1. TOWN OF BOURNE FINANCIAL REVIEW
FISCAL YEAR 2014

2. Town of Bourne Fiscal Year 2014 Slides
General Fund Highlights
General Fund Revenues Budget vs. Actual State Aid & Local Receipts
Local Receipts Budget vs. Actual by graph
General Fund Appropriations & Expenditures
General Fund Departmental Expenditures by percentage
ISWM & Sewer Enterprise Highlights
ISWM Revenues Budget vs. Actual
ISWM Appropriations & Expenditures
Sewer Revenues Budget vs. Actual
Sewer Appropriations & Expenditures

3. Highlights to General Fund Revenues & Expenditures
Budget to actual for local receipts tighter due to change in Cherry Sheet Charge increases.
Revenues received were actually higher than budgeted resulting in a net surplus of $1,076,627. Of the excess revenues $528,041 were from one time sources.
Departmental expenditure appropriations were less than budgeted resulting in a net turn back by departments of $608,379.
The snow & ice account had a deficit of $398,560 which is being raised on the Tax Rate recap for FY The expenditure appropriation turn back would be 209,819 without raising the deficit.

4. General Fund Revenues Budget vs. Actual - State and Local Receipts
Town of Bourne
General Fund Revenues Budget vs. Actual - State and Local Receipts
Fiscal Year 2014
FROM THE COMMONWEALTH
Budget
Actual
Over(Under)
Veteran's Benefits
96,415.00
$93,101.00
($3,314.00)
Exemptions: Veterans, Blind, Surviving Spouse
$107,711.00
$109,023.00
$1,312.00
State Owned Land
$521,715.00
$0.00
Unrestricted Govt Aide
$1,269,209.00
Chapter 70
$4,825,238.00
Charter School Reimbursement
$421,455.00
$462,350.00
$40,895.00
Total from the Commonwealth
$7,241,743.00
$7,280,636.00
$38,893.00
FROM LOCAL RECEIPTS
Difference
Motor Vehicle Excise
$2,156,274.00
$2,475,978.61
$319,704.61
Other Excise (Hotel & Boat)
$130,000.00
$142,949.66
$12,949.66
Penalties/Interest on Taxes
$300,000.00
$282,175.80
($17,824.20)
Payment In Lieu of Taxes
$25,000.00
$23,381.92
($1,618.08)
Departmental Revenue - Marinas & Other Marina Revenue
$1,100,000.00
$1,186,279.69
$86,279.69
Other Departmental Revenue
$265,000.00
$342,438.63
$77,438.63
Licenses and Permits
$565,000.00
$665,561.71
$100,561.71
Fines and Forfeits
$158,614.26
$28,614.26
Investment Income
$45,000.00
$31,449.10
($13,550.90)
Other Federal Revenue
$60,000.00
$16,487.00
($43,513.00)
Other Miscellaneous Income
$45,896.00
$573,937.01
$528,041.01
Total Local Receipts
$4,822,170.00
$5,899,253.39
$1,077,083.39
GRAND TOTAL ACTUAL STATE & LOCAL RECEIPTS
$12,063,913.00
$13,179,889.39
$1,115,976.39

5. Local Receipts Budget vs. Actual FY2014

6. Miscellaneous Revenues
Miscellaneous revenues are generally one time sources of reimbursements or unanticipated revenues.
Miscellaneous Revenue
Totals
McKinney Vento Transportation
126,235.00
Veterans Expenditure Reimburse
10,820.00
Hurricane Sandy
13,967.52
Steamship Park Lot Rental
7,790.00
Benefit reimb Grant position
6,492.78
Police Recruit Training
3,834.83
Falmouth Road Sale
175,000.00
Special Election Reimbursement
21,727.00
Blizzard Reimbursement
112,969.39
Sale of dirt
30,926.40
Barnstable County
57,103.83
Miscellaneous other
7,070.06
Summary Detail of large deposits
573,936.81

7. Revenues Over/Under Budget and Expenditure Turn back History
State Revenue
Over Under
Budget
Local Receipts
Expenditure
Turn backs
2010
-$9,526
$525,361
$612,968
2011
-$25,592
$453,640
$1,406,482
2012
$8,146
$882,013
$1,635,873
2013
-$217,165
$1,353,923
$831,020
2014
$38,893
$1,076,627
$608,379

