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2006-11-29-SPTM1-AC-rpt
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2006-11-29-SPTM1-AC-rpt
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3/2/2022 3:26:14 PM
Creation date
3/13/2009 1:25:13 PM
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Year
2006
Department
Town Clerk
Keywords or Subject
Minutes - AC - Appropriation Committee
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APPROPRIATION COMMITTEE REPORT TO STM1-NOVEMBER 2006 <br />Introduction <br />In this report, we give recommendations on those articles to be acted upon in Special Town Meeting <br />No. l that involve substantial financial considerations. (Because of potentially conflicting timing issues, <br />the Article to allow Town 1Vleeting to appropriate funds for a new Department of Public Works facility is <br />in the Warrant for Special Town Meeting No. 2-which will be addressed by this Committee in a separate <br />report.) <br />The current status of the Town's revenue streams is useful background for the financial articles. We are <br />pleased to acknowledge the Town Manager's report that additional revenues have been or will be <br />received for the current fiscal year (FY2007) relative to the projections assumed for the 2006 Annual <br />Town Meeting last spring. The net total of those additional revenues is $991,440. They are comprised of <br />$200,000 in new growth beyond that initially budgeted, increased State aid of $732,229, and revenue <br />offsets of $171,211 (for asub-total of $1,103,440). The increases are offset by hoteUmotel tax revenues <br />that are $112,000 lower than budgeted. If these additional revenues are not appropriated before the <br />FY2007 tax rate is set in December, they become unavailable for appropriation until Free Cash is certified <br />by the State some time in FY2008, probably about November 2007. <br />Other possible sources of funds at this Special Town Meeting include Free Cash, the Stabilization Fund, <br />the Reserve Fund, and Community Preservation Act (CPA) funds. <br />Our analysis and recommendations on each financial Article maybe found below. <br />Page 4 of 15 <br />
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