PRIORITIES COMMITTEE                              

                                                 January 8, 2013

                                                      MINUTES

The meeting of the Priorities Committee was held at 7:00 pm in the Selectmen's Meeting room

and was called to order at 7:10 p.m. by Chair William Heitin.

Members Present:

Chair:                          William Heitin

Board of Selectmen:   Richard Powell

Finance Committee:   Ira Miller and Charles Goodman

School Committee:     John Hitter

Others Present:

Finance Director:        William Fowler

Town Administrator:  Benjamin E. Puritz

Town Accountant:      Cindy Doherty

School Supt:                Tim Farmer

Asst School Supt:       Glenn Brand

I. Introductions

Chair Heitin asked that the members introduce themselves.

II. Approval of Minutes

The Regular Session of Priorities Committee Minutes of February 2 and 7, 2012.

A MOTION was made by Goodman and seconded by Miller to approve the minutes of February 2 and 7, 2012.

VOTED:  4-0-1 to approve the minutes of February 2 and 7, 2012.

III. Review of FY2012 Budget to Actual

Chair Heitin called upon Treasure/Finance Director Bill Fowler to discuss the Budget to Actual FY2012.  Mr. Fowler informed the Committee that this was a “no gain – no loss budget – net “0”” FY12 Budget to Actual.

IV. First Draft of Revenue Forecast

Mr. Fowler discussed with the Committee the FY13 Estimate-FY13 Recap as follows:

FY13 Estimate FY13@Recap

FY levy base                                 52,443,011                  52,443,011                                    2 ½% increase                                1,311,075                    1,311,075  

                  New Growth                                     400,000                       555,729

                  Override:                                     

                  Net Debt Exclusion                       3,099,504                     3,110,979

                  Levy Limit                                   57,253,590                   57,420,794

                  Excess Levy Capacity                 (3,326,337)                   (3,278,879)

Net Tax Revenue                        53,927,253                   54,141,915

                  Supplemental tax Revenue         

Total Tax Revenue                     53,927,253                    54,141,915

                  Assessed Valuation                  2,614,685,513               2,647,526,400     

                  Tax Rate                                           20.62                              20.45

                  Levy Ceiling:                                65,367,138                    66,188,160

                  % increase in tax levy:                      2.82%                            3.23%

FY’14 Estimate:   Revenue Sources – Taxation:

                        FY levy base                        54,309,815

                                                2 ½% increase                        1,357,745

                                                New Growth                             500,000

                                                Override;

                                                Net Debt Exclusion                2,956,933

                                                Levy Limit                             59,124,493

                                                Excess Levy Capacity            (2,628,879)

Net Tax Revenue                  56,495,614

                                                Supplemental tax Revenue

Total Tax Revenue               56,495,614

                                                Assessed Valuation            2,647,526,400

                                                Tax Rate                                       21.34

                                                Levy Ceiling                            66,188,160

                                                % increase in tax levy                  4.76%

We estimated using $600,000 of unused levy capacity to balance the FY14 budget, and as the other numbers are finalized, expect to decrease that amount.  In the next two weeks, I will have updated Motor Vehicle Excise tax and updated numbers from the state on local aid.

Vote Sector Allocation

MOTION made by Heitin and seconded by Goodman to adopt allocation as presented in the FY’14 Revenue Forecast of 2.03%.  VOTED: 4-1-0

Selectmen Sector Budgets to be distributed to Finance Committee in February.

V.        Next Meeting:  To be determined

MOTION:  To adjourn the meeting at 9:00 p.m. 5-0-0