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Town of Avon. Board of Finance Public Budget Hearing Proposed FY 11/12 Budget April 4, 2011. Requested Budgets. Board of Finance’s Role is to Balance:. and. Spending for Services. Taxes to Pay for Them. Questions that may be on your mind….
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Town of Avon Board of Finance Public Budget Hearing Proposed FY 11/12 Budget April 4, 2011 www.town.avon.ct.us
Requested Budgets www.town.avon.ct.us
Board of Finance’s Role is to Balance: and Spending for Services Taxes to Pay for Them www.town.avon.ct.us
Questions that may be on your mind…. I. What is the role of the Board of Finance? II. How do CT Towns raise revenue? III. How will Avon raise the revenue to support the requested budgets? www.town.avon.ct.us
Connecticut Supreme Court “Boards of finance are charged with the duty of providing the necessary funds and, at the same time, of seeing to it that expenditures for an education program are kept within reasonable bounds in view of the overall financial resources of the town.” Fowler vs. Enfield, 138 Conn. 521, 532 (1952) www.town.avon.ct.us
Avon Town Charter Section 9.4.1 (b) The Board “shall make those revisions in the budget as the Board of Finance deems desirable and shall recommend the budget so revised to the voters at the Referendum.” www.town.avon.ct.us
How Do CT Towns Raise Revenue? State law is very restrictive: • No Income Tax • No Sales Tax • No Taxes on Tobacco, Alcohol, Gasoline, or Hotel Rooms ...but… www.town.avon.ct.us
The Governor has proposed a wide array of new or increased state taxes: • income tax • gasoline tax • sales tax • property tax on boat and aircraft many others… www.town.avon.ct.us
SO…What’s LEFT for Towns? NOT MUCH: 1) Non-Property Tax Sources (such as Licenses, Fees, Permits, Grants, etc.) 2) Property Taxes & Assessments www.town.avon.ct.us
How Avon Relies On These Sources www.town.avon.ct.us
Revenues needed to fund theRequested Budgets www.town.avon.ct.us
Property Tax Breakdownfor Requested FY 11/12(88.75% of Revenue)All these items below constitute the “Levy” • Single Family Homes: 66.42 % • Condos: 12.72% • Commercial: 10.75 % • Motor Vehicles: 6.12% • Personal Property: 2.89 % • Industrial: 1.08 % • Other: 0.02% (Note that the “Single Family Homes” category pays about 58.94% of Avon’s Total Revenue.) [From October 1, 2010 Grand List] www.town.avon.ct.us
Non-Property Tax Breakdown for Requested FY 11/12(11.25% of Revenue) • Intergovernmental (State/Federal Grants): 4.60 % • Licenses, Fees, & Permits: 1.14% • Charges for Current Services: 4.18% • Other Local Revenue & Financing Sources: 1.37 % www.town.avon.ct.us
Revenue Graph Comparison www.town.avon.ct.us
How will these Revenues be used? www.town.avon.ct.us
How will these Revenues be used? www.town.avon.ct.us
5 Year Grand List History www.town.avon.ct.us
Consumer Price Index 5 – Year History * Source: Bureau of Labor Statistics, CPI-U, US City Annual Average www.town.avon.ct.us
Social Security (COLA) 5-Year History www.town.avon.ct.us
Avon Unemployment Rate 5 – Year History * Source: Department of Labor, State of Connecticut www.town.avon.ct.us
Multi-Town Comparative Data * Source: Office of Policy and Management – Municipal Fiscal Indicators FY 2005 - 2009 www.town.avon.ct.us
Tax Impact Requested Expenditures For your specific real estate & motor vehicle taxes, please visit: www.avonassessor.com www.town.avon.ct.us
Next Steps Next Steps in Process • Public Hearing – Monday, April 4th, 7:00 p.m. @ Avon Senior Center • Workshops (at the Senior Center) Both the workshops listed below are not public hearings: • Wednesday, April 6th – 7:00 p.m. • Monday, April 11th – 7:00 p.m. (if necessary) • Town Meeting – Monday, May 2rd – 7:00 p.m. at the Avon Senior Center • Referendum – Wednesday, May 11th at the Avon Senior Center (Polls are open from 6:00 a.m. – 8:00 p.m.) www.town.avon.ct.us
