10/18/2010 Annual Town Meeting - Laserfiche WebLink

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Article 2 To see if the Town will vote to reduce the FY 2011 operating budget in the amount of$87,690 with said reductions to the expense accounts of the following departments in the amounts as stated: School Health Insurance Expense Account $ 35MO0 County Retirement Expense Account $ 521690 or take any other action relating thereto. Submitted by the Board of Selectmen Explanation: This article is necessary to cover a shortfall in the FY201 I operating budget that resulted from further reductions in State Aid. The areas reduced were: Chapter 70 School funding and general local aid. The total reduction was $287,690, however the Town has received $200,000 in unanticipated new growth, limiting our need to reduce the 2011 operating budget to $87,690. The Board of Selectmen recommends approval by a vote of 5-0. The Finance Committee recommends approval by a vote of 6-0, one absent. Motion made by Selectman John Cahalane. Motion-. I move the Town vote to reduce the FY 2011 operating budget in the amount of $87,690, with said reductions to be distributed between the following expense accounts in the amounts as stated: School Health Insurance Expense Account $ 351000 County Retirement Expense Account $ 521690 Motion passes unanimously at 7:14PM. Article 3 To see if the Town will vote to amend the General Bylaws by adding Article IX (Stabilization Fund) to Chapter 6 (Finances), as follows: ARTICLE IX - Stabilization Fund §6-24 Use of Stabilization Fund. Any stabilization fund established by the Town pursuant to the provisions of M.G.L. c.40, §5B shall be used, and funds shall be appropriated thereto or therefrom, only for the purpose of funding extraordinary and unanticipated expenses of the Town, including capital expenditures. For the purpose of this Bylaw, the term "capital expenditures" is defined as costs and expenses related to the acquisition, maintenance or repair of Town owned property, including any 2