Town of Colchester

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Town of Colchester

• FY 08 Budget

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Where the Revenue comes from
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New Town Hall
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New Town Hall

• This years tax rate has been increased due to
  the debt service related to the construction of a
  new Town Hall
• Passed by the voters in the November, 2006
  election
• Tax rate increase for new building is 0.0172 or
  1.7 in FY 08

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FY 08 Select Board Spending Parameters

• Limit spending to inflationary increases
• Set achievable goals for Town and departments to
  carry out Boards long range vision for Town

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Cost of Living Increase

• 4.0
• This equals the Consumer Price Index increase
  over the past 12 months ending in October
• 3.4 was CPI index increase for FY 07
• Inflation is rising at a higher rate in FY 08.
  This affects wages, benefits other costs.

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Budget increase slightly higher than FY 07, but
lower than 6 previous years
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Comparison of Fiscal Years

• FY 08
• Total Expenditures
• 9,630,566
• 5.3 increase

• FY 07
• Total Expenditures
• 9,144,750
• 4.3 increase

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How the Town spends tax dollars
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71 of Budget is for Salaries Benefits
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Increase in Net General Operating Budget Tax
Rate
Lowest percentage increase in 4 years
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Breakdown of Tax Warrant
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Cost of Tax Increase
Increase primarily due to debt service on new
building
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• All these factors
• are combined
• to create
• the FY 08 Budget

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In summary

• The Select Board is presenting the smallest of
  general operating tax rate increase in 4 years

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• The End