TOWN OF NEWBURY
EXPENDITURE AND REVENUE REPORTS
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.
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.
EXPENDITURE 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.
The latest Monthly Expenditure Report for September 2009 is available for your review.
Below you will find the final Expenditure Reports for the most recent fiscal years. 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.
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 May 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: admin@townofnewbury.org.
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