1. STATE OF THE TOWN State of the Town 2007 Presented by: Hopkinton Chamber of Commerce

2. 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.

3. Budget Process Presented by: Anthony Troiano, Town Manager

4. FY2007 Tax Levy LevyLimit $32,945,498 2 ½ Increase 823,637 New Growth 993,743 2 ½ Override 1,933,119 Existing Debt Exclusion 2,837,621 FY2007 Tax Levy Limit $39,533,618

5. FY2008 Tax Levy LevyLimit $36,695,997 2 ½ Increase 917,400 New Growth 800,000 2 ½ Override 0 Existing Debt Exclusion 3,318,989 FY2008 Tax Levy Limit $41,732,386

6. FY2008/2007 Comparisons FY2008 FY2007 Levy Limit $36,695,997 $32,945,498 2 ½ Increase 917,400 823,637 New Growth 800,000 993,743 2 ½ Override 0 1,933,119 Existing Debt Exclusion 3,318,989 2,837,621 Tax Levy $41,732,386 $39,533,618

7. FY2008 Available Funds Actual Tax Levy $41,732,386 Local Receipts 3,600,000 Enterprise Funds 3,213,903 State Aid 9,831,852 Free Cash 522,133 Transfers 852,805 Overlay Surplus 26,720 Total Revenues $59,779,799

8. FY2008 Available Funds Actual Tax Levy $41,732,386 Local Receipts 3,600,000 Enterprise Funds 3,213,903 State Aid 9,831,852 Free Cash 522,133 Transfers 852,805 Overlay Surplus 26,720 Total Revenues $59,779,799 Charges Against Revenue ($1,070,016) FY2008 Available Funds $58,788,803

9. FY2008/2007 Comparison FY2008 FY2007 Actual Tax Levy $41,732,386$39,533,618 Local Receipts 3,600,000 3,540,440 Enterprise Funds 3,213,903 2,787,398 State Aid 9,831,852 9,987,636 Free Cash 522,133 1,096,071 Transfers 852,805 311,448 Overlay Surplus 26,720 125,000 Total Revenues $59,779,799 $57,803,079 Charges Against Revenue ($1,015,996) ($1,071,017) Available Funds $58,763,803 $56,310,595

10. Available Funds FY2008 Budgets Available Funds FY2008 $58,763,803 Available Funds FY2007 56,310,595 Additional Available Funds FY2008 $2,453,208 Less: Allocated Enterprise Funds $426,504 Debt & Interest 391,789 Benefits & Health Insurance 890,569 $1,708,862 Available Funds FY2008 Budgets $ 744,346

11. Level Services Budget FY2008 Level Services Budget$60,716,776 Available Funds FY2008 58,733,063 Deficit/Shortfall ($ 1,983,713) Cost/Yr/Avg Household $363.00

12. Financial Process Presented by: Maureen Dwinnell, Town Treasurer

13. Other Impacts FY2008 Taxes  Capital Exclusions  New Debt Exclusions  Reduced Property Values  Increased Tax Rate

14. FY2008 Capital Exclusion DPW Highway: Dump Truck $180,000 Dump Truck 150,000 East Main Sidewalk 90,000 Recreation: EMC Field Lighting 75,000 EMC Pole Lighting 40,000 Town Common – Gazebo 60,000 Cemetery 25,000 Dam Maintenance 90,000 Downtown Revitalization 25,000 Total Capital Exclusions $735,000 Cost/Yr/Avg Household $133.50

15. FY2008 New Debt Exclusion Previously Voted: School Plans $150,000 To Be Voted TM2007: School Repairs 79,825 School Fields 87,500 Fire Rescue 17,000 Grandstand 11,250 Total New Debt Exclusions $345,575 Cost/Yr/Avg Household $61.00

16. 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

17. Projected Debt Exclusion YearCurrent Projected 2009$3,102,640 $4,941,838 2010 2,929,789 6,954,928 2011 2,706,444 6,911,281 2012 2,518,076 6,639,612 2013 2,288,731 6,437,904 2014 2,684,044 6,680,556 2015 2,462,867 6,345,932 2016 1,853,192 5,622,812 2017 1,689,695 5,345,868 2018 1,412,314 4,955,042

18. Non-Excluded Items  Roads – General Budget & Ch. 90  Wells/Water Mains – User Fees  WWTFs  Construction – Betterments  Operating – User Fees

19. Other Tax Impacting Items Bond Rating Open Space CPA Funds

20. Bond Rating - AA Municipal Plan Financial Plan Commercial Base Property Values Tax Collections/Delinquencies

21. Concerns Level Funding – Very Difficult Budget Cuts – Commonplace Overides – Annual Event Capital Improvements – Delayed

22. Commercial Base Presented by: Ron Roux, Hallmark Companies

23. Tax Base FY2007 ClassValuation% of Total Residential$2,617,019,595 84.95 Open Space 444,700.01 Commercial 85,836,034 2.79 Industrial 307,307,939 9.98 Personal 70,038,180 2.27 Total $3,080,646,448 100.00

24. Land Use ClassAcreage% of Total Residential 6,976 48.3 Commercial 306 2.1 Industrial 1,035 7.1 Open Space 5,678 39.4 Municipal 195 1.4 Institutional 241 1.7 Total 14,431 100.0

25. Commercial/Industrial Base AreaAssessed Value Downtown$ 18,347,500 South Street 238,215,070 Elmwood Park 26,802,700 All Other 109,778,703 Personal 70,038,180 Total$ 463,182,153

26. 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

27. 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

28. Elmwood Park/495 Potential  Objective – Increased Utilization  Zoning Initiative – 2008 Town Meeting  Taller buildings  Uses/Hotels  Targeted Buildout – Triple Existing Commercial Base

29. Other Potential Commercial  Erickson Retirement Community  Potential $250,000,000  Weston Nurseries  Liberty Mutual  Harvey’s Recycling Center

30. Plan of Action Presented by: Scott Richardson, Gorman Richardson Architects

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

32. Next Steps  Create the Proper Zoning Initiatives  Build the Necessary Infrastructure  Develop Private/Public Initiatives  Erickson Retirement Communities  Weston Nurseries  Streamline the Process

33. Critical Infrastructure Needs  Waste Water Treatment Facilities  Public Water Supply  Traffic Improvements

34. Immediate Action Items  Upcoming Town Meeting  South Street Zoning  WWTF Funding  Upcoming Elections  Implement Infrastructure Improvements

35. 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.