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20160823 Proposed Budget PPT-RevisedBudget Theme:Budget Theme: CIP – Recently Completed3 CIP – Completion: Next 4 Years4 CIP – Completion: Next 5 -10 Years5 Historical & Projected Population67,22072,05070,00080,00037 92053,18050,00060,00025,81037,92020 00030,00040,0002,0974,1009,42315,970010,00020,000Source: US Census Bureau and North Central Texas Council of Governments (NCTCOG) through 2015; future estimates from the Town of Prosper. 02000 2005 2010 2015 2020 2025 2030 2035 20406 3000Single Family Lots Approved by the Planning & Zoning Commission262825003000Single Family Lots Approved on Preliminary PlatsSingle Family Lots Approved on Final Plats2000Final Plats15601583113512851314150011356565591056949100055950002012 2013 2014 2015 2016 (Present)Updated 08/09/20167 Single Family Residential Permits Issued Annually 2012 – Present655[VALUE]486600700s461486300400500umber of Permits201620154000100200123456789101112N2014201320121234567891011121stQuarter2ndQuarter JulyTotal Through July3rdQuarter4thQuarterYear EndTotalSF Residential Permits 2016 164 * 178 58 400SF Residential Permits 201514320054397 *170142 *655 *SF Residential Permits 201514320054397 *170142 *655 *SF Residential Permits 2014 119 88 64 271 161 192 560SF Residential Permits 2013 89 134 64 287 155 108 486SF Residential Permits 201293145412791181054618SF Residential Permits 20129314541279118105461* Updated to reflect building permit withdrawals from Tanner’s Mill subdivision High Growth DynamicNew Residential Construction Expanded Tax Base & More PopulationMore Population Increased Demand for Services, Programs,Facilities & InfrastructureIncreasedDemandMoreStaffEquipment&CapitalProjectsIncreased DemandMore Staff, Equipment & Capital ProjectsMore Capital Projects More Capital DebtMoreCapitalDebtIncreasedAnnualDebtServiceMore Capital DebtIncreased Annual Debt ServiceIncreased Debt Service Less Revenue for O&M (Services, Programs, Staff & Equipment)Less Revenue for O&M More Property Tax Revenue Required to Support Expanded Tax Base9 Proposed FY 2016-2017 Budget IncludesNo Tax Rate IncreaseNoWaterorSewerRateIncreaseNo Water or Sewer Rate IncreaseNo Solid Waste Rate IncreaseNo Storm Drainage Fee IncreaseNo Other Fee Increases10 Proposed FY 2016-2017 Budget FocusPublic SafetyStreets / InfrastructureParks and Recreation Facilities11 Budget ComponentsBase Budget—example: electricity, existing personnel costs. T t l $34 523 336Total: $34,523,336Non-Discretionary Supplemental Request (“must do”) —examples: external increase in software maintenance feesexamples: external increase in software maintenance fees, changes from state law. Total: $1,348,186Discretionary Supplemental Request (“must do” and “should do”) — examples: new positions or vehicles, park or public works projects. pjTotal: $4,908,186Cut Supplemental Request (“should do” and “nice to do”) 12Total: $1,927,427 All F dAll Funds Consolidated Fund SummariesFUNDFUND ACCOUNT TYPEACCOUNT TYPEACTUAL ACTUAL BUDGET BUDGET 20142014--20152015AMENDED AMENDED BUDGETBUDGET20152015--20162016PROJECTED PROJECTED BUDGET BUDGET 20152015--20162016PROPOSED PROPOSED BUDGET BUDGET 20162016--20172017GENERAL REVENUES 16,296,060 17,665,303 18,436,518 20,586,204 EXPENDITURES 16,308,647 17,664,615 17,937,964 20,270,788 NET REVENUES OVER (UNDER) EXPENDITURES(12,587)688 498,554 315,416 WATER & SEWER REVENUES 10,772,514 11,725,235 12,572,877 13,338,736 