2020_Proposed_Budget_Powerpoint_Presentation_for_Public_Hearing_11.12.19(1).pdf

Town Electors 2020 Proposed Budget Proposed 2020 Budget Allocation - Revenue Local Property Tax $3,186,181 48% Other Tax $40,930 1% Intergovernmental Revenue $951,985 15% Licenses/Permits $200,250 3% Fines and Penalties $5,000 0% Charges for Services $482,990 7% Miscellaneous Revenues $483,495 7% Proceeds from Long Term Debt $1,220,607 19% Revenue - All Funds Proposed 2020 Budget Allocation - Expense General Government $783,950 11% Public Safety $988,519 14% Public Works $1,133,277 17% Conservation & Development $32,200 1% Roads $2,367,296 35% Recreation $496,705 7% Debt Service $1,011,823 15% Tourism $28,650 0% Expense - All Funds Current Long Term Debt Obligation Description Date of Issue Final Maturity Interest Rates (%) Original Indebtedness Balance 12/31/19 Fire Station #1 3/20/2009 3/1/2024 3.00-4.375 $ 2,885,000 $ 475,000 Fire Station #2 3/20/2009 3/1/2029 2.75-4.70 $ 1,795,000 $ 1,095,000 Salt Shed 12/22/2014 1/22/2021 2.41 $ 600,000 $ 299,097 Rocky Dell Road 12/12/2017 12/12/2028 2.45 $ 1,155,240 $ 1,067,550 Total General Obligation Debt $ 8,325,240 $ 2,936,647 Years Principal Interest Totals 2020 $ 439,562 $ 98,262 $ 537,824 2021 $ 450,677 $ 83,828 $ 534,505 2022 $ 309,957 $ 70,870 $ 380,827 2023 $ 322,955 $ 59,316 $ 382,271 2024-2028 $ 1,278,496 $ 142,423 $ 1,420,919 2029-2033 $ 135,000 $ 3,173 $ 138,173 $ 2,936,647 $ 457,872 $ 3,394,519 2020 Proposed Borrowing (Roads) 2020 Road Projects Project: Amount: Seybold Road $425,000 Indigo Circle $69,000 Ellington Way (Airport to Bergamot) $193,680 Bergamot Way $309,960 Meadowrue Circle $120,000 Mineral Point Road/Pioneer Road Intersection $2,000 Road Engineering Costs $100,967 Total $1,220,607 2020 Proposed Total Deficit Total 2020 Deficit : $1,491,589 Total 2020 Roads : -$1,220,607 $270,982General Operating Deficit 2019 Operating Deficit Compared With 2020 Operating Deficit 2019 2020* Operating Deficit $683,522 $270,982 *This represents a deficit reduction of approximately 60% from 2019. 2020 Town Proposed Mill Rate Assessed Home Value Mill Rate Rate/1,000 = $2.83 Town Property Tax Change from 2019 $300,000 .002827966 $ 848.39 $12.53 $400,000 .002827966 $1,131.19 $16.71 $500,000 .002827966 $1,413.98 $20.89 $600,000 .002827966 $1,696.78 $25.06 The Town Board is proposing a 1.5% cost of living increase from the 2019 Mill rate. This is less than the 1.6% cost of living adjustment proposed by the Federal SSA. 2020 Proposed Town Levy Increase  The tax levy increase of $118,025 represents a 3.85% increase from last year. Change In Town Levy 2019 2020 % CHANGE Total Town Levy 3,068,156 3,186,181 3.85% Breakdown of the Increased Levy  Levy increase of 3.85% includes:  $32,354,000 of net new construction  In 2019 new construction increased the overall levy by 2.55%  Net increase of debt payments of $63,678  Increased the overall levy by 1.3%