Watertown Facing a Budget Shortfall of Nearly $750K in Fiscal 2014 Preliminary Budget
Revenues should be up, Town Manager Michael Driscoll said, but expenses will be growing faster.
With the cost of pensions, insurance rising and state funds dropping, Town Manager Michael Driscoll said the town faces a deficit of nearly $750,000 in his preliminary Fiscal 2014 budget. Revenues, totalling $106.15 million, will actually grow about $3.6 million from the current fiscal year, 2013, but the expenses will grow faster - by $4.3 million - to $106.88 million, Driscoll told the Town Council Tuesday night. Local taxes are expected to grow $3.2 million, or 4.1 percent, to $80.5 million, Driscoll said. State Aid, however, will drop by $367,850 - a 3.7 percent decrease - to $9.7 million. The cost of pensions will rise about $1.2 million, up to $10.7 million. This includes $1.25 million put aside to pay off a debt in the pension. …