EXPENDITURES 9,436,239 12,061,442 12,268,811 14,252,548 NET REVENUES OVER (UNDER) EXPENDITURES1,336,275 (336,207)304,066 (913,812)DEBT SERVICE (I&S) REVENUES 3,184,814 3,418,269 3,443,536 4,199,988 EXPENDITURES 2,873,732 3,777,788 3,405,038 4,182,809 NET REVENUES OVER (UNDER) EXPENDITURES311,082 (359,519)38,498 17,179 GENERAL CAPITAL PROJECTS REVENUES 30,110,662 19,376,770 22,186,058 12,844,100 EXPENDITURES 20,174,052 26,304,225 19,470,774 26,638,979 NET REVENUES OVER (UNDER) EXPENDITURES9,936,610 (6,927,455)2,715,284 (13,794,879)14 ConsolidatedFund Summaries Cont’dFUNDFUND ACCOUNT TYPEACCOUNT TYPEACTUAL ACTUAL BUDGET BUDGET 20142014--20152015AMENDED AMENDED BUDGETBUDGET20152015--20162016PROJECTED PROJECTED BUDGET BUDGET 20152015--20162016PROPOSED PROPOSED BUDGET BUDGET 20162016--20172017UTILITY CAPITAL PROJECTS REVENUES 917,064 2,404,200 149,200 11,175,650 EXPENDITURES 574,413 3,181,700 1,154,504 15,133,950 NET REVENUES OVER (UNDER) EXPENDITURES342,651 (777,500) (1,005,304) (3,958,300)REVENUES139 851207 300534 031210 800PARK IMPROVEMENTS / DEDICATION REVENUES139,851 207,300 534,031 210,800 EXPENDITURES 214,120 1,590,000 2,115,000 90,000 NET REVENUES OVER (UNDER) EXPENDITURES(74,269) (1,382,700) (1,580,969)120,800 WATER IMPACT FEESREVENUES 2,584,786 2,748,000 3,027,000 3,229,700 EXPENDITURES 740,161 7,958,359 8,568,915 2,711,167 NET REVENUES OVER (UNDER) EXPENDITURES1,844,625 (5,210,359) (5,541,915)518,533 WASTEWATER IMPACT FEESREVENUES 450,768 487,100 582,095 607,800 EXPENDITURES 102,064 1,659,193 2,044,193 281,200 NET REVENUES OVER (UNDER) EXPENDITURES348,704 (1,172,093) (1,462,098)326,600 15 Consolidated Fund Summaries Cont’dFUNDFUND ACCOUNT TYPEACCOUNT TYPEACTUAL ACTUAL BUDGET BUDGET 20142014--20152015AMENDED AMENDED BUDGETBUDGET20152015--20162016PROJECTED PROJECTED BUDGET BUDGET 20152015--20162016PROPOSED PROPOSED BUDGET BUDGET 20162016--20172017E THORO IMPACT FEESREVENUES20465952 209 4004 329 6004032560E THORO IMPACT FEESREVENUES2,046,595 2,209,400 4,329,600 4,032,560EXPENDITURES 283,871 6,113,229 10,447,229 3,300,000NET REVENUES OVER (UNDER) EXPENDITURES1,762,724 (3,903,829) (6,117,629)732,560W THORO IMPACT FEESREVENUES 988,106 1,009,400 1,047,700 1,212,870EXPENDITURES 288,978 837,322 1,150,000 600,000NET REVENUES OVER (UNDER) EXPENDITURES699,128 172,078 (102,300)612,870INTERNAL SERVICEREVENUES 21,375 25,640 28,040 23,100EXPENDITURES 4,069 40,000 20,000 40,000NET REVENUES OVER (UNDER) EXPENDITURES17,306 (14,360)8,040 (16,900)SPECIAL REVENUEREVENUES 768,460 62,100 535,440 64,400EXPENDITURES 580,861 100,000 92,445 95,179NET REVENUES OVER (UNDER) EXPENDITURES187,599 (37,900)442,995 (30,779)16 Consolidated Fund Summaries Cont’dACTUAL ACTUAL BUDGET BUDGET AMENDED AMENDED BUDGETBUDGETPROJECTED PROJECTED BUDGET BUDGET PROPOSED PROPOSED BUDGET BUDGET FUNDFUND ACCOUNT TYPEACCOUNT TYPEUGUG20142014--20152015UGUG20152015--20162016UGUG20152015--20162016UGUG20162016--20172017STORM DRAINAGEREVENUES 275,899 316,100 305,500 345,625 EXPENDITURES 207,448 350,780 276,721 362,804 NET REVENUES OVER (UNDER) EXPENDITURES68,451 (34,680)28,779 (17,179)VERFREVENUES 1,325,931 550,781 586,651 518,781 EXPENDITURES 69,570 1,045,606 1,048,240 242,110 NET REVENUES OVER (UNDER) EXPENDITURES1,256,361 (494,825) (461,589)276,671 17 General FundGeneral Fund General Fund Revenues by SourceRevenue Category FY 2017 Projected % of TotalProperty Tax$ 10,003,217 48.6%License, Fees & Permits$ 3,548,385 17.2%Sales Tax$ 4,249,600 