2007 AC Rpt4 - Laserfiche WebLink

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APPROPRIATION COMMITTEE 4" REPORT, April 28, 2007, TO 2007 ATM Shared Expenses Requests The following FY2007 shared expense budget shortfalls, totaling $118,000, will be addressed under this Article by reducing appropriations from other shared expense line items running a surplus (2140 Unemployment and 2220 Interest on Funded Debt): Line Item 2150 Workers Compensation: $30,000 Line Item 2210 Payment on Funded Debt: $38,000 Line Item 2230 Temporary Borrowing: $50,000 In addition, the Town Manager and staff have identified other municipal and shared expense line items running a surplus and are requesting reduced appropriations (effectively, "transfers ") from those line items ($303,569 in total) to help offset the FY2007 Schools budget shortfall described above. Also, as described above, an $8,520 reduction in the FY2007 Reserve Fund appropriation is requested to help offset the FY2007 Schools budget deficit. This will leave a balance of $391,480 in the Reserve Fund for use for end -of -year budget deficits. Transfers at that time will require the majority approval of the Appropriation Committee. As described previously, the Town Manager is anticipating making Reserve Fund requests to cover public safety overtime, the costs of a June special election, and legal costs for contract negotiations. At this time it is estimated that these and other requests may total $200K or more. The balance of approximately $190K would be available for any other extraordinary or at- this -time unknown deficits in the municipal or school budgets. Committee Position This Committee recommends these transfers and the requested appropriation of Free Cash by a vote of 8 -0, with one abstention. Page 12 of 13