8. Appropriations & Expenditures Year Ended June 30, 2014
TOWN OF BOURNE
GENERAL FUND
Appropriations & Expenditures
Year Ended June 30, 2014
Balance 7/1/2013
Appropriation
Expenditures
Transfers & Budget Amendments
Closed to Fund Balance
Encumbered Balance 6/30/2014
General Government
$665.43
$2,964,648.00
$2,796,094.58
$55,365.36
$176,588.14
$47,996.07
Public Safety
$1,146.10
$8,778,362.00
$8,507,194.95
($74,326.59)
$196,519.00
$1,467.56
Education
$140,319.23
$22,912,131.00
$22,945,255.69
$20,842.26
$86,352.28
Public Works
$104.00
$2,240,885.00
$2,492,431.52
($27,656.98)
($279,456.34)
$356.84
Human Services
$183.56
$1,046,628.00
$1,079,695.42
$53,827.73
$20,943.87
Culture & Recreation
$1.34
$823,659.00
$799,639.46
$4,000.00
$27,946.87
$74.01
Debt Services
$0.00
$3,655,314.00
$3,608,392.80
($45,841.95)
$1,079.25
Shared Costs
$248.00
$11,138,459.00
$11,463,326.83
$378,297.43
$45,355.45
$8,322.15
General Fund Total
$142,667.66
$53,560,086.00
$53,692,031.25
$343,665.00
$209,818.50
$144,568.91

10. ISWM & Sewer Revenue & Expenditure Highlights FY2014.
ISWM Budgeted Revenues were reduced at fall STM by 2.3 million due to revenue shortfall in FY2009.
Actual revenues received were higher by just over 1 million dollars.
ISWM’s budget was increased by 450,000 at the STM in May to cover additional costs.
ISWM ended FY2014 with Free Cash approval of $5,326,025 down 120,717 from FY2013.
ISWM set aside additional funds in the amount of $887,981 to Post Closure accounts.
Sewer budgeted revenues were short by $43,866.
Sewer departmental expenditures were less than budgeted by $81,483. The budget was amended by a $50,000 transfer from Retained Earnings at the Oct 2013 STM to for operation expenses
Sewer Enterprise Fund ended with a Free Cash approval of $677,255 slightly higher than FY2013 of 633,476.

11. INTEGRATED SOLID WASTE MANAGEMENT Revenues - Budget vs. Actual
TOWN OF BOURNE
INTEGRATED SOLID WASTE MANAGEMENT
Revenues - Budget vs. Actual
Year Ended June 30, 2014
Fiscal 2014 Budget
Fiscal 2014 Actual
Revenue Over (Under) %
User Charges:
$ ,481,757.00
$ 10,658,637.78
$ ,880.78
101.69%
Other Departmental revenue
Recycling Revenue
$ ,000.00
$ ,414.52
Miscellaneous $
$ ,458.38
Total Other Departmental
$ ,872.90
$ ,872.90
108.75%
Investment Income
Total Investment Income
$ ,000.00
$ ,917.12
($ ,082.88)
92.78%
Total
$ ,746,757.00
$ 10,944,427.80
$ ,670.80
$101.84%

12. INTEGRATED SOLID WASTE MANAGEMENT Appropriations & Expenditures
TOWN OF BOURNE
INTEGRATED SOLID WASTE MANAGEMENT
Appropriations & Expenditures
Year Ended June 30, 2014
Balance 7/1/2013
Appropriation
Expenditures
Transfers In (Transfer Out)
Closed to Fund Balance
Encumbered Balance 6/30/2014
Operating Budget:
Salaries
$ 1,922,662.00
$ 1,760,966.25
$ ,695.75
Expenses
$ ,375.95
4,027,150.00
3,842,930.53
57,225.96
148,369.46
Debt Service
2,109,500.00
Reserve Fund
200,000.00
$200,000.00 -
Host Community Fee
600,000.00
631,307,91
(31,307.91)
Sub-Total
$ 8,859,312.00
$ 8,344,704.69
$ ,613.80
$ ,369.46
Indirect Costs Total
$ 1,887,445.00
$ 1,887,445.00 $

13. Revenues - Budget vs. Actual Year Ended June 30, 2014
SEWER ENTERPRISE FUND
Revenues - Budget vs. Actual
Year Ended June 30, 2014
Fiscal 2014 Budget
Fiscal 2014 Actual
Revenue Over(Under) Budget %
User Charges:
Sewer User Fees:
$ ,740.56
Sewer User Charges Added to Taxes
$ ,643.24
Total User Charges
$ ,000.00
$ ,383.80
$ 85,383.80
110.61%
Sewer Betterment Receipts:
Sewer Assessment Paid in Advance
$ ,380.42
Apportioned Sewer Betterment:
$ ,983.95
Committed Interest:
$ ,907.18
$ ,000.00
$ ,271.55
$ ,271.55
149.09%
Other Departmental Revenue:
$ ,086.00
$ ,030.41
$ ,944.41
166.13%
Investment Income
$ ,000.00
$ ,696.64 $
169.66%
Retained Earnings
$ ,000.00
$ ,000.00
Total
$ ,002,086.00
$ 1,114,382.40
$ 112,296,40
111.21%

