2019 Adopted Budget

Revenues, primarily sales tax revenue, and building permit revenue have improved. Mortgage tax revenue  remains at lower levels in FY2018 as compared with pre-recession revenue levels. The Town management recognizes the expectations for economic growth have improved but FY2019 budget levels are conservatively set to operate at lower revenue levels in the near term. The amount of long-term uncollected taxes were reduced in 2018 but remains at high levels and has the potential to affect cash flow for operations and fund balance reserves. Management has a plan in place to address outstanding tax accounts and is monitoring this trend for multi-year forecasting. Although higher than recent years, low interest rates have been utilized with short-term and long-term financing. The Town management also is aware that health insurance costs need to be monitored closely as uncertainty in the market conditions exist.  Changes to existing benefit plans have resulted in significant reductions in health insurance cost. All of these factors were taken into consideration in developing the FY2019 budget.