FY 2015 PROJECTED SOURCES OF REVENUES

YOU ARE INVITED TO TALK ABOUT OUR 2015 TAX DOLLAR BUDGET 

SELECTMEN/FINANCE COMM 2015 BUDGET REVIEW MEETING

WEDNESDAY, MARCH 19, 2014

7:00PM, SELECTMEN’S ROOM

TOWN HALL 

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. 

                                    ** http://www.mass.gov/dor/docs/dls/publ/misc/levylimits.pdf

 

 

FY'15 Projected Revenue

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