Category Archives: Budgets

Moody’s rated Medfield Aa1 as of 2/10/12 for bonds that our Treasurer Collector, Georgia Colivas is having the town issue on 2/15/12, to be able to lower the interest rate on the existing ten year old bonds (the bonds could not be called for the first ten years).  The Moody’s rating summary is attached, and makes interesting reading.

We should all thank Georgia, as she is saving the town what is projected to be $1.7 m. over the next ten years on the new bonds.

Click to access 20120210-moodys-rating-report-medfield-ma.pdf

At the opening session of the Massachusetts Municipal Association’s annual meeting that I attended last  Friday morning, the Lieutenant Governor told us the Governor’s proposed local aid figures for the next fiscal year (FY13) that will be in the Governor’s upcoming budget, which budget I believe will be released tomorrow and which becomes HR-1 (House bill #1).  All local aid is proposed to be funded at last year’s levels, except the Governor proposes to add $145 m. to the education funding levels, so we may get somewhat more.

Secretary of A&F Jay Gonsalves and House Ways and Means Chair Brian Demsey both emphasized that even though the state’s revenues are expected to be up, that the health care costs and some other parts of the state budget will more than eat up those increased revenues, such that they are proposing a tight FY13 budget, with many cuts to make things balance.

The Governor’s local aid summary hand out, with my hand notated local aid numbers for Medfield is attached.  https://medfield02052.blog/wp-content/uploads/2012/01/20120120-governor-local-aid-budget-figures.pdf

I am reading the Massachusetts Municipal Association’s January Beacon with my lunch, and it says that the state’s 12/12/11 annual consensus revenue hearing  agreed that FY12 revenues will be up an additional $53m. (revenue estimates were already raised $395m. in October), and that state revenues are expected to increase 3% in FY13 ($560m. – $683m.).  Better state revenues should assist Medfield’s state aid expectations, and therefore relieve our reliance on our property taxes.

Interestingly, Mike Sullivan reported to the contrary at the Board of Selectmen meeting last night.  Mike’s information may be newer, or it may just factor in that the state’s costs/expenses may rise faster than the revenues.

December 07, 2011

In fiscal 2010 and 2011, Massachusetts cities and towns endured the most difficult two-year period in 30 years, with property taxes rising to their highest share of local spending since Proposition 2½ took effect in 1981, according to a report released today by the Massachusetts Taxpayers Foundation.

rest is at http://mma.org/local-aid-and-finance/6113-mtf-report-municipalities-mired-in-worst-2-year-stretch-in-3-decades

Mike Sullivan held his annual budget school for the Warrant Committee members on Saturday and this selectman.  All nine Warrant Committee members attended, noting that they always get something new each year.

I asked and Mike agreed to post the materials he handed out (an inch thick) on-line for residents who want to learn the details of how our town’s sausage is made, as well as some other budget detailed documents he had not copied for attendees.

Medfield’s property taxes rated it the 22nd highest taxes in the state in FY11, per the DOR, averaging $8,477 per home.  This is from the state’s spreadsheet –

Per Joanne Muti, Legislative Aide to Representative Dan Winslow, the town will be receiving a Halloween treat in the form of $88,651 from the state.  This is the state returning some FY11 monies they earlier took away, when their budget looked worse. The Office of the State Comptroller will be closing the State’s Finance books by October 31^st, at which point funds will be formally recognized and distributed by the Department of Revenue.

Mike gave the Board of Selectmen several schedules describing the town’s debt this week, and I have uploaded them.

1.  Debt Service by year FY12 – FY21 — https://medfield02052.blog/wp-content/uploads/2011/10/debt-service-outstanding-fy11-fy21.pdf

2. Historic Debt Figures — https://medfield02052.blog/wp-content/uploads/2011/10/debt-historical-debt-figures.pdf

3.  School Building Assistance schedule — https://medfield02052.blog/wp-content/uploads/2011/10/debt-sba.pdf

4.  Sewer Betterments by FY 2011 to 2026 — https://medfield02052.blog/wp-content/uploads/2011/10/debt-sewer-betterments-fy11-fy26.pdf

5.  Debt payments by project and by year — https://medfield02052.blog/wp-content/uploads/2011/10/debt-payments-by-project-by-year-fy10-end.pdf