14. Appropriations & Expenditures Year Ended June 30, 2014
TOWN OF BOURNE
SEWER ENTERPRISE
Appropriations & Expenditures
Year Ended June 30, 2014
Balance 7/1/2013
Appropriation
Expenditures
Transfers In (Transfer Out)
Closed to Fund Balance
Encumbered Balance 6/30/2014
Operating Budget:
Salaries $
$ 166,225.00
$ 163,438.42
$ ,786.58
Expenses
$ 133,575.00
$ 78,045.31
$ ,529.69
Wareham - Operation Expense
$ 273,000.00
$ 315,326.51
$ ,000.00
$ ,673.49
Wareham - Capital Assessment
$ 188,478.00
$ 188,477.53 $
Debt Service
$ 53,281.00
$ 52,788.20 $
Reserve Fund
$ 15,000.00
15,000.00
Sub-Total
$ 829,559.00
$ 798,075.97
$ 81,483.03
Indirect Costs Total
$ 122,527.00
$ (122,527.00) -

15. A Review of the Town’s Financial Reserves & Policies
Town of Bourne
A Review of the Town’s Financial Reserves & Policies

16. Town of Bourne Financial Policies & Reserve Slides
Financial Reserve Highlights
Free Cash History
Free Cash History by Graph
Stabilization Fund History
Stabilization Fund History by Graph
Unreserved Fund Balance & Stabilization Reserves to Policies
Unreserved Fund Balance & Stabilization Reserves by Graph
Town Financial Policies

17. Financial Reserve Highlights
The Town changed its policies in April 2012 from the requirement of maintaining a Unreserved Fund Balance of 5% of the General Fund Operating Budget to maintain a Free Cash Balance of 5% of the GFOB. Also changed was striving to maintain a debt service budget of at least 5% of the GFOB to striving to maintain a debt service budget of 3% of the GFOB. This was a result of the Middle School debt being refunded.
Certified Free Cash as of July 1, 2014 is $4,897,346. Compared to previous year of $5,700, Down $803,134 after using $2,004,000 towards FY2015 budget an increase of $604,000 from previous two years. Free Cash is $2,129,840 over minimum policy.
With town meeting approval of transfers totaling $950,000 back to the Stabilization fund it brought the fund to $3,517,265 still under the minimum policy amount by $357,244.
Net difference in Free Cash & Stabilization policy amounts excess over minimum is $1,772,596 for both.
The Unreserved Fund/Free Cash Balance has been above the town’s policy of 5% of the GFOB for the past five years.
The Debt Service budget has been within the policy for past 3 years.
The Employer Health Insurance Trust Fund continues to fall within the financial policy.

18. Free Cash History Fiscal Year Certified Free Cash at Beg of FY
Total Voted During Fiscal Year
Used for Following Fiscal Years Budget
Used for Current Fiscal Years Budget
Used for Capital
Transfer to Stabilization
Used for Articles
2003
$2,580,217.00
$ 1,881,770.53
$771,877.00
$614,177.00
$492,575.00
$3,141.53
2004
$1,613,903.00
$ 1,439,111.00
$562,736.00
$201,900.00
$624,475.00
$50,000.00
2005
$1,890,990.00
$ 1,890,990.00
$700,829.00
$933,079.65
$248,853.00
$8,128.35
2006
$1,107,031.00
($667,967.36)
 ($700,829.00)
$32,761.64
2007
$3,911,948.00
$ 1,459,656.57
$553,850.00
$30,749.72
$205,270.00
$587,684.85
$82,102.00
2008
$4,262,471.00
$ 1,662,338.00
$650,478.00
$181,981.00
$700,000.00
$129,879.00
2009
$5,252,603.00
$ 2,034,697.39
$859,245.00
 $22,500.00
$244,000.00
$887,462.00
$21,490.39
2010
$4,897,336.00
$ 1,854,907.32
$1,780,737.00
$74,170.32
2011
$4,347,334.00
$1,340,687.00
$800,000.00
$429,375.00
$8,000.00
$88,312.00
$15,000.00
2012
$5,099,679.00
$1,908,922.00
$1,400,000.00
$144,395.00
$169,527.00
$195,000.00
2013
$6,510,383.00
$3,241,255.99
$464,500.00
$594,391.37
$782,364.62
2014
$5,700,480.00
$2,879,446.00
$2,004,000.00
$107,800.00
$450,000.00
$317,646.00
2015
 $4,897,346.00

