Fiscal Year 2013 Final Report September 23, 2013 Darlene R. Lussier Town Accountant

Fund Balances As of the end of the current fiscal year, governmental funds reported combined ending fund balance of $ 46,024,855, a change of $1,108,555 in comparison to the prior year. Key elements of this change are as follows: General fund revenues and transfers in In excess of expenditures and transfers out $ (2,420,288) Special revenue fund revenues over expenditures $ (3,738,489) Excess of current year bond proceeds over current year capital expenditures $ 6,279,020 Sewer & Golf Course Enterprise fund revenues over expenditures $ ( 22,979) Trust fund revenues over expenditures $ 1,011,291 Total $ 1,108,555

General Fund Balance The general fund is the chief operating fund. At the end of the current fiscal year, unassigned fund balance of the general fund was $ 1,923,044 while total fund balance was $ 3,070,965. As a measure of the general fund’s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total general fund expenditures. % of Total General Fund General Fund 6/30/13 6/30/12 Change Expenditures Unassigned fund balance $ 1,923,044 $ 3,895,173 ($ 1,972,129) 1.7% Total fund balance $ 3,070,965 $ 5,491,253 ($ 2,420,288) 2.8%

Key Factors General Fund Balance The total unassigned fund balance of the general fund changed by ($ 1,967,291) during the current fiscal year. Key factors in this change are as follows: Use of free cash as a funding source ($ 3,361,463) Revenue Closeout $109,417,191 Expenditures Closeout ($107,068,522) Expenditures of prior year encumbrances ($ 954,497) Total ($ 1,967,291)

General Fund Revenue Highlights The total difference between the Revenue budget and the final Revenue Actuals are ($ 749,433). Key elements of this change are as follows: Actual Budget Variance Local Receipts $ 8,350,955 $ 8,000,000 $ 350,955 Taxes $ 79,486,538 $ 80,392,117 $ (905,579) State Reimbursement $ 15,179,660 $ 15,437,823 $ (258,163) Other Financing Source $ 6,400,038 $ 6,336,684 $ 63,354 Total $ 109,417,191 $110,166,624 $ (749,433)

General Fund Expense Highlights The total difference between the Expense budget and the final Expense Actuals are $ 1,240,173. Key elements of this change are as follows: Actuals Budget Variance Departmental $ 72,160,023 $ 72,311,744 $ 151,721 Snow & Ice $ 1,139,776 $ 1,143,500 $ 3,724 Benefits/Ins $ 16,928,434 $ 17,114,053 $ 185,619 Debt & Interest $ 13,163,639 $ 13,291,483 $ 127,844 FinCom Reserve $ 0 $ 159,867 $ 159,867 Warrant Art Fund 2 $ 33,601 $ 39,000 $ 5,399 Assessment/Overlay $ 3,492,430 $ 3,545,699 $ 53,269 Free Cash Transfer $ 2,453,855 $ 2,453,855 $ 0 Encumbrance $ 552,730 Total $ 1,240,173

Free Cash Analysis Free Cash $ 894,206 Undesignated Fund Balance at year end 2013 $1,923,044.02 Less Real Estate Receivables $ (759,401.07) Less Personal Property Receivables $ ( 75,900.69) Less Deferred Revenue Real Estate $ ( 92,903.00) Other Deficits: Less Fund 89 Agency Police Detail $ (73,424) Less Fund 89 Agency Fire Detail $ (23,285) Less Various Funds $ ( 3,924) Free Cash $ 894,206