Marblehead Publishes FY16 Financial Outlook

Marblehead’s Fiscal Year 2016 budget process will begin in the black.

That’s according to a FY16 Financial Outlook recently published on the town’s website. With that said, there are some “unresolved” issues, such as state funding, collective bargaining and health insurance increases, that will impact the actual budget.

The outlook document notes that there are also several positive factors impacting the budget, including a solid free cash balance as well as the Aaa bond rating Marblehead has earned for the past six years.

The FY16 budget assumes at 2.5 percent property tax increase, a reduction in state aid, expense budgets funded at the FY15 level and several other factors.

Total FY16 revenue is estimated at $71.5 million with expenses estimated to be just over $71 million.

Check out the full outlook presentation on the town’s website.