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this was added up the total was $250,000-$260 ,000, and adding <br /> in the free cash deficit there was a shortfall of over <br /> $300 ,000 . Jim noted that there was some good news - the <br /> Assessors went back and did some checking and found some new <br /> growth and collections that have come in late - so we might <br /> break even. There was another break- on the Cherry Sheet. We <br /> had budgeted $300 ,000 for State and County and it came it at <br /> $283 , 000. We had estimated state aid to -be 1. 350 and it came <br /> it at 1 . 368 . The picture looks like we are only $40,000 in <br /> the "hole" at this moment , but Jim noted .that the situation <br /> is constantly changing. Jim stressed that there is a. problem <br /> and that is that the town has receivables , unpaid taxes , <br /> in the amount of $2 million dollars , but the tax collections <br /> percentage wise are the same as they were the previous year- <br /> 90% What is causing concern is the tax title , tax lien <br /> situation. The town started FY91 with $376 ,000 in tax liens <br /> and added $934 ,000 in FY92 . So there is $1. 3 million in tax <br /> title and in addition there is $2 million in receivables , <br /> thus over $3 million dollars is due to the town in taxes , <br /> that people can' t pay. <br /> Jim noted that articles have to be submitted to the Selectmen <br /> by Monday, August 12th. The Committee must make <br /> recommendations for articles to handle the deficit . The first <br /> article must- transfer an unspecified amount of money from <br /> Revenue Available for Appropriation to the Overlay deficit . <br /> Another article may be needed also, to reduce operating <br /> budgets by a percentage to cover the difference . Jim <br /> recommended an across the board cut to the budgets so that <br /> the proportionality that the town meeting voted would not be <br /> changed. Jim noted that a 1% reduction would be equivalent <br /> to $110,000. If $50, 000 was needed it would represent a <br /> reduction of 1 /2% . The Committee will not know till right <br /> before town meeting what this percentage will be. Al <br /> questioned if the town could implement a furlough program. <br /> Jim noted that a furlough of non-essential personnel would be <br /> equivalent to a savings of $3 , 800 per day. Jim stressed that <br /> the goal is to get a- balanced budget so that the tax rate can <br /> be set and the bills sent out . <br /> Al motioned that the Finance Committee recommend an article <br /> to transfer money from Revenue from Appropriation to Overlay <br /> Deficit and also an article if required to reduce operating <br /> budgets a certain percentage across the board equal to the <br /> deficit . John seconded Al ' s motion for the two articles and <br /> all members unanimously agreed. Jim will present this to the . <br /> Selectmen on Monday. <br /> Members discussed the deferral option for FY92 summer pay for <br /> teachers to FY93 . Jim noted that the new budget that was <br /> passed by the state authorized a deferral of a portion of the <br /> FY92 summer teacher' s pay to the beginning of FY93 not to <br /> exceed 1/12 of the teachers ' salaries. This represents <br /> $200 ,000 to Mashpee. It is a one-year deal and it has to be <br />