20.6%InterfundTransfersIn$109116653%InterfundTransfers In$1,091,1665.3%Franchise Fees$ 739,400 3.6%Fines & Warrants$ 385,000 1.9%Charges for Services$ 375,511 1.8%Investment Income$ 39,600 0.2%Grants$ 2,500 0.0%Miscellaneous$ 54,825 0.3%Park Fees$ 97,000 0.5%19Revenue Total$ 20,586,204 100.0% General Fund Department AppropriationsDttFY2017Pd%fTtlDepartmentFY 2017 Proposed% of TotalAdministration $ 3,718,377 18.3%PoliceServices$3,836,48418.9%Police Services$3,836,48418.9%Fire Services $ 4,733,929 23.4%Public Works $ 2,205,908 10.9%Community Svcs $ 2,728,045 13.5%Development Svcs $ 2,218,078 10.9%Engineering $ 829,967 4.1%Expense Total$ 20,270,788 100.0%20 Proposed PositionsDept.POSITIONSFTEsDept.POSITIONSFTEsFinance Capital Projects Accountant 1PolicePatrol Officers 4Detective 1Fire Emergency Management Coordinator1Fire Inspector Investigator *1Park Operations Arborist1Chemical Technician1Maintenance Worker1TOTAL GENERAL FUND POSTIONS11Water Construction Inspector1Water Education Coordinator *1Construction Inspector –Right‐of‐Way1Wt tUtilitMitSi1WastewaterUtility Maintenance Supervisor1Utility Crew Leader1Utility Worker121TOTAL ENTERPRISE FUND POSTIONS6*This position will start in October 2016. Major Program EnhancementsThe major Program Enhancement and Capital Expenditures included in the proposed appropriations and planned for FY 2016-2017 by DepartmentDepartmentEnhancementsAmountDepartmentEnhancementsAmountPublic Works/Streets:Street Lights – Coit Road $450,000Prosper Trail Reconstruction $975,000Police:Four Full-Time Police Officers $387,672Additional Detective $123,453Needs Assessment – Public Safety Facility $ 75,000Fire:Emergency Management Coordinator$ 54 963Fire:Emergency Management Coordinator$ 54,963Fire Inspector/Investigator $129,479Parks:Relocate Lights from Main Street park $ 96,000Water: Water Lines –Main Street Reconstruction $422,000Wastewater:Wastewater Lines – Main Street Reconstruction $422,000Utility Billing:Trash Collection Growth Projection$251,72522Utility Billing:Trash Collection Growth Projection$251,725 Property TaxesProperty Taxes 2016 Valuations OverviewCertified Total Taxable (after freeze loss) Increased 19.58%○Collin County Value $2,331,862,827○Denton County Value $    214,280,894○Total Value $2,546,143,721Existing Taxable Values Increased 8.62%○+ 07.76% in Collin County○+ 23.49% in Denton CountyNew Construction Totaled $ 233,271,218$○Collin County $162,297,411○Denton County $  70,973,80724 2016 Valuations Overview Cont’d2016 Valuations Overview Cont d2015-2016 2016-2017 Difference Tax DollarsAssessed Value $2,630,702,240 $3,236,092,432 $ 605,390,192 $ 16,827,681Freeze Taxable $ 173,565,133 $ 196,365,692 $ 22,800,559 $ 1,021,102Homestead Exemptions$ -$ 139,092,623$ 139,092,623$ 723,282p$$,,$,,$,Other Exemptions $ 318,210,267 $ 354,490,396 $ 36,280,129 $ 1,843,350$2 138 926 8 0$2 6 1 3 21$ 0 216 881$ 13 239 9Net Taxable$2,138,926,840$2,546,143,721$ 407,216,881$ 13,239,94725 Average Single-Family Home Valueggy$423,062 $460,766 $450,000 $500,000 $315,308 $342,977 $344,458 $333,084 $324,387 $321,662 $351,317 $378,651 $300 000$350,000 $400,000 $200,000 $250,000 $300,000 $100,000 $150,000 $0 $50,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 201626Source:  Collin CAD and Denton CAD Certified Totals 2007‐2016 Ad Valorem Taxes2016Freeze Adjusted Taxable Value$2,546,143,721$0.52Times Total Tax Rate per $100$13,239,947Times Anticipated Collection Rate100%$Plus