Town of Bourne
Year End Financial Review FY2015
Appropriation & Expenditures
• The Town budget is voted by salaries and expenses by departments.
The two school budgets are voted in total.
• In FY2015 the turn backs totaled 1,192,707.
• What made up the turn backs in salaries & wages? A hiring freeze
was voted on Feb 24th 2015 by the BOS. The major turn backs came
from unfilled positions & other types of leaves.
• What made up the turn backs in expenditures? Half of the costs turn
backed came from Shared Costs under General Insurances and
Workers Comp.
• In FY2016 the General Insurance budget was decreased but expenses
in FY2016 came in higher than the FY2015 budget.
Appropriation & Expenditures FY2015
Encumbered
Balance
7/1/2014
Appropriation
Expenditures
Transfers &
Budget
Amendments
Closed to Fund
Balance
Encumbered
Balance
6/30/2015
General
Government
47,996.07
3,189,984.00
3,168,694.03
203,200.62
252,092.15
20,394.46
Public Safety
1,467.56
9,025,828.00
8,659,384.79
16,750.00
383,625.47
1,041.30
86,352.28
23,810,783.00
23,832,065.20
9,230.24
55,839.84
356.84
2,125,715.00
2,493,467.94
538,618.29
170,183.19
1,039.00
1,090,986.00
1,080,544.59
20,672.20
30,786.61
327.00
800,779.00
777,336.76
23,407.64
108.61
3,338,972.00
3,324,424.80
25,850.00
40,397.20
8,322.15
11,967,083.00
12,042,421.01
350,000.00
282,984.14
144,568.91
55,350,130.00
55,378,339.12
1,155,091.11
1,192,706.64
Education
Public Works
Human Services
Culture &
Recreation
74.01
Debt Services
Shared Costs
General Fund Total
78,750.21
Estimating Revenues
• Cherry sheet estimates are obtained from the latest version of the
Cherry sheet estimates published during the budget season combined
with prior year revenue history
• Local receipts are estimated conservatively based on both past
collections and future anticipated revenues
• The DOR warns towns to make sure any increases in estimated
revenues can be justified or they will not set that communities tax
rate
• The town has been conservative in estimating its local receipts
especially Motor Vehicle Excise. In order for MVE to be a steady
source of revenue new cars must be purchased at a rate at least
roughly as great as the year before. MVE declines in value from 90%
in year one, to 60% in year two, 40% in year three and 25% in year
four to a final 10% thereafter.
Budget vs. Actual – State Revenue Cherry Sheets FY2015
FROM THE
COMMONWEALTH
Budget
Veteran's Benefits
Actual
%
Difference
86,066.00
91,457.00
5,391.00
106.26%
Exemptions: Veterans, Blind,
Surviving Spouse
109,023.00
106,199.00
(2,824.00)
97.41%
State Owned Land
580,849.00
580,849.00
-
100.00%
Unrestricted Govt Aide
1,304,407.00
1,304,407.00
-
100.00%
Chapter 70
4,877,338.00
4,877,340.00
2.00
100.00%
245,438.00
228,329.00
(17,109.00)
93.03%
(14,540.00)
99.80%
Charter School
Reimbursement
Total from the
Commonwealth
$
7,203,121.00
$
7,188,581.00
$
Budget vs. Actual – Local Receipts FY2015
FROM LOCAL RECEIPTS
Budget
Motor Vehicle Excise
Actual
%
Difference
2,326,940.00
2,665,296.02
338,356.02
114.54%
Other Excise (Hotel & Boat)
130,000.00
130,933.28
933.28
100.72%
Meals Tax
150,000.00
303,341.27
153,341.27
202.23%
Penalties/Interest on Taxes
275,000.00
239,278.71
(35,721.29)
87.01%
25,000.00
19,636.43
(5,363.57)
78.55%
1,175,226.00
1,160,259.02
(14,966.98)
98.73%
Other Departmental Revenue
285,000.00
349,486.31
64,486.31
122.63%
Licenses and Permits
575,000.00
612,378.57
37,378.57
106.50%
Fines and Forfeits
140,000.00
