The town uses a Five-Year Financial Forecast to project revenues and expenditures for future fiscal years. This document evolves during the budget process as new revenue and expenditure data/information becomes available. It is an iterative process, so the FY24 deficit will change as we incorporate updated revenue projections and expense estimates at different points in the budget cycle.
We typically put together the initial version of the Forecast each December once municipal and school budget requests are submitted for the upcoming fiscal year. The Forecast is then updated 2-3 more times – typically in late January/early February when Q2 revenue information becomes available and again in early March when health insurance rates are published for the upcoming fiscal year and preliminary State aid information becomes available. The Forecast is finalized in mid-March once the Advisory Committee votes final budget recommendations.
As of early March 2023, the current FY24 deficit is $6.0 million.