2011-11-SPTM-AC-rpt - Laserfiche WebLink

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APPROPRIATION COMMITTEE REPORT TO NOVEMBER 2011 STM The FY11 Snow and Ice deficit is $654,053. This amount will be raised without appropriation from avail- able funds, i.e., without any further action required by Town Me-asides, including the original $300,000 for the FY11 Snow and Ice budgetcomplish this. The Overlay Account is an annual budget set-aside required by law to cover the cost of property tax abatements and exemptions that are awarded to taxpayers during t year for the Town, which may lead to an increase in these costs, Town staff has recommended increasing the set-aside by roughly $200,000. The Overlay Account is currently budg The following table summarizes the sources and changes to funds available for appropriation at Town Meeting. Comments Increased revenue from new growth above budgeted Property Tax Levy $1,465,000 projections State AidReduced State Aid ($67,214) State Aid Restoration State payment mitigating reduced FY11 State Aid $93,726 $46,000 reduced school music fees, Local Receipts ($124,860) $42,000 municipal receipts, $36,000 fines and forfeits Available Funds No change in transfers from Available Funds $0 $300,000 set-aside for FY11 Snow and Ice deficit, $330,953 and small revisions to Cherry Sheet assessments Set-aside for potential reductions in State Aid $727,628 Revenue Offsets FY11 Snow and Ice Deficit ($654,053) Increase to Overlay Account ($200,000) Enterprise Fund Receipts No change in transfers from Enterprise Funds $0 Surplus from lower than expected increase health Health Insurance $1,250,000 insurance costs () requires appropriation TOTAL $2,821,180 As of publication, our Committee is aware of proposals for approximately $1,320,000 in new and/or sup- plemental appropriations from the General Fund to fund capital projects, and to make adjustments in the Towns operating budget. If these appropriations are all approve1,700,000 will remain available. Any unappropriated funds will flow to Free Cash at the end of FY12 and beca- tion after Free Cash is certified in the fall of 2012 (mid-FY13). Town Meeting would be then able to ap- propriate them during FY13 at a fall 2012 Special Town Meeting (if necessary) or for the FY14 budget at the 2013 Annual Town Meeting. Free Cash for FY11 has been certified at approximately $8.1 mill appropriation in the upcoming FY13 budget. Details about proposed appropriations are covered in the article discussions that follow. Page 5