Town of Milton Financial Forecast Fiscal Years 2017-2022
Prepared two 5-Year Financial Forecasts as follows:
- The forecast assumes no changes in the structure of the Town government, consolidation of departments, regionalization or the method or manner in which services are delivered.
- All contractual obligations and unfunded mandates have been included in both forecast scenarios.
- Reviewed actual revenues and expenditures for FY 2007 – FY 2015
- Reviewed budgeted revenues and expenditures for FY 2016
- Needs Based Forecast – Requested all departments submit a “needs based” forecast for FY 2017 – FY 2021. This forecast represents those expenditures the department head and/or board/committee feel are necessary to provide the level of service required to effectively meet the needs of the residents of the Town. This forecast includes new positions in some departments which are summarized in the assumptions section of this presentation. In addition, annual wage adjustments have been projected to be in the 2% range.
- Inflation Based Level Dollar– This forecast was prepared using the FY 2016 budget as the base figures. Salary and wages are projected to increase approximately 3% annually for Town departments and 4.3% annually for the School department to account for wage adjustments of 2% plus step/lane increases. These assumptions are based upon historical figures. All contracts expire at the end of fiscal year 2016 and future wage adjustments are unknown at this time. General expenditures are projected to increase 3% for Town departments and 5% for the School department to account for inflation and increases in contractual costs.
General Fund Revenues As a Percentage of Total Forecast