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

2. 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

3. 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/ /30/ Change Expenditures
Unassigned fund balance $ 1,923, $ 3,895, ($ 1,972,129) %
Total fund balance $ 3,070, $ 5,491, ($ 2,420,288) %

4. 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 ($107,068,522)
Expenditures of prior year encumbrances ($ ,497)
Total ($ 1,967,291)

5. 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, $ 8,000, $ ,955
Taxes $ 79,486, $ 80,392, $ (905,579)
State Reimbursement $ 15,179, $ 15,437, $ (258,163)
Other Financing Source $ 6,400, $ 6,336, $ ,354
Total $ 109,417, $110,166, $ (749,433)

6. 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, $ 72,311, $ ,721
Snow & Ice $ 1,139, $ 1,143, $ ,724
Benefits/Ins $ 16,928, $ 17,114, $ ,619
Debt & Interest $ 13,163, $ 13,291, $ ,844
FinCom Reserve $ $ , $ ,867
Warrant Art Fund $ , $ , $ ,399
Assessment/Overlay $ 3,492, $ 3,545, $ ,269
Free Cash Transfer $ 2,453, $ 2,453, $
Encumbrance $ ,730
Total $ 1,240,173

7. 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 $ ,206