The proposed Fiscal Year 2016-2017 Budget is $7,974,132, which includes $3,105,600 for Capital Projects. The total proposed budget for the General Fund is $3,723,535. Of note, during budget analysis, it was determined that the Public Utility budget was currently maintaining a shortfall of approximately $72,000. Town Council looked at two ways to address the shortfall; the first was to raise the combined utility rate by $3.66 per month; the second option was to ‘utilize’ unassigned 2013 Bond proceeds for the Pump Station improvements. This would allow monthly utility rates to stay at $107.46. Town Council has opted to use the bond proceeds rather increasing the utility rate.
From the staff report, here are the highlights:
1. General Fund Revenue projected at $3,782,198 and Expenditures projected at $3,723,535.
Projected surplus of $58,662 will cover the shortfall in the Harbor Fund, which is due to debt
service. $326,979 lower than FY 2015-2016; a decrease of $518,371 in Capital Projects, as
well as wage and compensation study increases, addition of a part-time finance department
assistant and police officer.
2. Public Utilities Fund Revenue and Expenditures projected at $2,302,286. $579,275 higher
than FY 2015-2016; primarily an increase in capital projects.
3. Harbor Fund Revenue projected at $1,713,689, and Expenditures projected at $1,772,351; a
deficit of $58,662 which will be covered by General Fund Surplus. $301,427 lower than
FY2016, due to a decrease in fuel prices and anticipated sales.
4. Sanitation Fund Revenue and Expenditures projected at $175,960, $660 higher than FY 2015-
5. The overall FY2016-2017 budget is $48,471 lower than FY2015-2016, with $90,000 being
allocated for a contingency fund.
INFORMATION ON THE UTILITY RATES:
The proposed budget maintains the same minimum total rates for utilities service. The trash
collection fee will remain at $13.76 which represents the cost to the Town under the Davis Disposal
contract. The water rate will remain 31.16, and the wastewater rate will remain at $63.00. The
overall utility rate to the consumer will remain unchanged at $107.92.
These services are funded by user fees and charges as opposed to general tax