Officials discuss revenue trends and projections

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By Melanie Petrucci, Senior Community Reporter

Shrewsbury – Town Manager Kevin Mizikar presented to the Board of Selectmen at its Oct. 24 meeting his initial revenue trend and projections for fiscal year (FY) 2019 in advance of the board setting their fiscal policies for the coming year in November. Mizikar provided a timeline for the upcoming budget season.

FY2017 closed with $1,391,701 in unexpended appropriations and with an excess of $2,749,000 in excess revenues, and $2,428,327 in non-appropriated free cash.

Cash reserves include $825,061 in stabilization, between $6.45 and $6.65 million in free cash, $5.25 to $5.45 million in the water account totaling $6,075,061, and $6,275,061 in projected reserves.

Budgeted revenues in the amount of $130,602,307 for 2018 is made up of 56 percent from taxation, 20 percent from state aid and the rest from free cash, Schedule A receipts (local receipts) and other available funds. State aid has been projected to decline by .62 percent while taxation and Schedule A receipts are expected to increase in FY19.

“I don’t see any major concerns as we enter the FY19 budget process. We will continue to manage the FY18 budget process to look at the revenues to make sure that all of our assumptions we use are rational,” Mizikar said.

Selectman Maurice DePalo stated, “I like that you are continuing conservative budget practices that we use. I think that’s important if there is a downturn in the economy that we don’t expect.”

Selectman James Kane shared that he also likes the conservative approach and reminded the board that if funds are appropriated it does not mean that they should always be spent.

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