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FINANCE COMMITTEE UPDATE

MEMBERS: Robert Fanning, Chair Michael White, Vice-Chair Peter Bernardin Geoffrey Buswick Susan Fowler Carl Noblett. FINANCE COMMITTEE UPDATE. Budget Objectives & Policies.

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FINANCE COMMITTEE UPDATE

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  1. MEMBERS: Robert Fanning, Chair Michael White, Vice-Chair Peter Bernardin Geoffrey Buswick Susan Fowler Carl Noblett FINANCE COMMITTEE UPDATE

  2. Budget Objectives & Policies • Fund Recurring Expenses (Operating Budget) from Recurring Revenues • Fund Capital and Other Warrant Articles from Free Cash (One-Time Expenses from One-Time Sources) • Maintain Reserve Balances Unused Levy Capacity Free Cash Stabilization Fund • Maintain Low Per Capita Debt Ratios

  3. Free Cash Status

  4. Budget 2014

  5. Three Year Forecast

  6. Accuracy of ProjectionsAnnual Town Meeting 2011

  7. Summary • The FY14 Budget presented adheres to all Town Policies • Capital Project vetting process has been strengthened and is working but needs to be improved • Debt Service level is favorable • No proposed override for FY14 • OPEB funding continues to be a challenge • Boxford remains prepared for the expected difficult challenges in the years ahead

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