Revenue Numbers Bring Good News For Foxboro

Foxboro financial director Randy Scollins had some good news for the selectmen recently while reviewing the revenue forecast for the fiscal year 2015 budget.

According to Scollins, at a high level the town is looking at a 4.43 percent or a $1.87 million increase in funds available for FY15 general budget which is made of the municipal and school budgets.

“This is actually good news at this point and time. Even last year and the year before I do not recall a scenario where we were talking about this type of growth,” Scollins said.

The number is the net increase expected to be available after fixed costs that include insurance and debt services. In total, there is estimated to be an increase of $2.52 million in revenue.

In total, $45.1 million is estimated to be available for general fund budgets. 

The increase is a result of $918,000 from an increase in the allowable levy limit and an estimated growth of $802,000 in new taxes.

“We’re starting on an upward trend with development in town driven by a combination of both commercial and residential. Both are coming in strong but both will be refined,” Scollins said.

In state aid, the town is budgeting for a .5 percent increase, remaining conservative until the state budget is revealed in late January. Scollins however said that he would be surprised if there is any pressure to decrease state aid.

Local receipt also produced a 10 percent increase of $687,000 from 50 different line items. The revenue was driven by positive trends in hotel, meals, excise motor taxes, and building permits.

With more money coming in from the meals tax, Scollins is recommending an increase in funding the town’s OPEB liabilities by $100,000 for a total commitment of $600,000.

There will also be less free cash used for the budget next year. Currently, $1.5 million in free cash is used with a recommendation to decrease use down to $1.3 million in order to build up a reserve in the event of an economic downturn.

There is one assumed credit that reduces the overhead allocation which Scollins believes will evolve over time having to do with the proposed DPW building.

An article to fund a new building was on the warrant for the special town meeting on Nov. 4 but higher than expected bids led to a request to take no action on the article.

The general fund did credit their share of the funding to the water enterprise account in the likely event that the building is voted on at the annual town meeting in May. If the article fails or is not voted on, the $60,000 credit will return to the general fund.

When asked by selectman Ginny Coppola about the money from the capital stabilization fund that would have funded the plans for a new town hall, Scollins said the money is there, cannot move and has to be appropriated. 

Coppola said she expects a new article related to town hall to be a part of the 2014 annual town meeting.

At the 2013 special town meeting, the plan won the support of the voters by 1 vote but did not meet the 2/3 majority needed to approve the appropriation of money from a stabilization fund.