Barrington budget forecast report: disappearing debt

Report also lists new capital improvement projects

Posted 2/15/19

Debt service payments are expected to drop off the town's budget in the next few years.

According to a recent report from the budget forecast committee, the town will …

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Barrington budget forecast report: disappearing debt

Report also lists new capital improvement projects

Posted

Debt service payments are expected to drop off the town's budget in the next few years. 

According to a recent report from the budget forecast committee, the town will pay off three separate bonds in the next three years — the 2011 road resurfacing bond will drop off this year; the refinance payment for high school and middle school work will drop off after 2020; and the 2007 recreation bond will drop off after 2021.

Richard Staples, a member of the budget forecast committee and committee on appropriation, said the reduced bond debt is just one part of the town's budget forecast. 

The report also includes shares information about the town's pension programs, "potential and unpredictable costs," state and federals mandates, and upcoming capital improvement projects.

According to the report, the town's capital improvements include repairs to the Mathewson Road sea wall ($75,000), exterior work at the Bay Spring Community Center ($70,000), road maintenance and replacement, land acquisitions for conservation and recreation, as well as "field and field lighting updates."

The listed school capital improvements include replacement of the high school roof ($3.5 million), and other work to meet health and safety requirements ($3.4 million).

Mr. Staples cautioned that the figures offered in the budget forecast report will very likely change, and are based on some "steady state assumptions."

"This is a planning document," Mr. Staples said. The report itself states "It is very important to understand that these projections are not inalterable prophecies, but offer guidelines and suggestions which may be adjusted as necessary."

Presentation of the budget forecast report, which took place late last month, serves as an unofficial kick-off to the municipal and school budget season, which culminates in the May financial town meeting. 

Mr. Staples said residents who are interested in the budget process or want to better understand how the town spends tax dollars should review the budget forecast report. He also suggests that people attend the committee on appropriations meetings. 

Budget projections

The budget forecast report offers a five-year projection of the town's total budget (based upon state assumptions):

• 2019: $64,470,948

• 2020: $65,578,037 (+1.7 percent)

• 2021: $65,288,444 (-.4 percent)

• 2022: $65,887,983 (+.9 percent)

• 2023: $66,738,093 (+1.3 percent)

COA meeting schedule

• Feb. 26 — Municipal capital budget 

• March 5 — School budget presentation

• March 12 — Municipal budget presentation

• March 19 — School budget

• March 26 — Municipal budget

• April 2 — Municipal and school budgets

• April 9 — Recommended budget votes

• April 23 — Budget hearing preparations

• April 30 — Budget hearing preparations

• May 8 — Budget hearing (at BHS)

• May 14 — Budget hearing debrief and action

• May 21 — hold date

• May 22 — Financial town meeting (at BHS)

All meetings will be held in the middle school presentation room (except where noted) at 7 p.m. Meeting dates, times and locations are subject to change; please check www.barrington.ri.gov to confirm meeting dates.

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