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