FY09 budget projections released
Backing up a recent statement by the town's Human Resources director that employees are the government's most costly asset, budget projections for FY09 show that salaries and benefits consume 69 percent of the fiscal pie.

Salaries for town employees, which have risen by an average of seven percent annually since 2005 with school salaries going up approximately eight percent, are expected to total $35.8 million. With benefits added the number goes to $48.4 million. The overall total budget including operating expenses, the transfer to the Community School, all insurance, debt service and the contribution to the retirement fund is projected at $69.7 million for FY09. Debt service makes up 14 percent of that figure and 17 percent represents operating expenses.

Projected revenue indicates that $59 million, or 80 percent of the total, is estimated to derive from taxes, compared to $43.1 in FY05. Other local revenue makes up 17 percent of the total, two percent will come from the state and one percent from miscellaneous sources to reach the sum of $73.7 million compared to $56.7 in 2005. Total projected expenditures amount to $74.1 million compared to the FY05 sum of $54.4 million.

Article 8 estimates stretching from FY10 to FY13 project the totals to be, in order by year, $73.3 million, $77 million, $81 million and $83 million. Property tax valuations, rounded off, are estimated at $24 billion in FY09 rising to $28 billion in FY13. On Sept. 11 the town administration will meet with the Finance Committee to begin discussions on the FY09 capital requests and 10-year capital

budget forecast. I

- Mary Lancaster