Citizens Comments - noneApproval of Minutes - none
Action Items:Appropriations: $151,114 – Wages (Contract Settlement) Source: FY 12 Additional State Aid
Of the 9 unions in negotiation, we have four tentative agreements
This amount may cover all the nine settlements when the Council approves them next week
The money is coming from the extra State allocation provided last October, 2011
(add link to announcement to tie back) not in free cash but if not used, could end up in free cash
Exact line item to be determined, once the agreements get finalized, the line items
the money would be a one time payment to the employees not increasing their base, hence not in the FY 2013 budget
Motion to approve, passed 6-0
Revenues
budget subcommittee discussion on the $350
will be coming back from the stabilization account rather than free cash
Tax levy is what it is
state aid is determined by the State
combination of past collections, expectations, some are seasonal
take a deduction to create a safety net
motor vehicle excise will come in as expected
DOR won't allow forecast higher than collected the prior year, allowing within 10% of estimations
need to work within a narrow band that is fiscally prudent
we can increase a revenue if the Council votes to increase rates
action needs to justify the revenues
Question on the tax levy amount used to set the 2.5% and forecast for FY 2013
need to exclude the debt exclusion amounts from the levy base to calculate the 2.5% increase
we are getting a lull now, the real crunch will be 2014 when the state faces their numbers issue
approx $340K from meals tax
anything in misc non-recurring can not be counted as an expectation for the next year
interest income is really hitting the bottom, it is good for borrowing
other excise, is the hotel, motel we use in the non-operational accounts but it is in there
Q - If we do get extra money from the State, what would we do with it?
A - I think we would go with the Schools to avoid the draw down of the reserves
this budget is 99% to bed,I am already thinking of 2014
I'd like to cover the Schools as they are almost 60% of the budget and driving the bus
We get $52M in tax revenue with the levy, we have gotten cut $3M in state aid. Our days of big numbers from the state are long gone.
We have 20% less employees than we had years ago, you've seen the numbers on all the departments, they are all doing an excellent job. When you at rock bottom you will face difficulty
Schools going up 1.6 the levy is going up 2.1
Reading line item by line item for approval, seconded, passing 6-0
if any one of these differs, it will be noted.
The line items correspond to the following document
https://docs.google.com/open?id=0B0wjbnXDBhczMmdIMjB1NENGOEk
Comment from Feldman about the Library and while there is an increase this year, what will happen next year?
Side note Bruins are loosing 1-0 to the Capitals
Bond sale, note sale and refunding sale occured today
AA stable reafirmed
105 day note for 2.5M at .3681%
1.76% came it from 7 bids
refinance bonds some of the Keller Sullivan will come off the debt exclusion amount
exact amounts on the refinancing will come in in a couple of days
motion to adjourn
