STATE OF THE TOWN

State of the Town 2007

Presented by:Hopkinton Chamber of Commerce

Purpose and Intent

To provide the community the business perspective on the

state of the town in advance of town meeting, town elections, and the start of a new business

cycle for town boards, committees and organizations.

Budget Process

Presented by:Anthony Troiano, Town Manager

FY2007 Tax Levy

Levy Limit $32,945,4982 ½ Increase 823,637New Growth 993,7432 ½ Override 1,933,119Existing Debt Exclusion

2,837,621

FY2007 Tax Levy Limit $39,533,618

FY2008 Tax LevyLevy Limit $36,695,9972 ½ Increase 917,400New Growth 800,0002 ½ Override 0Existing Debt Exclusion 3,318,989

FY2008 Tax Levy Limit $41,732,386

FY2008/2007 Comparisons FY2008 FY2007

Levy Limit $36,695,997 $32,945,498

2 ½ Increase 917,400 823,637

New Growth 800,000 993,7432 ½ Override 0 1,933,119Existing Debt Exclusion 3,318,989

2,837,621

Tax Levy $41,732,386 $39,533,618

FY2008 Available FundsActual Tax Levy $41,732,386

Local Receipts 3,600,000

Enterprise Funds 3,213,903State Aid 9,831,852Free Cash

522,133Transfers 852,805Overlay Surplus

26,720Total Revenues

$59,779,799

FY2008 Available FundsActual Tax Levy $41,732,386

Local Receipts 3,600,000Enterprise Funds 3,213,903State Aid 9,831,852Free Cash 522,133Transfers 852,805Overlay Surplus 26,720Total Revenues $59,779,799Charges Against Revenue

($1,070,016)FY2008 Available Funds $58,788,803

FY2008/2007 Comparison FY2008 FY2007

Actual Tax Levy $41,732,386 $39,533,618Local Receipts 3,600,000 3,540,440Enterprise Funds 3,213,903

2,787,398State Aid 9,831,852 9,987,636Free Cash 522,133 1,096,071Transfers 852,805 311,448Overlay Surplus 26,720 125,000Total Revenues $59,779,799 $57,803,079Charges Against Revenue ($1,015,996) ($1,071,017)Available Funds $58,763,803 $56,310,595

Available Funds FY2008 Budgets

Available Funds FY2008 $58,763,803Available Funds FY2007 56,310,595Additional Available Funds FY2008

$2,453,208Less:

Allocated Enterprise Funds $426,504Debt & Interest 391,789Benefits & Health Insurance 890,569 $1,708,862

Available Funds FY2008 Budgets $ 744,346

Level Services Budget FY2008

Level Services Budget $60,716,776Available Funds FY2008 58,733,063

Deficit/Shortfall ($ 1,983,713)

Cost/Yr/Avg Household $363.00

Financial Process

Presented by:Maureen Dwinnell, Town Treasurer

Other Impacts FY2008 Taxes

Capital Exclusions New Debt Exclusions Reduced Property Values Increased Tax Rate

FY2008 Capital ExclusionDPW Highway:

Dump Truck $180,000Dump Truck 150,000East Main Sidewalk 90,000

Recreation:EMC Field Lighting 75,000EMC Pole Lighting 40,000Town Common – Gazebo 60,000

Cemetery 25,000Dam Maintenance 90,000Downtown Revitalization

25,000

Total Capital Exclusions $735,000

Cost/Yr/Avg Household $133.50

FY2008 New Debt ExclusionPreviously Voted:

School Plans $150,000To Be Voted TM2007:

School Repairs 79,825School Fields 87,500Fire Rescue 17,000Grandstand 11,250

Total New Debt Exclusions $345,575

Cost/Yr/Avg Household $61.00

Capital Improvements Plan• East Hop Fire Station

• Woodville Fire Station

• DPW Facility

• Early Child School

• School Administration

• Hopkins School

• Elmwood School

• Recreation Fields

• Town Hall

• School Plans

• Middle School

• Stadium

• Fire Truck

• Boiler

Projected Debt Exclusion

Year Current Projected2009 $3,102,640 $4,941,838

2010 2,929,789 6,954,928 2011 2,706,444 6,911,2812012 2,518,076 6,639,6122013 2,288,731 6,437,9042014 2,684,044 6,680,5562015 2,462,867 6,345,9322016 1,853,192 5,622,8122017 1,689,695 5,345,8682018 1,412,314 4,955,042

Non-Excluded Items

Roads – General Budget & Ch. 90

Wells/Water Mains – User Fees WWTFs

Construction – Betterments Operating – User Fees

Other Tax Impacting Items

Bond RatingOpen SpaceCPA Funds

Bond Rating - AA

Municipal PlanFinancial PlanCommercial BaseProperty ValuesTax Collections/Delinquencies

ConcernsLevel Funding – Very DifficultBudget Cuts – CommonplaceOverides – Annual EventCapital Improvements – Delayed

Commercial Base

Presented by:Ron Roux, Hallmark Companies

Tax Base FY2007Class Valuation % of TotalResidential $2,617,019,595 84.95Open Space 444,700

.01Commercial 85,836,034 2.79Industrial 307,307,939 9.98Personal 70,038,180 2.27Total $3,080,646,448 100.00

Land Use

Class Acreage % of TotalResidential 6,976 48.3Commercial 306 2.1Industrial 1,035 7.1Open Space 5,678

39.4Municipal 195 1.4Institutional 241 1.7Total 14,431 100.0

Commercial/Industrial Base

Area Assessed Value

Downtown $ 18,347,500South Street 238,215,070Elmwood Park 26,802,700All Other 109,778,703Personal 70,038,180

Total $ 463,182,153

Downtown Potential Objective – “Boutique” Retail/Office Gathering Place for the Community Downtown Revitalization Committee Rezoning 2006 Town Meeting

Hopkinton Village Center Projected Buildout – Double Existing

Commercial Base

South Street Potential Objective – Increased Utilization Rezoning 2006 Town Meeting

Hopkinton Square Zoning Initiative – 2007 Town

Meeting Taller buildings

Targeted Buildout – Increase Commercial Base $200,000,000

Elmwood Park/495 Potential

Objective – Increased Utilization Zoning Initiative – 2008 Town

Meeting Taller buildings Uses/Hotels

Targeted Buildout – Triple Existing Commercial Base

Other Potential Commercial Erickson Retirement Community

Potential $250,000,000 Weston Nurseries Liberty Mutual Harvey’s Recycling Center

Plan of Action

Presented by: Scott Richardson, Gorman Richardson

Architects

Objective

Collectively work to create an environment that is conducive to commercial expansion … actively engaging all stakeholders in the process.

Next Steps Create the Proper Zoning

Initiatives Build the Necessary Infrastructure Develop Private/Public Initiatives

Erickson Retirement Communities

Weston Nurseries Streamline the Process

Critical Infrastructure Needs

Waste Water Treatment Facilities

Public Water Supply Traffic Improvements

Immediate Action Items

Upcoming Town Meeting South Street Zoning WWTF Funding

Upcoming Elections Implement Infrastructure

Improvements

Conclusion

The degree to which a

community succeeds in achieving its goals and objectives is directly tied to the constructive involvement of all its stakeholders … the alternative is unacceptable.