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Providing the business perspective on the town's current state, financial overview, capital exclusions & future projections.
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STATE OF THE TOWN State of the Town 2007Presented by:Hopkinton Chamber of Commerce
To provide the community the business perspective on the state of the town in advance of town meeting, town elections, and the start of a new business cycle for town boards, committees and organizations. Purpose and Intent
Presented by: Anthony Troiano, Town Manager Budget Process
Levy Limit $32,945,498 2 ½ Increase 823,637 New Growth 993,743 2 ½ Override 1,933,119 Existing Debt Exclusion 2,837,621 FY2007 Tax Levy Limit $39,533,618 FY2007 Tax Levy
Levy Limit $36,695,997 2 ½ Increase 917,400 New Growth 800,000 2 ½ Override 0 Existing Debt Exclusion 3,318,989 FY2008 Tax Levy Limit $41,732,386 FY2008 Tax Levy
FY2008FY2007 Levy Limit $36,695,997 $32,945,498 2 ½ Increase 917,400 823,637 New Growth 800,000 993,743 2 ½ Override 0 1,933,119 Existing Debt Exclusion 3,318,989 2,837,621 Tax Levy $41,732,386 $39,533,618 FY2008/2007 Comparisons
Actual Tax Levy $41,732,386 Local Receipts 3,600,000 Enterprise Funds 3,213,903 State Aid 9,831,852 Free Cash 522,133 Transfers 852,805 Overlay Surplus 26,720 Total Revenues $59,779,799 FY2008 Available Funds
Actual Tax Levy $41,732,386 Local Receipts 3,600,000 Enterprise Funds 3,213,903 State Aid 9,831,852 Free Cash 522,133 Transfers 852,805 Overlay Surplus 26,720 Total Revenues $59,779,799 Charges Against Revenue ($1,070,016) FY2008 Available Funds $58,788,803 FY2008 Available Funds
FY2008FY2007 Actual Tax Levy $41,732,386 $39,533,618 Local Receipts 3,600,000 3,540,440 Enterprise Funds 3,213,903 2,787,398 State Aid 9,831,852 9,987,636 Free Cash 522,133 1,096,071 Transfers 852,805 311,448 Overlay Surplus 26,720125,000 Total Revenues $59,779,799 $57,803,079 Charges Against Revenue ($1,015,996)($1,071,017) Available Funds $58,763,803 $56,310,595 FY2008/2007 Comparison
Available Funds FY2008 $58,763,803 Available Funds FY2007 56,310,595 Additional Available Funds FY2008 $2,453,208 Less: Allocated Enterprise Funds $426,504 Debt & Interest 391,789 Benefits & Health Insurance 890,569$1,708,862 Available Funds FY2008 Budgets $ 744,346 Available Funds FY2008 Budgets
Level Services Budget $60,716,776 Available Funds FY2008 58,733,063 Deficit/Shortfall ($ 1,983,713) Cost/Yr/Avg Household $363.00 Level Services Budget FY2008
Presented by: Maureen Dwinnell, Town Treasurer Financial Process
Capital Exclusions New Debt Exclusions Reduced Property Values Increased Tax Rate Other Impacts FY2008 Taxes
DPW Highway: Dump Truck $180,000 Dump Truck 150,000 East Main Sidewalk 90,000 Recreation: EMC Field Lighting 75,000 EMC Pole Lighting 40,000 Town Common – Gazebo 60,000 Cemetery 25,000 Dam Maintenance 90,000 Downtown Revitalization 25,000 Total Capital Exclusions $735,000 Cost/Yr/Avg Household $133.50 FY2008 Capital Exclusion
Previously Voted: School Plans $150,000 To Be Voted TM2007: School Repairs 79,825 School Fields 87,500 Fire Rescue 17,000 Grandstand 11,250 Total New Debt Exclusions $345,575 Cost/Yr/Avg Household $61.00 FY2008 New Debt Exclusion
East Hop Fire Station Woodville Fire Station DPW Facility Early Child School School Administration Hopkins School Elmwood School Capital Improvements Plan • Recreation Fields • Town Hall • School Plans • Middle School • Stadium • Fire Truck • Boiler
Year Current Projected 2009 $3,102,640 $4,941,838 2010 2,929,789 6,954,928 2011 2,706,444 6,911,281 2012 2,518,076 6,639,612 2013 2,288,731 6,437,904 2014 2,684,044 6,680,556 2015 2,462,867 6,345,932 2016 1,853,192 5,622,812 2017 1,689,695 5,345,868 2018 1,412,314 4,955,042 Projected Debt Exclusion
Roads – General Budget & Ch. 90 Wells/Water Mains – User Fees WWTFs Construction – Betterments Operating – User Fees Non-Excluded Items
Bond Rating Open Space CPA Funds Other Tax Impacting Items
Municipal Plan Financial Plan Commercial Base Property Values Tax Collections/Delinquencies Bond Rating - AA
Level Funding – Very Difficult Budget Cuts – Commonplace Overides – Annual Event Capital Improvements – Delayed Concerns
Presented by: Ron Roux, Hallmark Companies Commercial Base
Class Valuation % of Total Residential $2,617,019,595 84.95 Open Space 444,700 .01 Commercial 85,836,034 2.79 Industrial 307,307,939 9.98 Personal 70,038,180 2.27 Total $3,080,646,448 100.00 Tax Base FY2007
Class Acreage % of Total Residential 6,976 48.3 Commercial 306 2.1 Industrial 1,035 7.1 Open Space 5,678 39.4 Municipal 195 1.4 Institutional 241 1.7 Total 14,431 100.0 Land Use
Area Assessed Value Downtown $ 18,347,500 South Street 238,215,070 Elmwood Park 26,802,700 All Other 109,778,703 Personal 70,038,180 Total $ 463,182,153 Commercial/Industrial Base
Objective – “Boutique” Retail/Office Gathering Place for the Community Downtown Revitalization Committee Rezoning 2006 Town Meeting Hopkinton Village Center Projected Buildout – Double Existing Commercial Base Downtown Potential
Objective – Increased Utilization Rezoning 2006 Town Meeting Hopkinton Square Zoning Initiative – 2007 Town Meeting Taller buildings Targeted Buildout – Increase Commercial Base $200,000,000 South Street Potential
Objective – Increased Utilization Zoning Initiative – 2008 Town Meeting Taller buildings Uses/Hotels Targeted Buildout – Triple Existing Commercial Base Elmwood Park/495 Potential
Erickson Retirement Community Potential $250,000,000 Weston Nurseries Liberty Mutual Harvey’s Recycling Center Other Potential Commercial
Presented by: Scott Richardson, Gorman Richardson Architects Plan of Action
Collectively work to create an environment that is conducive to commercial expansion … actively engaging all stakeholders in the process. Objective
Create the Proper Zoning Initiatives Build the Necessary Infrastructure Develop Private/Public Initiatives Erickson Retirement Communities Weston Nurseries Streamline the Process Next Steps
Waste Water Treatment Facilities Public Water Supply Traffic Improvements Critical Infrastructure Needs
Upcoming Town Meeting South Street Zoning WWTF Funding Upcoming Elections Implement Infrastructure Improvements Immediate Action Items
The degree to which a community succeeds in achieving its goals and objectives is directly tied to the constructive involvement of all its stakeholders … the alternative is unacceptable. Conclusion