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: 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.
The town will start out with a $500,000 deficit as it begins to assemble its Fiscal '13 budget.
Town Administrator Andrew Maylor's final financial forecast, for at least the coming year, projects sluggish revenue growth as health insurance and pension costs continue to rise. The upshot for the outset of the budget season is a $500,000 hole, he said. The state's budget woes continue to impact Swampscott including state funding for schools, he said. The town's net state aid, when factoring 2.5 percent annual inflation, is down about $1.8 million from a decade ago, Maylor said. The town received $3 million net state aid for Fiscal '12. Any relief from education reform is unlikely in the short term as is any relief from potential revenues generated by casino gambling in the state, he said. In addition, consumers have been spending less …
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David Arsenault
12:18 pm on Friday, December 7, 2012
Of course ripping up roads, repaving them before drainage is fixed makes sense. Town saves money by doing things twice. more ›