Memorandum
DATE: April 22, 2002
TO: Arlington Town Meeting
FROM: Allan Tosti
Chairman, Finance Committee
RE: Projected Revenues and Expenditures for Fiscal Year 2003
___________________________________________________________________________________________
Revenues:
1. Property taxes -- includes the full 2 1/2% increase, plus $450,000 new growth. Total increase $1,770,000
2. State aid -- Governor reduction $62,000, House reduction $1,860,000.
3. Local receipts -- reductions of $475,000 decrease in Police grant and other revenues.
Free cash -- 33,000 reduction.
Revenues: With Governor +$1,200,000 With House -$598,0000
Fixed Costs:
1. Elections -- increase $30,000 due to additional elections.
2. Insurance -- increase of $1,000,000 because of increased cost and members.
3. Education -- increase of $600,000 for out of district tuition.
4. Capital budget -- increase of $370,000 for Reeds Brook and 2 capital plans.
Pensions -- increase of $116,000.
Minuteman -- increased by $300,000 due to enrollment increase.
Resulting Projected Deficits (when combined with other factors):
With Governor House One ($1,311,946)
With House Ways & Means ($3,110,796)
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