Friday, June 26, 2009
FinTeam meeting reports $300,000 extra on FY09
Selectman Doug Stevenson reported that the FinTeam meeting of June 23 had provided a recap of end-of-fiscal year FY09 finances. FY09 ends June 30. Local receipts will fall about $70,000 to $90,000 short, and snow and ice is over budget by $64,000. The abatement for a tax levy at Cross Street will cost $30,000 above what is available in the overlay account.
On the plus side, town departments have underspent their budgets by $200,000. A $53,000 grant from FEMA will offset some of the costs of winter, and an MSBA grant to allow pay-down of outstanding school debt has provided $100,000 in excess of what was needed. The Reserve Fund has a balance of $180,000 before any budget shortfalls are charged. When all is calculated, it is expected that $300,000 in excess funding will roll into the Free Cash account, providing a cushion for next year, “which we’re going to need,” said Stevenson. He thanked the departments and Treasurer Larry Barton for working very hard to keep ahead, and noted FY11 looks to be “quite a challenge.” ∆
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