1

City of Haverhill Budget Presentation

May 27, 2014

Mayor James J. Fiorentini

2

Revenue Sources

Property Taxes55%

Local Receipts10%

STATE AID

Transfers0%

Miscellaneous1%

Revenue Driver

3

Revenue Increases

• Property taxes are up $2.4 million• State aid up $965,058k (2.19%)• Personal Property taxes are up $139k (2.5%)• Meal taxes are up $44k (6.49%)• Hotel taxes are up $94k (39.91%)

4

Prop 2 and half increase plus new growth is $2.564 million

New growth numbers still down from prior to recession $750k

Property Taxes

03 04 05 06 07 08 09 10 11 12 13 14 15$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

New Growth

Year

5

Hale hospital debt aid◦ $2.4 million– Thank you Representative Dempsey!

◦ Other aid Chapter 70 (schools) $45,091,781 an increase of

$965,058 (2.19%) Unrestricted local aid $235,984 (2.77%)

State Aid

6

Meals tax◦ $725,250 and increase of $44,208 (6.49%)

◦ Other new revenue sources- Hotel tax: $330,325 an increase of $94,225 (39.91%) Ambulance fee is $52k an increase of $2k (4%) Cable fee of $200k Total is $1,307,575

Additional Recurring Revenue Sources

7

ExpendituresGeneral Operating

2%

Public Safety12%

Education Operating

43%

Public Works

Human Services

Debt ServiceEmployee Benefits

24%

OtherState Charges

Expenditure Drivers

8

Snow and Ice deficit- $900,000 Regional School increase- $450,000 (45%

increase) Pensions- Up $509,000 (14% increase)

Other Expenditure Drivers

9

Mitigation $648,500 Reserve $400,000

Health care expenses

10

Schools- $200,000 Stabilization- $400,000 Taxing below the levy limit- $300,000

Reserves

11

• Public Safety- an increase of $564,497 (5.8%)

• School Department- an increase of $1,286,556 (2.1%)

Reserves- We are adding $400k to stabilization bringing the total to $2.978,381

Operating expense increases

12

OPEB CSO and Storm Water Hunking School Second Mound of Landfill

Concerns

13

Things are better Long way to go Must continue to hold the line

Conclusion