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The actual revenues and expenditures reported on page 5 have been adjusted <br /> to conform with the budgetary basis of accounting. The following is a <br /> summary of adjustments made: <br /> Revenues Expenditures <br /> As reported on page 4 of <br /> the accompanying financial <br /> statement $ 17,942,638 $ 17,333,714 <br /> >� To reclassify other financing <br /> sources and uses included <br /> on page 4 292,666 186,063 <br /> To adjust property tax revenue j <br /> to budgetary basis ( 322,433) - <br /> To reverse prior year encumbrances - ( 561,727) <br /> To record current year encumbrances - 401,315 <br /> To record other available <br /> (non-revenue) sources surplus revenue 627.765 443.086 <br /> As reported on page 5 of the <br /> accompanyingfinancial <br /> statements $ 18,540,636 $ 17,802,451 <br /> 4. Property Taxes <br /> Real and personal Property Taxes are based on assessed values as of the <br /> previous January 1. By law, all taxable property must be assessed at 100% <br /> of fair cash value. Taxes due and unpaid after the due dates are subject <br /> to interest and penalties. The Town has an ultimate riot to foreclose on <br /> property for unpaid taxes. <br /> Legislation known as "Proposition 2 1/211, limits the amount of revenue the <br /> Town can derive from property taxes as follows: <br /> The prior fiscal year's tax levy is used as a base and cannot <br /> increase by more than 2.5 percent (excluding new growth) , unless an <br /> override or debt exemption is voted. The following is a calculation <br /> of this limitation: <br /> s <br /> Fiscal year 1991 Authorized Tax Levy $ 12,513,733 <br /> 2.5% increase 312,843 <br /> New growth 352,853 <br /> v: Debt exclusion 1,985,231 <br /> 3,. <br /> Fiscal year 1992 Authorized Tax Levy $ 15,164,660 <br /> a^ <br /> q <br /> F <br /> r'vi <br /> - 12 - <br />