134,820.55
(5,179.45)
96.30%
Investment Income
40,000.00
27,757.82
(12,242.18)
69.39%
Other Federal Revenue
35,000.00
18,798.46
(16,201.54)
53.71%
Other Miscellaneous Income
35,000.00
271,647.35
236,647.35
776.14%
741,467.79
114.28%
Payment In Lieu of Taxes
Recreation
Total Local Receipts
$
5,192,166.00
$
5,933,633.79
$
Miscellaneous Revenues
Source
Total
Reimbursement of Benefits
11,999.00
Mass Housing Partnership
3,165.00
Mega Work Comp Audit
25,050.00
Barnstable Cty LED Retrofit
7,764.00
Community TV
3,943.50
Coady Extension
5,000.00
Steamship Authority
8,024.00
Civil Service Transfer
10,000.00
Metering Credits
Miscellaneous Other
Total Miscellaneous Revenues
192,423.18
4,278.67
$271,647.35
Revenue Over/Under Budget & Expenditure Turn Back History
Fiscal Year
State Revenue
Over/Under Budget
Local Receipts
Over/Under Budget
Expenditure Turn backs
2010
(9,526)
525,361
612,968
2011
(25,592)
453,640
1,406,482
2012
8,146
882,013
1,635,873
2013
(217,165)
1,353,923
831,020
2014
38,893
1,076,627
608,379
2015
(14,540)
741,468
1,192,707
Financial Policies
• The Town revised its Financial Policies effective September 2015. There
were several changes made including some of the following highlights
• Free Cash: The Town should strive to appropriate no more than 50% of the
Free Cash Balance that is in excess of the 5% policy as an operating revenue
with a majority vote of Town Meeting.
• Stabilization Fund: To maintain a long term Stabilization fund for
unforeseen emergency expenses and capital projects in accordance with
MGL Ch 40 S 5B. To maintain a Stabilization Fund balance of at least 6% of
the GFOB. The town may appropriate funds from the Stabilization fund for
any lawful purpose with a 2/3 vote of Town Meeting.
• OPEB Trust Fund: To maintain an OPEB Trust fund to accumulate funds for
Other Post Employment Benefits. The long term goal for the Trust Fund is
to fully fund the OPEB Liability. The Trust fund currently has a balance of
$585,518.
History of Free Cash FY2004-FY2016
Fiscal Year
Certified Free
Cash
As of
Used for
Used for Current
Total Voted During Following Fiscal
Fiscal Years
Fiscal Year
Years Budget
Budget
Used for Capital
Used for Articles
2004
$
1,613,903.00
7/1/2003
$ 1,439,111.00
$
562,736.00
2005
$
1,890,990.00
7/1/2004
$ 1,890,990.00
$
700,929.00
2006
$
1,107,031.00
7/1/2005
(668,167.36)
$
-
2007
$
3,911,948.00
7/1/2006
$ 1,459,656.57
$
553,850.00
2008
$
4,262,471.00
7/1/2007
$ 1,662,337.40
$
650,478.00
2009
$
5,252,603.00
7/1/2008
$ 2,034,697.39
$
859,245.00
2010
$
4,897,336.00
7/1/2009
$ 1,854,907.32
$ 1,780,737.00
2011
$
4,347,334.00
7/1/2010
$ 1,340,687.00
$
800,000.00
$ 429,375.00
2012
$
5,099,679.00
7/1/2011
$ 1,908,921.73
$ 1,400,000.00
$ 144,395.00
$ 169,526.73
$ 195,000.00
2013
$
6,510,383.00
7/1/2012
$ 3,216,255.99
$ 1,400,000.00
$ 464,500.00
$ 594,391.37
$ 757,364.62
2014
$
5,700,480.00
7/1/2013
$ 2,422,060.00
$ 2,004,000.00
$ 107,800.00
2015
$
4,897,346.00
7/1/2014
$ 3,429,046.00
$ 1,792,345.00
$ 865,000.00
2016
$
3,538,836.00
7/1/2015
$ (1,025,951.00)
$ (1,028,684.00)
$
$ 201,900.00
Transfer to
Stabilization
$ 674,475.00
$ 248,853.00
$ 941,208.00
$ (700,929.00)
$
$
30,749.72
22,500.00
$
32,761.64
82,102.00
$ 205,270.00
$ 587,684.85
$
$ 181,980.53
$ 700,000.00
$ 129,878.87
$ 244,000.00
$ 887,462.00
$
21,490.39
$
74,170.32
$
15,000.00
$
8,000.00
$
88,312.00
$ 310,260.00
$ 397,800.00
$ 373,901.00
$
2,733.00
Free Cash to Financial Policy Reserves
7,000,000
6,510,383
