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Ross presents five-year forecast and draft FY24–25 budget; staff flags pension, fire and facilities costs
Summary
Town staff told the council the current level of services is fundable over five years but the forecast tightens as pension and fire costs rise; staff proposed a balanced FY25 budget with a projected FY24 surplus of $1.725 million and recommended cautious use of one-time funds for capital.
Town Manager Krista Johnson and staff presented a five-year financial forecast and the draft fiscal year 2024–25 budget, outlining revenue drivers, major cost increases and near-term priorities.
Staff told the council the town’s largest revenue source remains property taxes (about 64% of budgeted revenue in the forecast) and that a conservative forecast from the town’s property tax consultant HDL projects roughly 4% annual growth. Staff said building permit receipts and interest income have come in higher than projected this year, supporting a projected…
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