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Town Administrator Presents Swampscott's Financial Forecast

The town administrator says the town needs a longterm capital plan.

 

Town Administrator Thomas Younger presented the 2013 budget to the Board of Selectmen last week, which provides for spending $53,102,481 next year while bringing in revenues of $52,900,128.

Some of the budget pressures outlined were:

  •  The current economic recovery is not yet helping the town's budget
  •  State aid is not expected to help much. The projections were that Beacon Hill would maintain its level of funding to the town for the next three years and increase it by 2 percent in 2014 and 20-15
  • Swampscott is controlling discretionary spending, but some non-discretionary spending like health insurance and pension costs continue to rise faster than inflation
  • The town needs to create a long-term capital plan with funds available.

Younger said the town will seek state and federal funds to help upgrade and repair the chronic sewer and storm water infrastructure.

He told the selectmen not to expect much new money from additional businesses and new residences because the town is "built out."

There has been an increase recently in permit fees to tear down and replace houses, he said.

The Nahant tuition is expected to be $1,135,600 in FY 2014, he said.

NaemhOisin December 07, 2012 at 01:07 PM
I maintain a budget for my family--I spend within my means often sidelining items we cannot afford and comparison shopping on the larger items for the best possible deal. It's simple budgeting. If the town cannot afford the higher costs of insurance then it makes sense that the recipients pay more into the plan sparing the tax payers higher taxes as we struggle to meet the increasing costs of our health insurance and cost of living. If the town needs to downsize to meet a balanced budget, then do it. Do not look to increase taxes on residents/property owners before doing that. thanks
Citizen Swamp December 07, 2012 at 02:52 PM
Of course the insurance programs are a negotiable item with most of the Towns employee groups. The groups also contribute about half of the premium from their paychecks. I wish the Town Manager would go into a bit more detail in his forecast. CS
David Arsenault December 07, 2012 at 05:18 PM
Of course ripping up roads, repaving them before drainage is fixed makes sense. Town saves money by doing things twice.

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