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CITY OF SALEM MASSACHUSETTS FY 2018 Adopted Operating Budget & Capital Plan 2018 - 2022 Mayor Kimberley L. Driscoll Sarah A. Stanton, Finance Director ---PAGE BREAK--- 1 ---PAGE BREAK--- 2 ---PAGE BREAK--- 3 ---PAGE BREAK--- 4 ---PAGE BREAK--- 5 ---PAGE BREAK--- 6 ---PAGE BREAK--- 7 ---PAGE BREAK--- 8 ---PAGE BREAK--- 9 ---PAGE BREAK--- 10 ---PAGE BREAK--- 11 ---PAGE BREAK--- CITY OF SALEM, MASSACHUSETTS Kimberley Driscoll Mayor May 25, 2017 Honorable Salem City Council Salem City Hall Salem, MA 01970 Ladies and Gentlemen of the Council: Enclosed please find the proposed FY2018 operating and capital budgets for the City of Salem and the Salem Public Schools. The proposed budgets reflect a balanced and responsible spending plan for our community that continues to invest in critical quality of life, public infrastructure, and education needs that help make Salem the hub of the North Shore and such an attractive place to live, visit, do business, and raise a family. I believe this budget will continue to lead this great City forward and recommend its adoption for the coming fiscal year. The proposed FY2018 budget totals $155,449,979. Our general City budget has increased by 3.20% this year, which includes adjustments to fixed costs that are largely not in our control, as well as enhancements in school and public safety operating budgets. For instance, our schools’ budget will increase by $1.28 million dollars, representing our continued commitment to giving our schools and our teachers the resources they need to help our children succeed. The enterprise fund budgets (water, sewer and trash) will increase by 4.59% due to increases in assessments for these services; however, given current enterprise funds, we will not require a change in current water, sewer or trash rates this year. The FY2018 Capital Improvement Plan (CIP) is also included as part of this budget, as are the associated bond orders for this important plan. I am proud that we instituted a practice of including a forward-looking capital plan in our budget each year, as a responsible and transparent way of planning for future obligations while meeting present-day needs to best serve Salem residents. The inclusion of a CIP or a five-year financial forecast was not always standard practice for Salem, of course. It is one more way we have professionalized and improved how the City of Salem operates. It is hard to imagine that when I first took Sec 1 - 1 ---PAGE BREAK--- office, we walked into a City Hall carrying a $3.5 million. From having nothing in our rainy-day stabilization fund when we took office, we today have almost $6 million in that fund thanks to permanent, prudent finance policies that we have worked collectively with the Council to put in place. From having a dismal bond rating, today we have the highest bond rating in our City’s history, for three years running. As you may know, three years ago, Salem’s bond rating was upgraded by Standard & Poor’s to AA. We have maintained that rating since then and the agency, in their most recent report, stated: “We view the city’s management as strong, with good financial policies and practices… Salem regularly monitors revenues and expenditures, and makes conservative budget assumptions based on a five-year trend. The city council and mayor engage in regular budget surveillance and receive budget-to-actual and investment reports… The city also has a multiyear financial plan that identifies future issues, leading to revenue and expenditure decisions with a long-term perspective. Structural balance is a clear goal in the decision-making process. Salem has an investment policy, debt policy, and a reserve policy… Total governmental fund debt service is 2.7% of total governmental fund expenditures [and] overall net debt is low at 1.5% of market value, which is in our view a positive credit factor.” This rating affirmation reflects our dedication to policies that foster positive economic growth, stable financial management practices, and sustainable and transparent budgeting. Since 2006 we have implemented professional financial management and I am proud that in that time the amount of debt service in our budget dropped by 19% and the share of our budget that is our debt payment was cut in half. We were able to accomplish this by leveraging outside funds, such as grants – over $110 million worth in competitive, non-formula grants over the last eleven years – and by being responsible, thoughtful, and prudent with tax dollars. Not only do our