Rochester will likely net a $450,000 surplus in fiscal year 2015, but Town Administrator Rich LaCamera said municipal leaders will keep their checkbooks closed.

“It may sound like a lot of money, but it’s not when you’re talking about an eighteen million dollar operating budget,” LaCamera told Selectmen and Finance Committee members on Nov. 18.

He presented both boards with the figure as the town gears up to prepare budgets. LaCamera said new construction fueled the surplus. Between 10 and 12 new home permits were applied for in town, he said. It’s estimated that an extra $150,000 will be available based on development.

However, much of the surplus will go towards health care increases and contractual obligations.

The federal government’s affordable health care act raised the town’s health insurance bill by three percent; $23,000 is earmarked for pensions; additional health costs are estimated to be about $50,000.

“With those items that’s about one hundred thousand dollars taken away from the four hundred fifty thousand and it doesn’t go a long way,” LaCamera said. “Using these projections we will not have much more to spend than we did last year.”

Department heads will be asked to create budgets that are level funded compared to last year: “Which in my opinion can be done,” he said.

Additionally, the School Committee will be notified how much revenue is available for education.

LaCamera said budgets from town departments and the School Committee should be submitted to him in January.