Treasurer's Report, 2009
MEMORANDUM
To: Residents of Section 5 of the Village of Chevy Chase
From: Margy Abbott, Treasurer
Re: Annual Treasurer's Report
Date: March, 2009
SUMMARY
I am pleased to submit this report and the attached financials for your information. In the financial statements I have attempted to present all relevant data concerning Section 5’s most recently complete, current, and upcoming fiscal years. These data show that the financial health of Section 5 remains excellent.
For Fiscal year (FY) 2010 beginning July 1, 2009, the Village Council recommends:
- a budget of $590,900 in expenditures (based on projected revenues of $477,500). Section 5 has in reserve $150,000 accrued since 1993 from highway user fees given to Section 5 from the State Highway Administration. This amount will be added to the revenues for FY 2010.
- that the property tax rate remain at $0.00 per $100 of assessed property value.
DISCUSSION
For FY 2010 (beginning July 1, 2009), the Council recommends a budget of $590,900 in expenditures (based on projected revenues of $477,500) as detailed in the Consolidated Financial Statement. The budget contemplates routine revenue and expenditures and is premised on the Council’s proposal that residents vote to maintain the property tax at $0.00 per $100 of assessed property value.
The Council and I will be available to discuss the Treasurer’s Report and Proposed FY 2010 Budget and property tax rate at the Annual Meeting April 7, 2009. Residents with questions, however, should feel free to call the Section Manager, Frances Higgins, at 301-986-5481 or the Treasurer, Margy Abbott, at 301-652-7163 before the meeting.
REVENUE
| FY 2008 Budget | FY 2008 Actual | FY 2009 Budget | FY 2009 Actual | FY 2010 Proposal | |
| MD Income Taxes (1) | 400,000 | 477,720 | 450,000 | 306,345 | 400,000 |
| Highway User Fee (2) | 30,000 | 31,031 | 30,000 | 12,657 | 25,000 |
| Interest Income | 50,000 | 68,319 | 70,000 | 43,500 | 42,000 |
| Miscellaneous (3) | 2,500 | 14,101 | 2,500 | 698 | 3,000 |
| Cable TV | 5,000 | 4,660 | 5,000 | 2,146 | 5,000 |
| Permit Fees | 2,000 | 1,200 | 2,500 | ||
| Total | 487,500 | 595,831 | 559,500 | 366,546 | 477,500 |
NOTES ON REVENUE
- Municipalities receive 17% of each resident’s state income tax. For example, if a Section 5 resident pays the State of Maryland $1,000 income tax, Section 5 will receive $170. The proposed figure is based on past receipts and state estimates.
- Highway user fees are paid to municipalities according to a formula based on the number of miles of streets within each municipality. The amount is set aside to be used for capital expenditures, repairs, and enhancements to our public streets, curbs, and sidewalks.
- Holiday donations for trash collectors.
EXPENDITURES
| FY 2008 Budget | FY 2008 Actual | FY 2009 Budget | FY 2009 Actual | FY 2010 Budget | |
| Trash & Recycling | 71,000 | 57,277 | 80,000 | 36,922 | 75,000 |
| Trees (1) | 52,000 | 48,367 | 60,000 | 28,945 | 60,000 |
| Leaf Collection & Disposal | 16,000 | 10,905 | 16,000 | 9,562 | 12,000 |
| Streets (2) | 22,000 | 3,380 | 30,000 | 12,313 | 275,000 |
| Lighting | 8,500 | 10,614 | 10,000 | 5,469 | 11,000 |
| Snow Removal (3) | 13,000 | 7,260 | 15,000 | 3,090 | 10,000 |
| Personnel & Admin. | 50,000 | 55,330 | 53,000 | 26,214 | 60,000 |
| Professional Fees (4) | 15,000 | 12,248 | 65,000 | 6,775 | 15,000 |
| Miscellaneous (5) | 3,000 | 610 | 3,000 | 4,998 | 3,000 |
| Insurance | 2,500 | 1,637 | 25,000 | 865 | 2,500 |
| Office & Printing | 30,000 | 13,841 | 30,000 | 4,451 | 17,400 |
| Community Activities | 20,000 | 29,955 | 25,000 | 19,294 | 30,000 |
| Dues, Mtgs., Memberships | 6,000 | 5,244 | 4,000 | 3,074 | 5,000 |
| Cable TV | 3,000 | 3,158 | 3,000 | 1,512 | 3,000 |
| Police Patrols | 12,000 | ||||
| Solid Waste Charge (6) | |||||
| Residents Tax Rebate (6) | 235,373 | ||||
| Total | 312,000 | 495,199 | 419,000 | 163,484 | 590,900 |
NOTES ON EXPENDITURES
- This includes the planting of public and free private trees and tree maintenance.
-
This includes street cleaning and repair of the public grass strips in
addition to routine sidewalk and street repairs.
Section 5 has in reserve $150,000 accrued since 1993 from highway user fees given to Section 5 from the State Highway Administration. This amount will be added to the revenues for FY 2010 to fund the road improvements. - This includes sidewalk and street snow removal. The Council decided that the town would pay to have the snow removed from the public sidewalks.
- This includes legal, engineering, building inspection, accounting and consulting fees.
- This includes the holiday donations which the residents contribute for the trash collectors.
- Any budget surplus as identified by the Council during the fiscal year will be applied to payments toward the residents’ solid waste charge and property tax rebate.
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