BOROUGH OF SOMERVILLE

SUMMARY OF 2023 BUDGET

Future Budget Projections
Total Budget 24,073,243.93 100.0% 2024 2025 2026 2027
Employee Costs:
Salaries & Wages
Sheet 17 7,298,000.00 102.00% 7,443,960.00 7,592,839.20 7,744,695.98 7,899,589.90
Sheet 25 - 102.00% - - - -
Total 7,298,000.00 7,443,960.00 7,592,839.20 7,744,695.98 7,899,589.90
Social Security
Sheet 19 240,000.00 102.00% 244,800.00 249,696.00 254,689.92 259,783.72
Pensions etc.
Sheet 19 347,209.00 102.00% 354,153.18 361,236.24 368,460.97 375,830.19
Sheet 19 1,431,169.00 105.00% 1,502,727.45 1,577,863.82 1,656,757.01 1,739,594.86
Sheet 19 -
Sheet 20 -
Insurance
Sheet 14 104,800.00 106.00% 111,088.00 117,753.28 124,818.48 132,307.59
Direct Employee Costs 9,421,178.00 39.1%
General Liability Insurance
Sheet 14 - 0.0%
Debt Service:
Sheet 27 2,702,181.00 11.2%
Reserve for Uncollected Taxes:
Sheet 29 2,150,000.00 8.9%
Capital Funds:
Sheet 26a 500,000.00 2.1%
Deferred Charges:
Sheet 28 - 0.0%
Grants:
Sheet 25 (less Salaries & Wages above) 1,305,134.93 5.4%
All Other Departmental OE's:
Various Line Items 7,994,750.00 33.2% 102.00% 8,154,645.00 8,317,737.90 8,484,092.66 8,653,774.51
Projected Budget Totals 17,811,373.63 18,217,126.45 18,633,515.02 19,060,880.77