Actual Tax from Freeze$907,311Total Tax Levy$14,147,258One Penny on the Tax Rate Yields$254,61427Source:  Collin CAD and Denton CAD Certified Totals 2016 Property Tax Rate HistoryGeneral FundI & S FundFiscalYearGeneralFundI&SFundTotal0.0 0.1 0.2 0.3 0.4 0.5 0.6Fiscal YearGeneral FundI & S FundTotal2011‐12 0.316937 0.2030630.5200002012‐13 0.316914 0.2030860.5200002013‐14 0.326191 0.1938090.5200002014‐15 0.356301 0.1636990.5200002015‐16 0.361074 0.1589260.5200002016‐17 0.367500 0.1525000.52000028As Proposed Property Tax Rate Comparison I(2015 Tax Rates)0.9001.0000.6000.7000.800$1000.3000.4000.500Cents per $0 0000.1000.2000.00029Source:  Collin and Denton Central Appraisal Districts. Property Tax Rate Comparison IITown of Prosper Collin County $0.22500Collin College$0.08196$0.52000Prosper ISDProsper ISD $1.6700030Source:  Collin and Denton Central Appraisal Districts. Average Home Owner2016 Average Homestead Market Value = $ 460,766 Average Prosper Resident Total Tax Bill – Collin CountyTaxRateperHomesteadTaxing JurisdictionTax Rate per $100 HomesteadExemption Tax LevyProsper ISD $1.670000$25,000 $7,277 TownofProsper$0 520000$34 557$2 216Town of Prosper$0.520000$34,557$2,216 Collin County $0.225000$23,038 $985 Collin College $0.081960‐$378 $$$Note:  Average Taxes are computed using 2015 tax rates for all agencies.  Includes possible exemptions with each entity for simplicity.Totals$2.496960$82,596$10,856 31 Property Tax Rate Scenarios2016 Average Homestead Market Value = $460,766Tax Rate Scenarios – Homeowner ImpactCurrent & Proposed Rate $0.520000 ‐$2,216EffectiveRate$0.442223‐$1,885Effective Rate$0.442223 $1,885Rollback Rate $0.621838‐$2,650Tax Rate Scenarios –Municipal ImpactppCurrent & Proposed Rate $0.520000 ‐$14,147,258Effective Rate $0.442223 – ($1,980,314) LOSSRollback Rate$0.621838 –$2,592,942 GAIN$$, ,32 Homestead ExemptionTTCdSi11 13()Texas Tax Code Section 11.13 (n)Must be adopted by July 1stMinimum Exemption $5,000Maximum Percentage 20%33 “a place where everyone matters”Homestead Exemption Analysisa place where everyone mattersAssessed Value Homestead %Calculated HomesteadMinimumHomesteadHomesteadSavings$1,854,305,626 7.5% $139,072,922 $139,092,623 $723,282$1 854 305 62685%$156 338 492$156 358 193$813 063$1,854,305,6268.5%$156,338,492$156,358,193$813,063$1,854,305,626 9.5% $173,812,688 $173,832,389 $903,928$1 8 4 30 62610%$182 0 343$182 0 044$949 364$1,854,305,62610%$182,550,343$182,570,044$949,364$1,854,305,626 15% $269,934,502 $269,954,203 $1,403,762$1,854,305,626 20% $357,321,539 $357,341,240 $1,858,17434 Homestead Exemption AnalysisProjected Assessed ValueHomestead %Calculated HomesteadMinimumHomesteadHomestead Savings$2,176,841,826 7.5% $163,263,137 $163,282,838 $849,071$2 176 841 82685%$183 754 069$183 773 770$955 624$2,176,841,8268.5%$183,754,069$183,773,770$955,624$2,176,841,826 9.5% $204,453,627 $204,473,328 $1,063,261$2 176 841 82610%$214 803 963$214 823 664$1 117 083$2,176,841,82610%$214,803,963$214,823,664$1,117,083$2,176,841,826 15% $318,314,932 $318,334,633 $1,655,340$2,176,841,826 20% $421,828,779 $421,848,480 $2,193,61235 Water/Sewer Fund/ Water/Sewer Fund Revenues by SourceRevenue Category FY 2017 Projected % of TotalWater Charges $ 7,970,107 59.8%Wastewater Charges $ 3,544,000 26.6%Solid Waste Charges $ 1,376,796 10.3%Penalties $ 96,075 0.7%Investment Income $ 29,500 0.2%LicenseFees&Permits$7232505%License, Fees & Permits$72,3250.5%Miscellaneous $ 249,933 1.9%Revenue