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1996-03-18-TE-Warrant-and-1996-04-08-ATM-Warrant
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1996-03-18-TE-Warrant-and-1996-04-08-ATM-Warrant
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2/27/2023 4:22:02 PM
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1996
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1996-03-18-TE-Warrant-and-1996-04-08-ATM-Warrant Town Election Annual Town Meeting
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TOWN FINANCE TERMINOLOGY <br /> The following terms are frequently used in the annual town report and at the town meeting. <br /> In order to provide everyone with a better understanding of the meaning, the following <br /> definitions are provided. <br /> AVAILABLE FUNDS - "FREE CASH", <br /> The amount certified annually by the Bureau of Accounts, Department of Revenue. The <br /> certified amount is the Unreserved Fund Balance less all outstanding taxes. This fund may be <br /> used by a vote of the town meeting as available funds for appropriation. <br /> AVAILABLE FUNDS - OTHER <br /> Usually refers to balances in special funds or to balances remaining in specific articles <br /> previously appropriated. These balances become available for re-appropriation by Town <br /> Meeting (or are returned to the town's general fund balance). <br /> 01, "CHERRY SHEET" <br /> A financial statement issued by the State on cherry-colored paper that itemizes state aid due <br /> to the town, and charges payable by the town to the state and county. The assessors need the <br /> Cherry Sheet to set a tax rate. <br /> ENTERPRISE FUND <br /> A self-supporting account for a specific service or program that the town operates as a <br /> separate "business." Enterprise funds do not depend on taxes for operating revenue. For <br /> example, water operations are funded through the water enterprise fund, which receives funds <br /> from a consumption based fee system. Ideally, enterprise resources and expenditures should <br /> balance over time. Funds in enterprise accounts do not revert to the general fund at the end <br /> of the fiscal year. <br /> OVERLAY <br /> The overlay is the amount raised by the Assessors in excess of appropriations and other <br /> charges for the purpose of creating a fund to cover abatements granted by the Board of <br /> Assessors. <br /> RESERVE FUND <br /> This appropriation is voted at the annual town meeting in an amount not to exceed 5% of the <br /> tax levy of the preceding year. Transfers from the reserve fund are approved by the <br /> Appropriation Committee and may only be used for "extraordinary or unforeseen <br /> expenditures." <br />
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