Multi-Year Financial Forecast

To assess the range of choices available to budget decision makers when determining how to allocate resources, a multi-year financial forecast establishes projections of revenues and expenditures as part of the annual budget process. By presenting the future implications of current budget scenarios, forecasting helps Town officials and the general public to make strategic plans for lasting fiscal sustainability and future investment.

The multi-year forecast as presented below provides the following general assumptions over the next several fiscal years:

Revenues
• Property Taxes: 2.5% increase plus New Growth of $250,000 per year
• State Aid: Level funded based upon previous fiscal year budget
• Local Receipts: Level funded based upon previous fiscal year budgets
• Transfers In: Funding for Cable TV operation. Usually level funded.
• Use of One-Time Funds: Per Town policy, no use of one-time funds is permitted for future budget forecasting

Expenses
• Town Budget: 4.5% annual expense growth
• Wachusett Regional School District Budget Assessment:10% annual expense growth rate
• Bay Path Reg. Voc. Tech. School District Budget Assessment: 15% annual expense growth rate