Total $ 13,338,736 100.0%37 Water/Sewer Fund Department AppropriationsDepartment FY 2017 Proposed % of TotalppfAdministration $                   5,903,974 41.4%Public Works $                   8,348,574 58.6%Expense Total $                 14,252,548 100.0%38 Long-Term Issuesand Key Dates Long-Term IssuesCompensationFacility PlanningVehicle and Equipment Replacement Program40 CompensationGoal  –to attain a pay plan comparable to the market that helps attract and retain employees41 Facilities PlanningTown employees are spread among eight locations, including two temporary buildingsWindsongRanchfirestationisnearingcompletionandWindsongRanch fire station is nearing completion and will serve the west side of ProsperTownHalldesigninprogressTown Hall design in progressEfficiencies and improved customer service will result from well‐planned Town Hall and other facilities42 Vehicle/Equipment Replacement Fund (VERF)MotorizedVehiclesMotorized VehiclesNon‐VehicleEquipmentNonVehicle EquipmentComputerEquipmentComputer Equipment43 VERF OverviewCommon to many municipalities and commercial ypcompanieshlddlfdVehicle and equipment expected life in years and purchase price drive annual contributions into separatereplacementfundseparate replacement fundVehicle and equipment are disposed of when qppuseful life is reached and replacements are purchased from fund44 VERF Replacement ScheduleDepartment Model YearAuto MakeAuto Model ClassificationEstimated Life (Yrs) / Age Estimated CostVEHICLES RECOMMENDED FOR REPLACEMENTPolice-Sgt Golden 2008 Ford LTD Crown Vic Sedan, Full-Size (Pursuit Rated)4 / 8$ 47,843 Police-Patrol 2011 Chevrolet Tahoe Truck, Sport-Utility4 / 6$ 43,650 PliPt l2012Ch l tThTkStUtilit4/5$43650Police-Patrol 2012Chevrolet Tahoe Truck, Sport-Utility4 / 5$ 43,650 Police-Patrol 2013 Chevrolet Tahoe Truck, Sport-Utility4 / 5$ 43,650 Parks & Recreation 2006 Chevrolet Silverado 3/4T Truck, Pick-Up - Field 10 / 12$ 25,710 Vehicles / Equipment Replacement Deferred to FY 2017-2018Police-COP Vehicle 2008 Ford Expedition SUV (Field) 8 / 8N/AFire 2002 Chevrolet HD Ambulance Re-hab Unit 15 / 15N/AStreets 2007 Ford F450 Truck, Pick-Up - Field 10 / 10N/AStreets 2006 Ford F250 3/4T Truck, Pick-Up - Field 10/ 11N/AParks & Recreation 2007 Ford F250 3/4T Truck, Pick-Up - Field 10 / 10N/ACode Compliance 2007 Ford F150 Truck, Pick-Up - Field 10 / 10N/APublic Works - Water 2003 Wacker RD88OU Roller 5 / 14N/APublic Works-Water2007DixieXC3300-74Chopper10 / 10N/APublic Works Water2007DixieXC330074Chopper10 / 10N/APublic Works - Water 2004 Leroy 3272X1221 Air Compressor 10 / 13N/APublic Works - Water 2008 Swenson 0307-1848 Sand Spreader 5 / 9N/APublic Works - Water 2010 Toro 74297 Mower 5 / 7N/APublic Works - WW 2008 Aires Camera-TV Sewer Camera w/Locators 8 / 9N/APublic Works - WW 2010Insight VisionCamera-TV Sewer Camera 5 / 7N/AVisionTOTAL VEHICLES10-20 Police Department $ 178,793 10-60 Parks Recreation $ 25,710$ 204,50345TOTAL VERF BUDGET $ 172,000 TOTAL ESTIMATED COST $ 204,503DIFFERENCE-$ 32,503 VERF Replacement Schedule Cont’dAccount No. Department Quantity Type Budget 41061251002Town Secretary's Office21 desktop/1 laptop$ 2 850 00Computer Equipment Recommended for Replacement410-6125-10-02Town Secretary's Office21 desktop/1 laptop$ 2,850.00 410-6125-10-03 Finance 1 Laptop $ 1,700.00 410-6125-10-05 ITN/AContingency / Unscheduled Replacements$ 5,000.00 410-6125-10-04 Human Resources 1 Laptop $ 1,700.00 410-6125-10-07 