sound fiscal practices ensure public funds are being managed to the highest standards, they also allow us to realize financial gains. Better bond ratings mean we can refinance existing debt at the lower interest rates accessible to us, saving money. We were also able to save taxpayers’ dollars through innovations – our recent conversion to LED streetlights reduced our electrical bill by around $250,000 and using a DOER grant and funds from the Footprint CBA rooftop solar arrays on two public schools will realize approximately $160,000 in savings – and through responsible practices – we’ve been able to shave almost $4.3 million in savings on city contracts in FY16. In our budgeting practices, the taxpayers of Salem have always been foremost in mind, and FY2018 is no different. This budget both recognizes the impact of property taxes on residents and meets their demands for investments in the local services they need and rely upon every day. I am proud that, starting in 2008, we began adopting the maximum amount allowable under state law for property tax abatements for veterans, the disabled, and widows. Since that year over 3,300 abatements have been granted, saving Salem’s Sec 1 - 2 ---PAGE BREAK--- neediest taxpayers almost $3 million. And that fiscal responsibility extends to all taxpayers. We have received the Government Finance Officers Association (GFOA) highest accolades for fiscal transparency for the last nine years. Across the whole North Shore, Salem has had the second lowest average single family tax bill increase over the last eleven years. In that time, we have managed to hold the average tax bill increase in Salem to 85% of the state-wide average – put another way, for every dollar that property tax bills went up across the state over the last eleven years, Salem’s went up 85 cents. We’ve been able to be respectful of taxpayers, while also investing in critical local needs. In the past eleven years, we invested $14.3 million into our roads, repaving 277 streets across our City, over 44 miles in all. And that does not include major corridor projects on North Street, Bridge Street, and Canal Street, and upcoming projects on Essex Street, Derby Street, and Boston Street. Since I first took office, our police force has grown by 15% and we increased our Fire Department ranks by 20%, bringing our combined public safety personnel complement from 170 men and women to nearly 200 today. We have also invested in public safety apparatus, spending almost $4.4 million to replace and upgrade 50 police, fire, and harbormaster vehicles. Our public safety personnel need to have modern, functioning equipment and we remain committed to that goal. The FY2018 budget that is presented here continues that commitment to public infrastructure and public safety. We must put our public funds into the things that matter. For example, since the start of my administration we have provided over $3.3 million in local veterans benefits to deserving Salem veterans. We have used small local matches to seek out and successfully receive eight separate park improvement grants from the Commonwealth. These represent over $3.4 million in funding to improve Peabody Street Park, Furlong Park, Splaine Park, Bertram Field, Winter Island, Mary Jane Lee Park, and McGlew Park. In addition to parks, we have leveraged private development to receive almost $8.4 million in MassWorks funds to improve roadways in Blubber Hollow and Riley Plaza. Grants such as these – for parks and roads and public safety – are not given out by formula. They are competitive, actively sought after and enable us to bring funding to bear on our greatest needs, without tapping Salem’s taxpayers. In the last decade, Salem has attracted $12 million in new growth, also a critical component to helping balance budgets and limiting the impact on existing homeowners. The FY2018 budget maintains our dedication to fiscal responsibility while also leading Salem forward. I am proud of our collective efforts to limit impacts on Salem taxpayers while also providing much needed services to constituents. This is possible due to our collective attentiveness to City finances, as well as our ongoing efforts at identifying efficiencies in the delivery of services. Our fiscal practices have resulted in not only affirmation of our historic high AA bond rating, but also our regular receipt of recognitions and awards from the GFOA. Lastly, beyond budgets another key factor in enhancing our local economy is the large number of public and private investments in our community. These