BUDGET AND REVENUE REPORTS
BUDGET REPORTS
The Town of Newbury's budget is approved at its Annual Town Meeting held in May. The fiscal year operates from July 1 to June 30 of each year. The town typically begins is budget process in January by surveying each department for its upcoming fiscal year requests. Each department's request is reviewed by the Finance Committee in February and a budget is submitted to the Selectmen for their approval in March. No budget is final until approved 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.
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.
Below you will find the final Expenditure Reports for the two most recent fiscal years, 2007 and 2006. Please click on the appropriate link to view the final Expenditure Report for that year.
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 to determine the status of the town's revenue collections.
To assist in tracking whether revenues are keeping pace with the estimates established at the beginning of the fiscal year, the Finance Department has developed a Revenue Dashboard. This dashboard tracks revenues versus the target estimate upon which the town's budget was based. A red, yellow and green key has been established to help amplify whether specific categories of revenue are ahead, on or behind schedule. Please click here for the Dashboard Report.
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 established. 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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