YARMOUTH – Yarmouth Selectmen received an outlook of the Fiscal Year 2018 budget at their meeting on Tuesday night.
Interim Town Administrator Peter Johnson-Staub made the presentation to selectmen, outlining the revenues and expenditures that will be included in the budget.
The revenue estimate for FY2018 show a 2.5 percent tax levy increase of $1.3 million with total estimated growth of over $1.8 million.
The cost increases for FY2018 are more than $1.7 million and FY2018 is $445,000 more than budgeted for FY2017.
“Looking at our recurring revenues, can we carve out a piece that we can dedicate now to capital needs that we know are looming and might not hit for four, five or 10 years,” said Johnson-Staub.
Selectmen have asked that the budget provide for essential town services, including an increase of up to 2.5 percent for the Dennis-Yarmouth and Cape Cod Technical Regional Schools.
Selectmen also asked that $1.5 million in routine capital spending and $1.2 million for road maintenance funds be included within the tax levy.
“The base budget can be funded without service loss or tax increase beyond 2.5 percent using sustainable, reliable revenue sources,” said Johnson-Staub. “New town spending will require new revenues for offsetting spending reductions.”
According to the FY2018 Budget Schedule, Johnson-Staub is expected to submit the town’s Capital Improvement Plan to the Capital Budget Committee by Monday.
The budget will then be submitted to selectmen and the finance committee by December 20, with a public hearing on the budget and capital plan scheduled for March 7, 2017, Annual Town Meeting taking place on May 6, 2017 and Annual Town Election on May 16.
By JUSTIN SAUNDERS, CapeCod.com Newscenter
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