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The Problem: Berkley's Structural Deficit
The Problem: Berkley's Structural Deficit
Berkley faces a significant and unsustainable structural deficit.
Quite simply the increasing cost of operating this town is out pacing our ability to generate revenue.
Over the last few years we have had to rely on our general stabilization fund to balance the budget.
If we continue to operate this way the fund is projected to be depleted within 2-3 years.
Understanding the Challenge
Understanding the Challenge
Berkley's financial situation didn't develop overnight. These challenges have built up gradually over time, creating the structural deficit we face today.
Rising Costs
Our expenses are increasing faster than our revenue year after year.
Like communities everywhere, Berkley's operational costs continue to climb:
Fuel and energy prices
Equipment and supplies
Utilities and maintenance
Health Insurance - 15%
Pensions -7%
Regional School Assessments -10%
Limited Revenue Growth
We don't generate enough new revenue to keep pace with rising needs.
About 95% of Berkley's tax levy comes from residents—because our commercial and industrial base is small.
That's why even small tax changes are felt directly by homeowners.
No Flexibility
Past cuts and deferred maintenance have eliminated our financial cushion.
Our General Stabilization Funds are running low
Municipal government operations lack efficiency due to years of not investing
Historical Opposition to residential and business development in town has stifled growth
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