If the FY24 Override passed, the Newton Public School department would have received an additional infusion of $4.5M into its budget to help with supporting additional student needs. However, the FY24 operating override did not pass, which has continued to impact our structural deficit. The two debt exclusions questions passed allowing us to move forward with the Franklin and Countryside elementary school building projects. Debt Exclusion By passing a Debt Exclusion (commonly referred to as a Debt Exclusion Override) a community can assess additional taxes to pay the debt service from bonding (principal and interest costs) for a specific capital project. These funds are used for capital expenses such as a new or renovated school. The additional amount is added to the Levy Limit for the life of the debt only. Thus, unlike overrides, debt exclusion overrides do not become part of the base used to calculate future years’ levy limits. The incre ase is temporary and only for the life of the bonds (which typically are 30 years).
City of Newton alternative tax collections 6
City of Newton: Alternative Revenue & Tax Collections
Category
FY20
FY21
FY22
FY23
FY24
FY25
FY26
Motor Vehicle Excise Tax
$13.0M $13.3M $13.6M $13.8M $15.4M $13.7M $15.9M
Interest & Penalties on Taxes
$1.23M $2.25M $6.45M $1.38M $1.68M $889K $1.18M
In Lieu of Tax Payments
$712K $403K $2.33M $242K $122K $200K $122K
Hotel Room Occ. Tax
$2.15M $314K $1.16M $1.97M $2.26M $2.20M $2.25M
Meals Tax
$1.83M $1.35M $1.98M $2.38M $2.63M $2.50M $2.60M
Cannabis State Tax
$269K $362K $524K $648K $654K $600K $610K
Building Permits Rev
$9.0M
$6.5M
$10M
$9.0M
$7.5M
$11.4M $9.81M
Interest Income Rev
$2.0M
$500K $1.0M
$9M
$14M
$12M
$6.5M
Parking Meter Rev.
$1.1m
$100K $800K $1.2M
$1.1M
$1.0M
$1.1M
Parking Viol. Rev.
$1.06M $176K $630K $1.05M $1.05M $1.0M
$1.05M
Chapter 70 Aid
$24.8M $24.1M $24.5M $26.2M $27.4M $28.6M $29.5M
6 City of Newton Budgets
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