Dear Board Members and Community:
The M.S.A.D. #1 Administration is pleased to present you a draft budget for 2017-18. The budget presented is in a new format to meet your request of a more transparent process that has more data and narrative.
The District’s proposed budget is down $350,808.75 in expenses which is a -1.44% decrease. As a result the allocations below are the local required taxes.
The above projection updates the State valuations for each community and unfortunately includes a drastic reduction in State Subsidy of $222,313. Overall the District is still able to reduce local taxes by -1.50%. However, if the State hadn’t reduced subsidy below last year’s allocation, the District would have been down -4.08% in property taxes.
Fund Balance for current year activity is not certain until late June but current projections show only a slight loss to fund balance from operations. This means budgeting about $3.2 million in carry forward is sustainable. This is almost the exact same as last year.