Financial Forecast FY2020

Initial Revenue & Expense Projections for FY20 Budget Planning
forecast clipart

On January 28, 2019, the Town Administrator released the Topsfield Fiscal Forecast for Fiscal Years 2020 to 2024. The document includes initial revenue and expense projections for reference during the FY2020 budget planning process. 

A financial forecast can serve as a helpful municipal finance planning tool.  The tool assists decision-makers with identifing key financial data and assumptions early in the budget process. The tool can help to identify the potential impacts of one-time policy and financial decisions on the Town's five-year fiscal outlook.  Given the complexity of municipal budgeting, various economic scenarios and multiple points of data utilized by the Town each budget cycle, the tool can be used to update scenarios that may easily shift throughout the fiscal year and beyond.

Here are the most recent Fiscal Forecasting documents for Topsfield:     

Below are previous Fiscal Forecasts for Fiscal Years 2018-22 (completed in 2016) and Fiscal Years 2019-2023 (completed in 2017):

This forecasting tool was developed over the past two years with the Collins Center for Public Management and the Town's Financial Management Team.  Funding for this project was awarded from the Commonwealth of Massachusetts' under the Community Compact Grant Program and Financial Best Practices initiative. 

Complementing the Town's Financial Policy Guidelines, the forecasting tool is intended to be utilized during the annual budgeting process, but more importantly, it builds upon the Town's desire to implement long-term financial planning capabilities. 

For more information, please contact the Town Administrator's Office at 978-887-1500 or email khebert@topsfield-ma.gov.