In October of 2014, I started my one three year term on the Holden Finance Committee.   As I close this out, I thought it would be interesting to compare the cash positions of the first budget (FY16) starting in end of June, 2015 versus the projections of my last budget (FY18) at the end of June, 2018.

At the start of my term, I had no idea that there were even taxpayer funded accounts like those listed below.      Not only do our taxes pay the current budget expenses, but we set aside monies into accounts like this to level off the expenses of government and our taxes.  These accounts level off the highs/lows and makes a lot of “budgeting-sense”.

***Please note all these taxpayer funded accounts are controlled by the taxpayers except the IIF, which is controlled by the 7 member board of the IIF and is the main reason I want this to be eliminated.

 

  6/30/15 6/30/18
Cash Positions
     
Water-Sewer Enterpise $1,932,630.00 $1,920,690.00  
Water Sewer Stabilization $176,087.00 $303,406.00  
Inspection $227,962.00 $96,680.00  
Cable $548,257.00 $298,244.00  
Recreation $631,957.00 $771,334.00  
Before and After $7,714.00 $6,596.00  
Stabilization $2,168,247.00 $3,966,167.00  
Solid Waste $249,059.00 $181,641.00  
fire $573,395.00 $266,034.00  
open space   $101,150.00  
dispatch   $21,115.00  
dpw $619,741.00 $281,736.00  
iif $1,344,766.00 $1,344,766.00  
opeb $0.00 $2,615,365.00  
free cash $1,658,787.00 $1,628,021.00  
       
       
  $10,138,602.00 13,802,945.00  
      3,664,343.00

 

For now lets take a closer look at the General Stabilization Fund which had $1,458,930 on June 30, 2014 and we will have $3,216,167 on June 30, 2017, over a  100% increase in 3 years!    Now when you take into account that we had $4,048,840 of Free Cash left from year ending June 30, 2016, of which we not going to touch $1,628,021 (remaining Free Cash) in this budget (FY18), it brings the new total up to $4,844,188.

I know this gets confusing, but let me go over that again.  

We currently have $3,216,167 in the General Stabilization Fund.    From out last budget year ending June of 2016, we have $1,628,021 of Free Cash that is not being rolled into the next budget (FY18).  This remaining Free Cash now goes into the General Stabilization Fund bring the balance is $4,844,188.   Personally I think that is more then enough and should not put any more money into it in FY18?

Instead, we are budgeting to tax the taxpayers of Holden in FY18 another $750,000 to add to the General Stabilization Fund bringing the total to $5,594,118?   What if we opted not to tax the taxpayers $750,000 in FY18 and not add that to the current balance of $4,844,188 in the General Stabilization Fund???  It would cut the tax rate by approximately .35 cents and reduce the average tax bill based on an average assessed value of $298,950 by $104 per year…

By the time Town Meeting comes this budgeted amount could change.   Stay tuned….

 

 

Town of Holden 2018 Budget 

Page 2 of Resource profile  currently budgets 750,000 into General Stabilization