developments enhance our short and long term economic growth, add to our tax base and generate revenues and jobs that improve our overall community. In FY2018 we will continue to strive to exceed the service level expectations of our constituents, while simultaneously ensuring fiscal prudency in all expenditures. The mission of City government in Salem is to provide open, honest, and pro-active services effectively and efficiently, focusing on the needs of today, with a vision for the future. In order to accomplish this, the proposed budget aligns operations with short-term and long-term strategic goals and objectives, while maintaining necessary Sec 1 - 3 ---PAGE BREAK--- fiscal controls and a careful attention to our financial forecasts in our budgeting. This is a challenging balance to strike, but I believe the proposed budget accomplishes just that. Balancing the City’s budget with less state and federal resources is no easy task and I appreciate the hard work and cooperation our Department heads have put into the preparation of this year’s budget. I cannot say enough about the efforts made by our Finance Department, led by Finance Director Sarah Stanton. The department’s efforts ensured that the budget was ready for submission and in compliance with the high standards we set for ourselves pursuant to GFOA Distinguished Budget guidelines. We are one of only a handful of Massachusetts communities who annually qualify for both a Certificate of Excellence for our Comprehensive Annual Financial Reporting (CAFR) and a Distinguished Budget Award from the GFOA. Six decades ago John Kennedy visited Salem and observed, “Perhaps there is little left of the Salem of old, in terms of its merchant fleet and unfurled sails. But the greatness of the people of Salem, their integrity and industry, their loyalty and perseverance - all of these remain to this very day - and it is here that we find the greatness of Salem.” In my time as Mayor of this incredible city I've had the daily privilege of witnessing for myself just how true his words still are today. I believe the proposed FY2018 budget that is before you represents a strong commitment to the integrity of the people we have been elected to serve. It continues our balanced and responsible approach to city finances and budgets. It invests in continuing to make Salem a forward-looking city, a safe city, a welcoming city, a city with schools that we can be proud of – in short, a great city. I recommend adoption of the proposed FY2018 budget, CIP, and other associated budgetary Orders and I look forward to working with you in the coming weeks to enact this proposed FY2018 spending plan in order to continue to lead our great City forward. Sincerely, Kimberley Driscoll Mayor City of Salem cc: All City of Salem Department Heads Sec 1 - 4 ---PAGE BREAK--- Division Goal &Objective Source Priority* Schedule** Division or Department Status EDUCATION Education To raise the level of success for all Salem Public School Students to among the top 10% of the Commonwealth's Gateway Cities. Mayor 1 Short & Medium Term Executive and School Underway Education Continue to successfully implement the school district's Accelerated Improvement Plan with demonstrable results. Mayor & State 1 Short Term Executive & School Implemented Education To strengthen school-community partnerships in building a culture of high expectations for student success. Mayor 1 Short & Long Term Executive & School Ongoing Education To offer a quality education. Citizen Survey 1 Short & Long Term Executive & School Ongoing GENERAL GOVERNMENT General Government Improve communication and transparency with citizens. Mayor 1 Short & Long Term Executive & CIO Ongoing General Government To maintain a high level of accessibility to and responsiveness by City departments and employees. Mayor 1 Short & Long Term All Ongoing General Government Look for ways to deliver City services more efficiently and effectively through the use of technology. Mayor 2 Short & Long Term Executive & All Departments Ongoing General Government Implement regionalized services where applicable in order to better utilize tax dollars. Citizen Survey & Mayor 2 Medium & Long Term Executive Ongoing General Government Expand implementation of performance improvement programs. Mayor & Finance 2 Short & Medium Term Executive Ongoing General Government Continue evaluation of Compact of Mayors' benchmarks to address climate change and plan to mitigate carbon footprint. Mayor 2 Medium & Long Term Executive Underway General Government Improve citizen