6,000,000
5,252,603
4,897,336
5,000,000
4,347,334
4,262,471
4,897,346
3,911,948
4,000,000
3,538,836
3,000,000
2,000,000
5,700,480
5,099,679
1,948,839
2,059,146
2,227,359 2,316,145
2,453,919
2,499,344
2,508,299
2,546,546
2,493,797
2,596,423
2,678,004
FY2012
FY2013
FY2014
2,767,507 2,841,033
1,890,990
1,000,000
1,613,903
1,107,031
Column1
5% GFOB
FY2004
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2015
FY2016
Stabilization Fund History
Fiscal Year
General Stabilization fund Used for Budgets during Voted to Stabilization fund Interest earned in fiscal
Beginning of FY Year
fiscal year
during fiscal year
year
2004
$
1,906,905
$
(400,000)
$
50,000
$
26,295
2005
$
1,583,200
$
(200,000)
$
183,603
$
36,024
2006
$
1,602,827
$
(400,000)
$
400,000
$
62,736
2007
$
1,665,563
$
(769,898)
$
282,213
$
70,348
2008
$
1,248,226
$
1,287,684
$
76,628
2009
$
2,612,538
$
887,462
$
51,848
2010
$
3,551,847
$
39,670
2011
$
3,503,206
$
13,320
2012
$
3,604,838
$
(152,013)
$
22,652
2013
$
3,475,477
$
(950,000)
$
21,524
2014
$
2,547,002
$
20,263
2015
$
3,517,265
$
13,616
2016
$
3,530,881
$
(88,312)
$
$
88,312
950,000
Some Important Factors
• Snow & Ice has been budgeted at the same level over the past few years at $92,900.
Over the past six years the average expense for snow & ice has been $385,760. The
town has looked at increasing this budget to smooth out the deficits of snow & ice
• The UCRT Vocational School assessment has increased $1,854,716 from FY2010 to
FY2016, an increase of 129%
• Cherry Sheet Revenues: The revenue the Town receives from the State. The columns on
the end are revenues which go directly to those departments to offset their costs. They
do not count towards the revenues the town can use for budgeting purposes.
• Chapter 70, the largest Cherry Sheet Revenue has remained stable along with
Unrestricted Gov’t Aid, State owned land has decreased $335,493 in FY2011 from
FY2010 but has stabilized. School Choice has increased $470,876 from FY2010 to
FY2016. FY2016 School Choice is estimated at the FY2015 revenue amount.
• Cherry Sheet Charges are charged to the town as an offset to what the town receives for
its monthly state aid revenue. The major changes in the Charges are in the School Choice
and Charter School Sending Tuition. In FY2010 School Choice was $146,090 and in
FY2016 is estimated at $622,519 and increase of $476,429. Charter School Sending
Tuition was $353,441 in FY2010 and $1,507,188 in FY2016 an increase of $1,153,747
History of Snow & Ice Budget
Budget
Amended
Expended
FY2010
92,900.00
203,686.57
296,586.57
FY2011
92,900.00
294,759.34
387,659.34
FY2012
92,900.00
14,583.09
103,662.61
FY2013
92,900.00
318,275.32
411,175.32
FY2014
92,900.00
FY2015
92,900.00
491,460.37
531,118.29
624,018.29
Upper Cape Tech
Vocational School
Assessment
Assessment
3,500,000
3,294,382
3,000,000
2,911,817
Assessment
Increase from
% Increase
Prior Year from Prior Year
2,500,000
FY2010
1,439,666
61,301
-4.08%
2,000,000
FY2011
1,620,907
181,241
12.59%
1,500,000
2,162,131
1,620,907
1,690,553
1,789,111
1,439,666
FY2012
1,690,553
69,646
4.30%
FY2013
1,789,111
98,558
5.83%
1,000,000
500,000
FY2014
2,162,131
373,020
20.85%
FY2015
2,911,817
749,686
34.67%
FY2016
3,294,382
382,565
13.14%
FY2010
FY2011
FY2012
FY2013
Assessment
FY2014
FY2015
FY2016
State Aid Cherry Sheet Revenues
Chapter 70
State
Owned
Land
Unrestricted
Gov’t Aid Exemptions
Veteran
Ben
Charter
Tuition
School
Lunch
Public
Library
School
Choice
Total
