Level Funding
Funding at the exact dollar amount as this year.
Level Services
Funding the same exact services provided this year.
Needs Based
Level services, plus additional personnel/items the district has identified as being needed to operate fully for students.
Free Cash
The unrestricted funds, as of July 1, from operations of the previous fiscal year based on the
Stabilization Fund
It can be used for any lawful purpose via a 2/3 vote of the legislative body. Has been used to offset tax increases. Our goal is to keep the stabilization fund around 5% of the annual operating budget in order to maintain a more favorable bond rating. Our current balance is around $2 million which is just over this target.
Capital Fund
A fund to be used for capital projects as voted on at town meeting. Our current balance is around $500,000.
OPEB Fund
When fully funded, this can be used to fund other post-employment benefits for town employees, such as health insurance for retired town employees. Our current balance is around $500,000 and our estimated liability is $37.8 million. We also pay annually into the Essex County OPEB fund, which is estimated to be fully funded in 2036.
Chapter 70
Educational Aid received from the state to be used for school operations.
Cherry Sheet
Unrestricted revenues received from the state, so named for the color of the paper it was distributed on in the past.
Community Preservation Act (CPA)
A surcharge approved by the community of 3% of the property tax bill to fund three distinct purposes: the acquisition, preservation, and restoration of historic resources; the acquisition and preservation of open space, and the creation and support of affordable housing. By participating in the act, Georgetown receives a match on some of the revenues from the state. Spending from the CPA is voted on at town meeting.
Enterprise Funds
Funds established for business-type services (e.g. water, electricity, ambulance services, and local cable). These allow a community to recover costs through user charges.
Structural Deficit
The amount by which annual budgeted expenses exceed annual budgeted revenues.