Maylor forecasts balanced budget for Swampscott

SWAMPSCOTT – Town Administrator Andrew Maylor predicted a $500,000 budget deficit in 2013, but said cautious revenue projections and anticipated reserves would lead to a balanced budget that included devoting $1.85 million to improving Blocksidge Field.”A lot of these (numbers) look similar and, in fact, have looked similar since 2005,” said Maylor in presenting his annual Five-Year Financial Forecast to Selectmen and members of the finance committee at a joint meeting of the boards Wednesday night. “But a significant project is within these numbers.”The Town Charter requires the town administrator to present a five-year financial forecast annually before Nov. 15. The forecast is the first step of the budget process and includes projections of expenses, as well as projected tax revenue and state aid. Town boards and departments will next submit their budget requests based on these projections.According to Maylor’s forecast, town operating costs and salaries will increase 2.5 percent annually through 2017. But health and retirement costs will increase by 10 percent annually, after a one-time increase of retirement costs of 15 percent next year.In revenues, Maylor predicted no increase in state aid this year, but a 2 percent increase in 2014. He also predicted minimal increases in miscellaneous revenue from taxes and fees and a 3 percent annual increase in the tax levy from new growth.But he said he did not include anticipated revenue from construction at the Temple Israel and Greenwood Avenue school sites or any revenues from casinos distributed by the state. He set a goal to use $200,000 from reserves to fill any deficit.Despite the projected deficit, Maylor said that the town could afford $1.85 million towards a $2.5 million project to construct a turf football-soccer-lacrosse field, new bleachers and a concession stand at Blocksidge Field. The balance would be funded by private donors, he said.Finance Committee Chair Michael McClung said he was pleased with the forecast, noting that it was similar to past years’ projections that resulted in balanced budgets.”We face incredible challenges,” McClung said. “But the fact we have an approach that is well-reasoned and thought out among the various boards makes me feel confident.”Cyrus Moulton can be reached at [email protected].