Municipal Court 1 Laptop $ 1,700.00 41061252001Police Operations43 desktop/1 laptop$ 5 150 00410-6125-20-01Police Operations43 desktop/1 laptop$ 5,150.00 410-6125-20-05 Police Dispatch 2 Desktop $ 2,300.00 410-6125-30-01 Fire Operations 4 Desktop $ 4,600.00 410-6125-30-05 Fire Marshal1 Desktop $ 1,150.00 410-6125-40-01 Building Inspections3 2 desktop/1 laptop $ 4,000.00 41061256001Parks Administration1Laptop$ 1 700 00410-6125-60-01Parks Administration1Laptop$ 1,700.00 410-6125-50-02 Public Works/Water 31 desktop/2 laptop $ 4,550.00 410-6125-50-03 Public Works/Wastewater 1 Desktop $ 1,150.00 TOTAL$ 37,550.00 46 Capital Improvement Projectspp j CIP Projects STREETSCuster Road Turn Lanes @ Prosper Trail –Carry Over100,000DNT Southbound Frontage Road (Collin County) 9,500,000Downtown Enhancements – Carry Over ($1.85M Overall)1,650,000Eighth Street (Church - PISD) 260,000 Field Street (First - Broadway)250,000 (y)Frontier Parkway (BNSF Overpass) – Carry Over3,650,000 Main Street (First - Broadway) 1,025,000 Old Town Streets 2015 (Fifth, McKinley) 1,044,000Parvin Road (Good Hope - FM 1385)270,000 Pasewark (PrestonHickory)400 000Pasewark (Preston -Hickory)400,000Prosper Trail (Kroger – Coit)3.975,000West Prosper Road Improvements – Carry Over ($12.781M Overall)6,781,00028,905,000 48 CIP Projects Cont’d TRAFFICMedian Lighting – Coit Road (US 380 – First) 450,000US 380 Illuminated Street Signs25,000475,000PARKSPreston Lakes Playground90,000Frontier Park North ($10,451,225 Overall)9,601,2259,691,225,,FACILITIESPublic Safety Facility (Police Station and Fire Station) – Needs Assessment 75,000Town Hall - Professional Services ($1.8615M Overall) 311,500 Town Hall – Construction 18,813,000 Town Hall – Furniture, Fixtures, and Equipment 1,362,00020,561,50049 CIP Projects Cont’dWATERCounty Line Elevated Storage Tank (Design) 937,500 Lower Pressure Plane Pump Station and Transmission Line 22,902,900 23 840 40023,840,400 WASTEWATER50 CIP Projects Cont’dDRAINAGEColeman Street Channel Improvements 282,500 Old Town Drainage - First & Main Trunk Main 800,000 Old Town Regional Detention - Land Acquisition 385,000 Old Town Regional Detention - Broadway (Design & Construction) 550,000 2,017,500 Total All CIP Projects85 490 625Total All CIP Projects 85,490,625 51 CIP Projects Cont’d52 CIP Projects Cont’d54 CIP Projects Cont’d55 CIP Analysis56 CIP Analysis Cont’d57 CIP Analysis Cont’d(1) FY 2016 based on certified values and FY 2017 based on preliminary values perDenton CAD and Collin CAD websites.Assumes $350 million in annualgrowth forgFY 2018, $250 million in annual growth for FY 2019, $200 million annual growth inFY 2020 and 1% thereafter.(2) Debt service assumed to be repaid solely with I&S tax revenues. Repaymentsource maybe changed fromyeartoyear.ygyy(3) Debt service assumed to be repaid solely with I&S tax revenues. Based onprojected rates; preliminary, subject to change.(4) Estimated. Based on assumed total frozen revenues of $896,810 and projectedpro rata I&S tax rate share of a combined tax rate of $0.52;preliminary,subject toppyjchange.(5) FY 2016 I&S tax rate per Town staff. All others calculated based on 98.5%collections.58 Key Dates in Budget ProcessSb13Sb13dSeptember 13September 132ndPublic Hearing on Budget2ndPublic Hearing on Tax RateSeptember 19September 19Council adopts the FY 2016‐2017 BudgetCouncil sets the 2016 Tax RateOctober 1October 1Fiscal Year 2016‐2017 begins59 Thank You!Questions?