Capital projects total over $26 million for next 5
years
Meals and Hotel taxes have given us a lift
Significant Snow and Ice Overdraft for FYE16

FYE16
Outstanding debt and interest payments for
projects is about $55.8 million (Dolbeare,
Woodville, Public Safety, Senior Center,
Recreation, Galvin)
Retirement Unfunded Liability was $43.8
million as of 1/1/2014
OPEB Unfunded Liability was $65.0
million as of 6/30/ 2013

FYE16
Expected increase in Tax Levy: $2,253,000
Increase in State Aid of $81,000
Current increase in spending for:

Salaries: $2,441,000
Retirement: $193,000
Snow & Ice: $100,000
New Collective Bargaining Contracts: $683,000
Schools: $3,560,000

Reductions in other line items, including:

State and County Assessments: $144,000
Stabilization: $250,000
Refuse: $78,000

Department Budgets increased $4,650,000, or 6.95%

FYE16
Total Budgeted Expenditures for FYE15
were $80,048,000
Total Proposed Expenditures for FYE16 are
$84,550,000
Total increase of $4,502,000 or 5.6%
Total Revenue for FYE16 is projected to be
$82,991,000
Difference of $1,559,000 covered by Free
Cash

Reduced Services
Reduced services not fully restored have included:
Reduced building and field maintenance, including
minimal effort to control energy costs through
building improvements (some restoration occurring
in FYE15 and FYE16)
Poor maintenance of most roads, sidewalks, and a
few fields

Forecast

Q&A