2011 Annual Report - Town of Northborough

More documents

Recommendations

Info

Finance Department NORTHBOROUGH RECEIVES DISTINGUISHED BUDGET AWARD FOR SECOND CONSECUTIVE YEAR June Hubbard-Ward, Finance Director Jason Little, Town Accountant Diane O’Connor, Principal Assessor Our Finance Department was formally changed last year and is now comprised of three functions, Treasurer/Collector, Assessing and Accounting. The Town’s financial position remains solid despite continued recessionary concerns and we completed FY2011 with an unreserved fund balance in the General Fund of $2.36 million, a slight increase over the previous year. Our reserves remained strong with certified Free Cash at $1.89 million and our Stabilization Fund balance at $3.61 million. In total, these reserves represent over 10.0% of our total budget. Our Independent Auditor completed the FY2011 audit in accordance with generally accepted auditing standards and determined that there were no material weaknesses. Treasurer/Collector Division Despite a challenging economy, Northborough’s unemployment rate of 6.2% is below the level of the average rate for the Commonwealth of Massachusetts. Income levels remained strong with our income per capita at 133% above the state average and our mortgage foreclosure rate has been minimal. The Town issued an $8.6 million bond in April 2011 for the Senior Center Construction project together with a variety of other municipal projects for the General, Water and Sewer Funds. Bids were sought from bond and note underwriters and we were pleased to receive a total of 10 competitive bids for our permanent bonds. In conjunction with this offering, Moody’s Investors Service assigned a bond rating of Aa2 on our long-term general obligation debt. Moody’s noted that we have “a history of sound financial management”. The analysts also noted their belief that our financial position will remain stable citing our conservative budgeting approach and satisfactory reserve level. 14 The Government Finance Officers Association of the United States and Canada (GFOA) presented an award of Distinguished Budget Presentation to the Town of Northborough, MA for its annual budget document for the fiscal year beginning July 1, 2011 to June 30, 2012. The Town of Northborough was one of approximately 9 municipalities in the Commonwealth to receive this distinction, which is the highest award offered in public budgeting.
SEPTEMBER 2012 Applefest Weekend Applefest Weekend 15 Please see Town Boards, Committees & Commissions Meeting Schedule on page 59. Visit the Town of Northborough’s website at www.town.northborough.ma.us for more info.
Page 1 and 2: town of NorthBOROUGH massachusetts
Page 3 and 4: Table of Contents Town Organization
Page 5 and 6: Town Organization VOTERS OF NORTHBO
Page 7 and 8: 5 Officers of the United States of
Page 9 and 10: Boards, Committees, Commissions Tra
Page 11 and 12: Public Safety Public Service Health
Page 13 and 14: July 2012 11 Please see Town Boards
Page 15: AUGUST 2012 13 Please see Town Boar
Page 19 and 20: Accounting Division TOWN OF NORTHBO
Page 21 and 22: OCTOBER 2012 19 Please see Town Boa
Page 23 and 24: Town Clerk’s Office Andrew T. Dow
Page 25 and 26: NOVEMBER 2012 23 Please see Town Bo
Page 27 and 28: DECEMBER 2012 School Vacation Week
Page 29 and 30: JANUARY 2013 27 Please see Town Boa
Page 31 and 32: FEBRUARY 2013 School Vacation Week
Page 33 and 34: Health Department Jamie Terry, Heal
Page 35 and 36: MARCH 2013 33 Please see Town Board
Page 37 and 38: APRIL 2013 School Vacation Week Ann
Page 39 and 40: Jean Langley, Library Director Libr
Page 41 and 42: MAY 2013 39 Please see Town Boards,
Page 43 and 44: 41 Cable Access/ Cable Television K
Page 45 and 46: Community Affairs Cultural Council
Page 47 and 48: JUNE 2013 45 Please see Town Boards
Page 49 and 50: Northborough School District Grants
Page 51 and 52: Special Needs Resource Teachers Ali
Page 53 and 54: 51 2011 Annual Town Meeting Warrant
Page 55 and 56: 53 2011 Annual Town Meeting Warrant
Page 57 and 58: 4, 2011. The exact boundaries of th
Page 59 and 60: may be revoked for cause shown, aft
Page 61 and 62: Meeting Nights COMMITTEE MEETING NI
Page 63 and 64: Telephone Numbers SERVICE - IF YOU

2011 Annual Report - Town of Northborough

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?