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'... DRAFT� <br /> t to + s L* vrr= <br /> y _ <br /> ' S`Y r+ . :Q "."•.�y.T 1 y`S,p.Y'�• V <br /> ,a <br /> TOWN ACCOUNTANT <br /> A. Overlay_Reserve <br /> As of June 30, • 1988, the overlay reserve account had a balance of 964,632. <br /> According to Massachusetts General Laws, Chapter 712, Section 2 of the Acts of <br /> 1987: <br /> 'The new law now requires that any unappropriated <br /> r`' F <br /> balance in the account at the end of the fiscal year a <br /> k <br /> be closed out to surplus revenue (undesignated fund <br /> balance). " <br /> he use of the money in this account is no longer restricted to extraordinary and <br /> I <br /> t-.unforeseen spending purposes. The funds may now be appropriated and voted at town <br /> l eeting to be used for any lawful purpose. <br /> DRAFT , <br /> ecommendation <br /> � At the close of ,each fiscal year, the town accountant should transfer the <br /> nappropriated balance-of the overlay reserve account to surplus revenue. <br /> DRAV:1 <br /> i <br /> s r >.�...• 1�%';tt`--�a-S..p;�. ''t^•n r. ' �s'i�ii ..�� x v.pa, �� .•�••"• 1 <br /> I <br /> 8 <br />