DocuSign Envelope ID: 770223B8-42F8-4748-AA3D-7A1792141FE5
BOROUGH OF SOMERVILLE
SUMMARY OF 2024 BUDGET
| Future Budget Projections | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Total Budget | 30,017,234.30 | 100.0% | 2025 | 2026 | 2027 | 2028 | 2029 | ||
| Employee Costs: | |||||||||
| Salaries & Wages | |||||||||
| Sheet 17 | 7,759,200.00 | 102.00% | 7,914,384.00 | 8,072,671.68 | 8,234,125.11 | 8,398,807.62 | 8,566,783.77 | ||
| Sheet 25 | - | 102.00% | - | - | - | - | - | ||
| Total | 7,759,200.00 | 7,914,384.00 | 8,072,671.68 | 8,234,125.11 | 8,398,807.62 | 8,566,783.77 | |||
| Social Security | |||||||||
| Sheet 19 | 260,000.00 | 102.00% | 265,200.00 | 270,504.00 | 275,914.08 | 281,432.36 | 287,061.01 | ||
| Pensions etc. | |||||||||
| Sheet 19 | 362,662.00 | 102.00% | 369,915.24 | 377,313.54 | 384,859.82 | 392,557.01 | 400,408.15 | ||
| Sheet 19 | 1,546,115.00 | 105.00% | 1,623,420.75 | 1,704,591.79 | 1,789,821.38 | 1,879,312.45 | 1,973,278.07 | ||
| Sheet 19 | - | ||||||||
| Sheet 20 | - | ||||||||
| Insurance | |||||||||
| Sheet 14 | 134,600.00 | 106.00% | 142,676.00 | 151,236.56 | 160,310.75 | 169,929.40 | 180,125.16 | ||
| Direct Employee Costs | 10,062,577.00 | 33.5% | |||||||
| General Liability Insurance | |||||||||
| Sheet 14 | - | 0.0% | |||||||
| Debt Service: | |||||||||
| Sheet 27 | 2,877,192.00 | 9.6% | |||||||
| Reserve for Uncollected Taxes: | |||||||||
| Sheet 29 | 1,900,000.00 | 6.3% | |||||||
| Capital Funds: | |||||||||
| Sheet 26a | 4,000,000.00 | 13.3% | |||||||
| Deferred Charges: | |||||||||
| Sheet 28 | 524,219.90 | 1.7% | |||||||
| Grants: | |||||||||
| Sheet 25 (less Salaries & Wages above) | 2,261,557.40 | 7.5% | |||||||
| All Other Departmental OE's: | |||||||||
| Various Line Items | 8,391,688.00 | 28.0% | 102.00% | 8,559,521.76 | 8,730,712.20 | 8,905,326.44 | 9,083,432.97 | 9,265,101.63 | |
| Projected Budget Totals | 18,875,117.75 | 19,307,029.77 | 19,750,357.58 | 20,205,471.80 | 20,672,757.79 | ||||