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D. Budget Requirement <br /> At the annual town meeting, the Finance Committee presents an <br /> operating and capital budget for the proposed expenditures of the fiscal <br /> year commencing the following July 1 st. The budget, as enacted by the <br /> town meeting, also establishes that certain appropriations are to be <br /> funded by particular revenues. The original budget is amended during <br /> the fiscal year at special town meetings as required by changing <br /> conditions. In cases of extraordinary or unforeseen expenses, the <br /> Finance Committee is empowered to transfer funds from the Reserve <br /> g Fund to a departmental <br /> ` p appropriation. "Extraordinary" includes expenses <br /> - which are not in the usual line, or are great, or exceptional. "Unforeseen" <br /> includes expenses which are not foreseen as of the time of the annual <br /> meeting when appropriations are voted. <br /> Departments are limited to the line items as voted at the town meeting. <br /> Certain items may exceed the line item budget as approved if it is for an <br /> emergency and for the safety of the general public. These items are <br /> limited by the Massachusetts General Laws, and must be raised in the <br /> next year's tax rate. <br /> At year-end, appropriation balances lapse, except for certain unexpended <br /> capital items and encumbrances which will be honored during the <br /> subsequent year. <br /> Formal budgetary integration is employed as a management control <br /> device during the year for the General Fund.. Effective budgetary control <br /> is achieved for all other funds through provisions of the Massachusetts <br /> General Laws. <br /> E. Assets, Liabilities and Fund Equity <br /> Cash and Cash Investments - Cash balances from all funds, except those <br /> required to be segregated by law, are combined to form a consolidation of <br /> cash. Cash balances are invested to the extent available and interest <br /> earnings are recognized in the General Fund. Certain special revenue <br /> funds and fiduciary funds cash are segregated and investment earnings <br /> become a part of those funds. <br /> Receivables - The property taxes receivable shown on page 3 are <br /> presented net of an allowance for abatements and exemptions of <br /> $ 930,597. <br /> - 9 - <br />