Thursday, April 26, 2012

Finance Committee - Budget Hearing FY 2013

The Finance Committee approved the budget put forward for Fiscal Year 2013 on Wednesday evening. The total of $102,179,773 provides the same level of service with no program reductions and no increase in school fees. Some fees on the Town side of the budget were previously approved and their revenue is accounted for.

The refinancing effort of current debt to lower the interest cost will be beneficial especially in the area of the debt exclusions. The lower interest rates were announced during the meeting as the bond sales was held on Tuesday. The final impact to the dollar amounts overall will be available later.

While the FinCom approved the total budget, they did not explicitly approve the transfer of the $350,000 from the stabilization fund for use in the budget. I expect that approval to be scheduled for their May meeting next week. Their vote on the matter is usually an input to the Town Council for their deliberation and vote.

The collection of posts from the Finance Committee budget hearing are found here:

The summary budget documents referenced can be found here

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