19. Free Cash History

20. Stabilization Fund History
Fiscal Year
Stabilization fund Beginning of FY Year
Used for Budgets during fiscal year
Voted to Stabilization fund during fiscal year
Interest earned in fiscal year
2003
$2,413,671.00
($600,000.00)
$50,000.00
$43,234.00
2004
$1,906,905.00
($400,000.00)
$26,295.00
2005
$1,583,200.00
($200,000.00)
$183,603.00
$36,024.00
2006
$1,602,827.00
$400,000.00
$62,736.00
2007
$1,665,563.00
($769,898.00)
$282,213.00
$70,348.00
2008
$1,248,226.00
$1,287,684.00
$76,628.00
2009
$2,612,538.00
$887,462.00
$51,847.00
2010
$3,551,847.00
($88,312.00)
$39,671.00
2011
$3,503,206.00
$88,312.00
$13,320.00
2012
$3,604,838.00
($152,013)
$22,652.00
2013
$3,475,477.00
($950,000.00)
$21,525.00
2014
$2,547,002.00
$950,000.00
$20,263.00
2015
$3,517,265.00

21. Stabilization Fund History

22. Capital Stabilization Fund History
Fiscal Year
Stabilization fund Beginning of FY Year
Transfers out during fiscal year
Transferred to Stabilization fund during fiscal year
Interest earned in fiscal year
2008
$28,842.33
$.00
2009
$16,130.52
$312.53
2010
$45,285.38
 $404,366.57
$212.01
2011
$449,863.96
$1,471.14
2012
$451,335.10
234,223.44
$955.79
2013
$686,514.33
($500,000.00)
166,154.35
$1,337.09
2014
$354,005.77
($350,000.00)
$31,307.91
$320.57
2015
$35,634.25

23. Unreserved Fund Balance/Free Cash & Stabilization Fund to Policy
Fiscal Year
GFOB
5% of GFOB
UFB/Free Cash
Over/Under
2004
$ ,530,776
1,976,539
2,607,956
631,417
2005
$ ,508,734
2,125,437
2,649,273
523,836
2006
$ ,747,188
2,237,359
1,635,351
(602,008)
2007
$ ,322,892
2,316,145
4,345,409
2,029,264
2008
$ ,078,376
2,453,919
4,920,356
2,466,437
2009
$ ,986,882
2,499,344
6,499,553
4,000,209
2010
$ ,165,988
2,508,299
6,246,746
3,738,447
2011
$ ,930,917
2,546,546
5,373,266
2,826,720
2012
$ ,875,934
2,493,797
6,067,772
3,573,975
2013
$ ,928,453
2,596,423
6,510,383
3,913,960
2014
$ ,560,086
2,678,004
5,700,480
3,022,476
2015
$ ,350,130
2,767,507
4,897,346
2,129,840
Fiscal Year
GFOB
7% of GFOB
Stabilization
Over/Under
2004
$ ,530,776
2,767,154
1,906,905
(860,249)
2005
$ ,508,734
2,975,611
1,583,200
(1,392,411)
2006
$ ,747,188
3,132,303
1,602,827
(1,529,476)
2007
$ ,322,892
3,242,602
1,665,563
(1,577,039)
2008
$ ,078,376
3,435,486
1,248,226
(2,187,260)
2009
$ ,986,882
3,499,082
2,612,538
(886,544)
2010
$ ,165,988
3,511,619
3,551,847
40,228
2011
$ ,930,917
3,565,164
3,503,206
(61,958)
2012
$ ,875,934
3,491,315
3,604,838
113,523
2013
$ ,928,453
3,634,992
3,475,477
(159,515)
2014
$ ,560,086
3,749,206
2,547,002
(1,202,204)
2015
$ ,350,130
3,874,509
3,517,265
(357,244)

24. UFB/Free Cash & Stabilization to Financial Policy

25. Town of Bourne Financial Policies
Free Cash: To maintain an annual Free Cash Balance of at least 5% of the General Fund Operating Budget.
Stabilization Fund: To maintain a Stabilization Fund balance of at least 7% of the General Fund Operating Budget
Employer Health Insurance Trust Fund: To hold a reserve in the Health & Dental dedicated fund an amount to be not less than four(4) months of average costs of Health & Dental assessments including all administrative fees. Additionally at no time shall the fund hold less than one million six hundred thousand dollars(1,600,000) in reserves at the close of any fiscal year.
Debt Service: The Town will strive to budget at least 3% of the general fund annual operating budget (excluding debt service) on debt service for capital maintenance and equipment costs. This amount does not include the debt for Community Preservation, Enterprise Funds, debt exclusions or self supported debt.