AAA Marblehead: Finances stay in the Black

New town Administrator, and former Finance Director, John McGinn presented the FY2016 (July 2015 – June 2016) Financial Outlook this week.

The headlines are:
– Marblehead is one of just 22 Massachusetts communities rated AAA by Standard & Poors
– As has been the case for the past 10 years there is “no need to consider any  permanent (tax) overrides to fund the town’s operating budget.”
– Marblehead enjoys “No deficits; strong budget oversight; and appropriate revenue estimates, all of which allow us to avoid fiscal emergencies.”
– 78% of the Budget revenues derive from property taxes, 9% from State Aid, 5% from local receipts (excise taxes, permits etc.) and 8% from free cash and enterprise payments.

This presentation will form the basis of the formal Budget to be voted at Town Meeting on May 4th.

Here is the Marblehead FY16 Budget presentation.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
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