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