FY2010
4,948,115
828,817
1,291,562
93,743
26,996
188,905
15,569
15,945 252,993
7,662,645
FY2011
4,659,046
493,324
1,239,900
96,664
38,894
213,420
11,370
16,764 260,449
7,029,831
FY2012
4,684,058
510,968
1,239,900
86,185
78,858
430,021
11,756
16,521 247,254
7,305,521
FY2013
4,771,738
511,133
1,239,900
21,160
73,367
255,325
11,446
16,634 231,541
7,132,244
FY2014
4,825,238
521,715
1,269,209
109,023
93,101
462,350
11,617
16,371 335,248
7,643,872
FY2015
4,877,340
580,849
1,304,407
106,199
91,457
228,329
10,783
21,815 723,869
7,945,048
FY2016
4,927,363
580,849
1,351,366
106,199
103,168
247,926
-
21,912 723,869
8,062,652
State Aid Cherry Sheet Revenues
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
FY2010
Chapter 70
State Owned Land
FY2011
Unrestricted Aid
FY2012
Exemptions
FY2013
Veteran Ben
FY2014
Charter Tuition
FY2015
School Lunch
FY2016
Public Library
School Choice
State Aid Cherry Sheet Charges
County
Assessments
Ret
Teacher
Health
Mosquito
Control
Air
Pollution
RMV
Regional
Surcharge Transit Special Ed
School
Choice
Charter
School
Total
FY2010
303,412
1,327,523
90,125
17,693
32,100
31,643
24,892
146,090
353,441 2,023,507
FY2011
310,998
1,229,965
91,486
7,357
25,980
43,486
24,767
200,640
441,923 2,065,604
FY2012
320,868
1,227,692
95,459
7,516
25,680
44,573
30,836
280,471
775,048 2,487,275
FY2013
328,888
1,101,605
99,228
7,781
25,180
44,573
13,822
492,200
921,875 2,706,264
FY2014
337,257
1,143,222
103,862
7,860
31,540
45,687
22,039
512,185
1,157,456 3,023,851
FY2015
345,688
1,232,244
107,833
7,822
31,541
46,829
15,639
643,215
1,313,036 3,398,159
FY2016
342,773
1,283,282
110,321
7,754
31,540
48,000
16,265
622,519
1,507,188 3,969,642
State Aid Cherry Sheet Charges
4000000
3500000
3000000
2500000
2000000
1500000
1000000
500000
0
FY2010
County Assess
FY2011
Ret Teacher Health
FY2012
Mosquito Control
Air Pollution
FY2013
RMV Surcharge
FY2014
Regional Transit
FY2015
Special Ed
FY2016 **
School Choice
Charter School
New Growth Budget to Actual
• New Growth is the additional tax revenue created by any new
construction, renovations or other increases in the property tax base
during the calendar year
• New Growth is submitted by the Assessor to the State Department of
Revenue in the Tax Rate Setting process. Until these forms are
completed and submitted the actual new growth amount is unknown.
• The Assessor estimates new growth on the possible completion of
construction projects in comparison to building permits.
History of New Growth Budget to Actual
Fiscal Year
Budget New Growth
Actual New Growth
Difference Budget vs Actual
2004
$
525,000.00
$
514,797.00
$
10,203.00
2005
$
525,000.00
$
871,021.00
$ (346,021.00)
2006
$
600,000.00
$
567,123.00
$
32,877.00
2007
$
487,500.00
$
578,608.00
$
(91,108.00)
2008
$
321,000.00
$
429,623.00
$ (108,623.00)
2009
$
321,000.00
$
430,051.00
$ (109,051.00)
2010
$
300,000.00
$
312,541.00
$
2011
$
100,000.00
$
241,638.00
$ (141,638.00)
2012
$
100,000.00
$
299,625.00
$ (199,625.00)
2013
$
150,000.00
$
361,352.00
$ (211,352.00)
2014
$
200,000.00
$
222,805.00
$
2015
$
100,000.00
$
576,154.00
$ (476,154.00)
2016
$
300,000.00
$
651,484.00
$ (351,484.00)
(12,541.00)
(22,805.00)
New Growth Budget to Actual
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
-100000
Budgeted New Growth
Actual New Growth
Difference Budget to Actual
2014
2015
2016
Enterprise Funds
• ISWM ended FY2015 with a Retained Earnings balance of $7,954,733 an
increase over FY2014 of $2,628,708.
