T O W N O F M IL T O N

• Available funds include such items as unused monies in various accounts(i.e. retirement or capital), funds from the Cemetery Perpetual Care andBurial Rights accounts, and collective bargaining set-asides. We expecta level amount of available funds from FY2011 to FY2012.Table A (change in income from FY2011 to FY2012)Property Taxes $ 1,791,039Change in New Growth (23,682)Local Receipts (139,471)Water & Sewer Indirect 231,707Total State and Federal Aid (694,038)Other Available Funds 0Total Change in Income 1,165,555Table A summarizes the increase in income available to meet all increasesin expenditures. It does not include the debt exclusion increase and schoolbuilding project bond premium, which offset the appropriation in Article 29 forinterest and principal payments. It also does not include the amount raised inthe water and sewer rates for direct costs, appropriated in Article 17, for thesame reason. Nor does it include funds from reserves, which will be discussedbelow.B. ReservesThere are two reserves that the Town treats as sources of revenue to helpfund the operating budget – free cash and the overlay reserve.Free cash is the difference between the income collected by the Town andthe expenditures (including encumbrances) made by the Town at the end of thefiscal year. Free cash was certified by the Department of Revenue at $568,531.This is significant as we have had several successive years of no or negativefree cash.The Overlay Reserve is managed by the Board of Assessors, who released$6,433 for use in the FY2011 budget. For FY2012, the Board of Assessors hasreleased $53,937, an increase of $47,504. Its ability to release such funds is dependentupon the progress of tax lien cases.The Town of Milton has two other reserve funds – the Stabilization Fundand the Capital Stabilization Fund. These funds have been built up slowly inorder to provide a cushion in the event of dire operational or capital needs. Asof March 17, 2011, the balance in the Stabilization Fund was $2,253,071 andthe Capital Stabilization Fund was $239,198.240