Financial Condition
From a financial standpoint, Enfield is in a replenishing/rebuilding mode. Having dealt with several unanticipated financial challenges in recent years, the town is now focused on:
- Strengthening its financial management, continuing to build reserves and eliminating operating deficits to afford improvements important to the community;
- Minimizing increases and smoothing the tax rate;
- Improve cash flow, eliminating the need for TANs;
- Allowing greater use of TIF District funds for district projects;
- Securing $1Million by the end of 2021 in external grant funding for capital projects and other major expenditures that would otherwise be paid for with Town funds
- Increasing the amount of non-property tax revenue (NPTR) that the Town receives by 2% annually through 2023;
- Developing a municipal facilities strategy.
These will require several years to complete, and funds for these initiatives will vie with requested funds for other projects. Therefore, the Town Manager, Select Board, and Budget Committee will be convening a number of forums to discuss possible tradeoffs and priorities with the public, using the 2019 annual planning and budgeting season as the first of multi-year discussions to shape the kind of future Enfield wants – and can afford.
How to balance the funding of important municipal projects with the financial demands on residents is well illustrated by the discussions regarding the renovation or reconstruction of municipal facilities. Some of the operating departments are located in historic buildings that aren’t really suited for their operations. It is difficult to envision a path forward without significant financial investments that will impact the municipal tax rate.