• The increase came mainly from Landfill operation revenues. The contract
with Covanta Energy began the beginning of January 2015 increasing
disposal revenue significantly.
• ISWM also received higher C&D than expected increasing revenues over
$800,000 increasing over 3.4 million from FY14 to FY15 while expenditures
and transfers to closure accounts remained stable.
• The Sewer department’s Retained Earnings decreased $67,686 from
FY2014 to FY2015 from $677,255 to $609,569.
• During FY2015 the Sewer department maintained the sewer user charge at
$734. This was the fifth year this rate had been maintained at that level. In
FY2016 the rate was increased 15 per user to 749 a year.
• FY2015 was the last year of betterment assessment charges for sewer
users.
ISWM Enterprise Fund Revenues Budget vs Actual FY2015
Fiscal 2015 Budget
User Charges
Other Departmental
revenue
Fiscal 2015 Actual
Budget Savings
(Deficiency)
%
10,401,067.00
14,035,341.26
3,634,274.26
134.94%
240,000.00
322,670.34
82,670.34
134.45%
15,000.00
28,624.75
13,624.75
190.83%
$ 10,656,067.00
$ 14,386,636.35
3,730,569.35
135.01%
Investment Income
Retained Earnings
$
ISWM Enterprise Fund Appropriations & Expenditures
Encumbered
Balance
7/1/2014
Appropriation/
Borrowing
Expenditures
Transfers In
(Transfer Out)
Encumbered
Balance
6/30/2015
Closed to Fund
Balance
Operating Budget:
Salaries
Expenses
148,369.46
Debt Service
Reserve Fund
Host Community
Fee
Sub-Total $
Indirect Costs Total
1,993,962.00
1,767,498.43
3,978,150.00
4,222,697.69
1,894,452.00
1,832,149.61
600,000.00
148,369.46 $ 8,666,564.00
$ 1,974,503.00
-
191,627.26
12,194.51
62,302.39
(0.00)
(200,000.00)
-
0.00
200,000.00
25,979.97
(0.00)
300,000.00
200,000.00
-
226,463.57
774,020.03
$
8,596,365.76 $
300,000.00 $
$ 1,974,503.00
506,373.19 $
12,194.51
$
-
Sewer Enterprise Fund Revenues Budget vs Actual
Fiscal 2015 Budget
Fiscal 2015 Actual
User Charges:
Sewer User Fees
799,317.22
Sewer User Charges Added to Taxes
Total User Charges
57,299.94
856,617.16
815,000.00
Over/Under Budget
%
41,617.16
105.11%
Sewer Betterment Receipts:
Sewer Assessment Paid in Advance
792.76
Apportioned Sewer Betterment:
Committed Interest:
Total Betterment Receipts
29,859.34
1,514.09
28,595.00
32,166.19
3,571.19
112.49%
26,086.00
34,559.75
8,473.75
132.48%
Investment Income:
1,000.00
1,884.19
884.19
188.42%
Retained Earnings
Total
100,000.00
970,681.00
100,000.00
1,025,227.29
54,546.29
100.00%
105.62%
Other Departmental Revenue:
Sewer Enterprise Fund Appropriation & Expenditures
Encumbered
Balance
7/1/2014
Appropriation
Expenditures
Transfers In
(Transfer Out)
Encumbered
Balance
6/30/2015
Closed to Fund
Balance
Operating Budget:
Salaries
$
182,195.00 $ 170,159.53
$
12,035.47
$
-
51,733.88
$
17,069.83
49,875.06
$
-
Expenses
122,451.00
53,647.29
Wareham - Operation
Expense
323,000.00
273,124.94
Wareham - Capital
Assessment
188,478.00
188,477.53
0.47
$
0.00
13,528.00
14,505.63
(977.63)
$
-
15,000.00
-
Debt Service
Reserve Fund
Sub-Total $
-
Indirect Costs Total
Total Expenses
-
$
-
-
15,000.00
$
-
-
$ 127,667.25
$
17,069.83
844,652.00 $ 699,914.92
$
126,029.00
$ 126,029.00
970,681.00
699,914.92
$ 126,029.00
-
127,667.25
17,069.83