YOU ARE INVITED TO TALK ABOUT OUR 2015 TAX DOLLAR BUDGET
SELECTMEN/FINANCE COMM 2015 BUDGET REVIEW MEETING
7:00PM, SELECTMEN’S ROOM
Please review the attached FY15 Projected Sources of Revenues which include a Maximum 2 1/2 % Tax Increase (per state of MA permissible, but not mandated, tax increase prior to override vote)**
Areas of Interest:
- Prior Year Levy Limit Increase of $1,697,225.00 (Increase 5.45%)
– Levy equals 2 ½% Increase of $821,204.25 plus new growth of $800,000
- Projected New Growth Decrease by $118, 165.00 (-12.87%)
- Free Cash Utilization Increase $309,375.05 (Increase 49.11%)
- POTENTIAL TOTAL REVENUE INCREASE: $2,219,217.56, 4.94% Increase
Is it time to better understand where an additional $2M+ dollars will be spent next year?
*Query: Why does Lynnfield always implement the 2 1/2% maximum tax increase in its budget calculations? It seems we are taxing to the max, despite our new growth revenues.