Financial Capital

 

When arriving from the South, Manchester-by-the-Sea is the first Cape Ann community you will find, just 20 miles north of Boston. Manchester-by-the-Sea is a highly affluent residential community wrapped around one of New England’s most picturesque coastlines. When it comes to discussing Manchester’s financial capital, we must look into the community’s income, wealth, security, investment and ability to access funding. The town of Manchester is considered mainly to be upper class citizens who are fully educated with family’s of their own. The town’s median household income in 2014 was $111,000 and the median house value was $825,000. These figures show that the town of Manchester has a very high living cost, significantly higher then the majority of towns in Massachusetts. With such a high standard of living, Manchester’s taxes on various fees, excise taxes, rental income, etc. . In 2014, the town of Manchester had approximately $2.3 million of undesignated fund balance (free cash) and a Stabilization account of $1.25 million. This excess money was funded by capital expenditures of $2.2 million through a combination of taxation, fund balances, water and sewer rates and other sources. This shows how Manchester’s financial capital is in great standing when it comes to tax revenue. Manchester has the ability to fund both private and public institutions to grow its community. They have several funds/ trusts set in place to help the local school, help veterans, help develop new sports complex’s, and most importantly, help conserve the beautiful ecosystem’s that surround the town.

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