1989-FINANCE COMMITTEE - Laserfiche WebLink

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Finance Committee Minutes Page 3 . January 25 , 1989 in FY90 and the balance in new debt . The memo stated that the town is allowed to increase its taxes by $223 , 904 in accordance with Proposition 22 . This statute . also allows an increase in revenue based upon new. growth of taxable property in calendar year 88 . The Board of Assessors have estimated that growth to be $40 million in taxable property . Murphy noted that this was an underestimate and he recommended the Finance Committee use $60 million as the "growth" base . This would permit another $724 , 800 to be raised in taxes . Murphy noted that there will be no significant increase if any , in state financial assistance and locally generated receipts are difficult to project . T,he forecast for surplus revenue from FY89 is good . Murphy believes that the surplus for FY89 will result in a free cash blance for use in the Fall that is at least equal to this fiscal year . He emphasized that to spend this money at the annual town meeting on the basis of paper estimates would be imprudent . He emphasized that it would be more fiscally responsible to defer many new projectsand creation of positions until this money is available in the fall . The memorandum noted that to defer these actions would require a change in the Town by-law , which limits the creation of new positons and the upgrading of existing positions to the annual town meeting . Murphy has recommended that as part of the budget review process , the Selectmen continue to re-examine the town functions . He noted the need for consolidation , and reorganization in light of the skyrocketing administrative costs . Murphy has asked the Finance Committe to consider the following in reviewing the budgets . 1 . A moratorium on the creation of all new positons in general government and the upgrading of positions . 2 . Modification of the town by-law that limits the creation of new positions and upgrading of levels of existing positions to annual town meeting . 3 . An override of 22 on the annual election ballot for all costs associated with the opening of the new school . 4 . An override of of 22 on the annual election ballot for the costs of disposing trash at the SEMASS plant . 5 . Use of the Reserve Fund to allocate approximately $60 , 000 needed to provide for salaries of employees in the periodic 53rd pay week . 6 . Use of the mechanism of a one-time exclusion from 22 of major capital projects such as the town mapping program , the petroleum station and the street sweeper .