TOWN OF NEWBURY
ANNUAL BUDGET INFORMATION
ANNUAL BUDGET PROCESS
The Town of Newbury's budget is approved at its Annual Town Meeting held each May. The Town of Newbury operates on a fiscal year which runs from July 1 to June 30 of each year.
The town typically begins is budget process in the winter by surveying each department for its upcoming fiscal year requests. At the same time, the Finance Department and Finance Committee put together the anticipated revenue the town will receive in the upcoming fiscal year.
Each department's budget request is reviewed by the Finance Committee in February and March. The Finance Committee meetings are open to the public and any interested citizen may attend. Finance Committee agendas and meeting minutes are also posted on the Finance Committee page of this website, which is listed under the Boards and Committees link on the left-hand side of this page. It is during this review of anticipated revenues and requested expenditures that the Finance Committee determines whether an override vote will be requested. If an override is determined to be necessary, the Board of Selectmen must vote to place an override question before the voters and schedule an election.
Upon final approval by the Finance Committee, the proposed budget is submitted to the Selectmen for their approval. Once the Selectmen have approved the budget request it is placed on the Annual Town Meeting warrant. No budget is approved until it is voted by Town Meeting.
During each fiscal year, changes to the annual budget can only be made by a Special Town Meeting or, in certain circumstances, by a vote of the Finance Committee and the Board of Selectmen. Only in certain limited instances can the town spend public funds without an appropriation by Town Meeting (for instance, state grant money does not typically require an appropriation by Town Meeting in order to be expended.)
After Town Meeting has approved the annual budget, the town then submits to the state Department of Revenue a report of all appropriations and anticipated revenues. This submission is known as the Tax Recapitulation Sheet, or Recap Sheet. The Department of Revenue must approve the town's Recap Sheet in order for the town budget to be approved and for the town to set its annual tax rate.
BUDGET REPORTS
During the fiscal year, the Finance Department tracks the town's expenses and each month publishes a Monthly Expenditure Report. The Monthly Expenditure Report lists each department's spending during the fiscal year and compares it to the approved budget. Line-items which appear to be trending over-budget are highlighted for action by the department, Finance Director or the Finance Committee.
Below you will find the final Expenditure Reports for the two most recent fiscal years, 2007 and 2008. Please click on the appropriate link to view the final Expenditure Report for that year.
FISCAL YEAR 2008 FINAL DETAILED EXPENDITURE REPORT (THIS REPORT WILL BE AVAILABLE UPON COMPLETION OF THE ANNUAL AUDIT)
REVENUE REPORTS
The Town of Newbury collects revenue from a variety of sources, including property taxes, motor vehicle excise, fees, fines and penalties. The town's operations are supported by the taxes and fees it collects. The annual budget is based on certain statutory requirements, such as Proposition 2 & 1/2, as well as on its projection at the start of the fiscal year of the amount of receipts it anticipates receiving.
To properly manage its budget, the town tracks its revenue receipts on a monthly basis. These receipts are reconciled between the Treasurer-Collector's Office and the Accountant at the end of each month. The Finance Department publishes a Monthly Revenue Report which compares the current year revenues to the revenues collected in the prior year through the same period. A second Monthly Revenue Report is also published which compares current year revenues to the budget approved by the state Department of Revenue as part of the Tax Recap process. Constant monitoring of these reports by the Finance Committee helps to determine if the town is meeting its revenue projections or if a revenue shortfall is anticipated.
Please click here to view the latest Monthly Revenue Report which compares revenues to prior year collections.
FUND BALANCE REPORT
The town has also established several funds for a variety of municipal purposes. Funds are established in several different ways and are subject to differing requirements depending upon the authority under which they are created. Please click here for the latest Fund Balance Report.
If you have any questions regarding the reports on this page, or if you would like additional information, please send your request via email to: financedirector@townofnewbury.org.
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