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s Finance Committee Minutes January 28 , 1987 Page 2 . removal . Mr . Murphy noted that it is legal to go into deficit spending with the approval of both the Selectmen and the Finance Committee . The Finance Committee votedand approved the deficit spending in the amount requested - $50 , 000 . The Finance Committee also reviewed a Request for Transfer from the Reserve Fund in the amount of $7 , 500 to the DPW expense account . The DPW experienced some extraordinary and unforseen expense for the repair of the department ' s 1972 Allis - Chalmers Grader . Mr . Murphy noted that the department has old vehicles and old vehicles require maintenance . The Finance Committee voted and agreed to transfer $7 , 500 from the Reserve Fund to DPW expense . It was noted that this would leave a balance in the Reserve Account of $69 , 073 . 20 . Executive Secretary , Murphy , proceeded to explain the notebooks distributed to each Finance Committee member . The notebook contains a consolidated operating and capital budget for FY88 . This includes all requests of department heads and recommendations of the Executive Secretary and are based upon a projected revenue for FY88 of $11 . 3 million . He noted that the departments have until January 30th to revise their operating budgets and the final revisions would be submitted to the Finance Committee on February 13th . He noted , however , his belief that there would be few changes in this document . Ir . '1urphy stated that he believes there are two elements necessary; for the continuation of town services and the viability oL his recommendations . The First would be the creation of a water, district and the second .could be a one-time override of Proposition _2 = z . Without this override Murphy explained that there would have to be tremendous cuts in town services , i . e . , about a of a million dollars would need to be cut from the school budget and 14 positions would have to be eliminated from town government . This override would be a one-time override - however , it would increase the tax rate . He felt it would add aporoximatel,v 51 . 00 to the tax rate , but ,.stated hisbelief that the to .an couldn ' t get by without it . This override would require a 2/3 vote by ballot . The creation of a Water District would mean that it would absorb all the water debt and oversee it and return 5250 , 000 to the town . The creation of a Water District would be a separate government unit , and it would concentrate solely on .cater . Chairman Blythe scheduled the following Finance Committee meetings , February 3 , 4 , 10 , 11 , and 17 at 6 p . m . Mr . Murphy said that he would attend on Wednesday evenings 6 p . m to 7 p . m . 'l hese scheduled meetings would be for the review of the FY88 budget . The meeting adjourned at 8 : 15 p . m.