access to services and information through City Hall to Go, Participatory Budgeting, and Visual Budget Mayor 3 Short & Medium Term Executive Ongoing City of Salem - Long and Short Term Strategic Plan Summary - Fiscal Year 2018 Sec 1 - 5 ---PAGE BREAK--- Division Goal &Objective Source Priority* Schedule** Division or Department Status City of Salem - Long and Short Term Strategic Plan Summary - Fiscal Year 2018 General Government Continue City's commitment to Green Communities designation and energy efficiency goals. Mayor 3 Short & Long Term Executive Ongoing General Government Strengthening City's reputation as a welcoming and inclusive community for all. Mayor 1 Short & Long Term Executive Ongoing General Government Implement Imagine Salem public visioning initiative. Mayor 2 Short & Long Term Executive Ongoing FINANCE - HUMAN RESOURCES Finance Continue to attain GFOA designation by maintaining the highest level of budgetary practices and policies. Mayor 1 Short & Long Term Executive & Finance Ongoing Finance Continue five year forecasting of capital improvement projects and needs. Mayor 1 Short & Long Term Executive & Finance Ongoing Finance Continue conservative budgeting policies to limit the impact on property tax levels. Mayor 1 Short, Medium & Long term Executive & Finance Ongoing Finance Renegotiate SESD PILOT agreements with neighboring municipalities. Mayor 2 Short & Long Term Executive & Legislative Pending Finance Limit long-term liability through the City's continued commitment to build reserves in Stabilization and OPEB Trust Funds. Mayor 1 Short, Medium & Long term Executive & Finance Ongoing PUBLIC SAFETY Public Safety Maintain high level of all public safety services: police and fire. Citizen Survey 1 Short & Long Term Executive, Police & Fire Ongoing Public Safety Complete and implement recommendations from police department organizational review. Mayor & Chief 2 Short & Medium Term Executive, Police Underway Public Safety Improve traffic and parking enforcement. Citizen Survey 2 Short & Long Term Police & Parking Ongoing Public Safety Enhance use of technology in public safety. Mayor 2 Short & Long Term Police & IT Ongoing ECONOMIC DEVELOPMENT Economic Development Work with Footprint Energy to ensure the successful redevelopment of the Salem Habor Station Power Plant site. Mayor 1 Short & Long Term Executive Underway Economic Development Complete Phase III of the Salem Wharf Development, and continue revitilization of Salem Habor and the waterfront. Mayor 1 Planning - Short term, Implementation - medium to long term Planning & CD Underway Sec 1 - 6 ---PAGE BREAK--- Division Goal &Objective Source Priority* Schedule** Division or Department Status City of Salem - Long and Short Term Strategic Plan Summary - Fiscal Year 2018 Economic Development Encourage responsible private development and new growth opportunities, including but not limited to the courts buildings, Riley Plaza, North River Canal Corridor, and the former Universal Steel site. Mayor 1 Short & Long Term Planning & CD Ongoing Economic Development Continue implementation of the Point Vision and Action Plan. Mayor 2 Short & Medium Term Planning & CD Ongoing Economic Development Solicit and oversee the future redevelopment of the Superior Court buildings and continued redevelopment of the former Salem District Court. Mayor 2 Short & Medium Term Planning and SRA Underway Economic Development Support the growth of new and existing private businesses. Citizen Survey 2 Short & Long Term Mayor and Planning Ongoing PARKS AND RECREATION Recreation Implement the Winter Island Master Plan as part of maintaining and upgrading the City's infrastructure, including parks. Mayor 1 Planning - Short & Long term, Implementation - medium to long term Planning & Parks Pending Recreation Develop plan for new facilities at McGlew Park and Mary Jane Lee Park and implement. Mayor 2 Short & Medium Term Parks Underway Recreation Undertake a field assessment of existing facilities city- wide, and develop the framework for the creation of a Park Ambassador program. Mayor 2 Short & Medium Term Mayor & Recreation Underway Recreation Implement upgrades authorized by most recent CPA awards. Mayor 2 Short Term Mayor & Recreation Underway TRAVEL AND TOURISM Cultural Continue to improve upon management of Haunted Happenings & other communty events. Mayor 1 Planning - Short & Long term, Implementation - medium to long term Executive & Tourism Ongoing Cultural Continue development and implementation of cruise port activities and marketing. Mayor 2 Short & Medium Term Executive & Tourism Ongoing Cultural Continue implementation of the Public Art Master Plan. Mayor 2 Planning- Short & Long Term Implementation- medium to long term Planning Ongoing Sec 1 - 7 ---PAGE BREAK--- Division Goal &Objective Source Priority* Schedule** Division or Department Status City of Salem - Long and Short Term Strategic Plan Summary - Fiscal Year 2018 PUBLIC SERVICE- ENGINEERING - TRAFFIC AND PARKING Public Services Reorganize staff to more efficiently and effectively deliver services and respond to requests. Mayor 1 Short & Medium Term Executive Ongoing Public Services Restructure and improve implementation of See, Click, Fix work process. Mayor 1 Short Term Mayor, DPW, Health, Electrical Ongoing Infrastructure & Facilities Continue planning for and construction of Mayor Jean Levesque Community Life Center. Mayor 1 Short & Medium Term Mayor, Planning, COA Ongoing Infrastructure & Facilities Maintain and upgrade City water and sewer systems. Mayor 1 Short & Long Term Planning & Engineering Ongoing Infrastructure & Facilities Maintain and upgrade City roads, sidewalks, open spaces. Mayor/Citize n Survey 1 Short and Long Term Engineering Ongoing Infrastructure & Facilities Continue to advance Canal Street, Essex Street, Derby Street and Boston Street improvement projects. Mayor 1 Short & Long Term Planning & Engineering Underway Infrastructure & Facilities Improve overall cleanliness of streets, parks and other public areas. Citizen Survey & Mayor 1 Short & Medium Term Public Works Ongoing Infrastructure & Facilities Implement plan for residential traffic calming program. Mayor 1 Short & Long Term DPW, Traffic, PD, Engineering Ongoing Infrastructure & Facilities Oversee successful remediation and reuse of the transfer station site. Mayor 1 Medium & Long Term Mayor, Legal, Engineering Underway Infrastructure & Facilities Continue study for South Salem MBTA commuter rail stop. Mayor 2 Medium & Long Term Mayor, SSU, NSMC Underway Infrastructure & Facilities Continue implementation of bicycle accomodation upgrades. Mayor 2 Medium & Long Term Engineering, Traffic Underway Infrastructure & Facilities Work with SSU to continue planning for relocation of Horace Mann Laboratory School. Mayor 2 Short & Medium Term Mayor, SSU, Schools Underway Infrastructure & Facilities Manage impacts of NSMC campus consolidation. Mayor 2 Medium & Long Term Executive Underway Infrastructure & Facilities Plan for and complete City Hall Annex relocation. Mayor 2 Short & Medium Term Planning, Building, Mayor Underway Notes: *Priority - 1 - High, 2 = Medium, 3 = Low . This rating is determined by the Mayor's office **Short Term = 1-12 months, Medium Term = 12 months to 24 months, Long Term = 24 months or more. 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107 ---PAGE BREAK--- Sec 9 - 108 ---PAGE BREAK--- GLOSSARY OF TERMS Abatement - A complete or partial cancellation of a tax levy imposed by a governmental unit and administered by the local board of assessors. Accounting Period - A period at the end of which, and for which, financial statements are prepared. Also know as a fiscal period. Accounting System - A system of financial record keeping that record, classify and report information on the financial status and operation of an organization. Accrual - a method of accounting that recognizes income when earned and expenses when incurred regardless of when cash is received or disbursed. Activity - A specific and distinguishable line of work performed by one or more organization components of a governmental unit for the purpose of accomplishing a function for which the governmental unit is responsible. Adopted Budget - The resulting budget that has been approved by the City Council. Allocation - The distribution of available monies, personnel, buildings, and equipment among various City departments, division or cost centers. Annual Budget - An estimate of expenditures for specific purposes during the fiscal year (July 1-June 30) and the proposed means (estimated revenues) for financing those activities. Appropriation - An authorization granted by the City Council to incur liabilities for purposes specified in the appropriation act. Arbitrage - Investing funds borrowed at a lower interest cost in investments providing a higher rate of return. Assessed Valuation - A valuation set upon real or personal property by the local board of assessors as a basis for levying taxes. Audit - An examination of documents, records, reports, system of internal control, accounting and financial procedures to Sec 10 - 1 ---PAGE BREAK--- ensure that financial records are fairly presented and in compliance with all legal requirements for handling of public funds, including state and federal laws and the City charter. Balanced Budget - A budget in which receipts are greater than (or equal to) expenditures. A requirement for all Massachusetts cities and towns. Bond Anticipation Notes (BAN) - Notes issued in anticipation of later issuance of bonds, usually payable from the proceeds of the sale of the bonds or renewal notes. Budget - A plan of financial operation embodying an estimate of proposed expenditures for a given time period and the proposed means of financing them. The term usually indicates a financial plan for a single fiscal year. Budget Calendar - A schedule of certain steps to be followed in the budgeting process and the dates by which each step must be complete. Budget Document - The instrument used by the Mayor to present a comprehensive financial program to the appropriating body. Budget Message - A general discussion of the submitted budget presented in writing by the Mayor to the legislative body as part of the budget document. Capital Budget - A plan of proposed outlays for acquiring long-term assets and the means of financing those acquisitions during the current fiscal period. Capital Improvement Program (CIP) A plan for capital expenditure to be incurred each year over a fixed period of years to meet capital needs arising from the long term work program. It sets forth each project and specifies the full resources estimated to be available to finance the projected expenditures. Charges for Service - (Also called User Charges or Fees) the charges levied on the users of particular goods or services provided by local government requiring individuals to pay for the private benefits they receive. Such charges reduce the reliance on property tax funding. Cherry Sheet - A form showing all state and county charges and reimbursements to the City as certified by the state director of accounts. Years ago this document was printed on cherry colored paper, hence the name. A copy of this manual can be found at the following on-line address: http://www.mass.gov/Ador/docs/dls/cherry/CSManual.pdf Sec 10 - 2 ---PAGE BREAK--- Community Benefits Agreement (CBA) or Community Host Agreement (CHA). Typically a contract signed by a developer/business/group and a municipality that requires the business/developer/group to provide specific amenities and/or mitigations to the local community or neighborhood. Community Preservation Act (CPA). The CPA allows communities to create a local Community Preservation Fund to raise money through a surcharge of up to 3% of the real estate tax levy on real property for open space protections, historic preservation and the provision of affordable housing. The act also creates a significant state matching fund, which serves as an incentive to communities to pass the CPA. Cost Center. The lowest hierarchical level of allocating monies. Often referred to as a program, project or operation. Debt Limits. The general debt limit of a City consists of normal debt limit, which is 2 ½ percent of the valuation of taxable property and a double debt limit which is 5 % of that valuation. Cities and towns may authorize debt up to the normal limit without state approval. It should be noted that there are certain categories of debt which are exempt from these limits. Debt Service - Payment of interest and repayment of principal to holders of a government's debt instruments. Deficit or Budget Deficit - The excess of budget expenditures over receipts. City and State laws require a balance budget. Department - A principal, functional and administrative entity created by statute and the Mayor to carry out specified public services. Encumbrance - An account used to record the estimated amount of purchase orders, contract, or salary commitments chargeable to an appropriation. The account is credited when goods or services are received and the actual expenditure of the appropriation is known. Enterprise Fund - A fund established to account for operations that are financed and operated in a manner similar to private business enterprises. The intent is that the full costs of providing the goods or services be financed primarily through charges and fees thus removing the expenses from the tax rate. Governmentally owned utilities and hospitals are ordinarily accounted for by enterprise funds. Equalized Value (EQV) – The commissioner or Revenue, in accordance with MGL CH. 58 Section 10C, is charged with the responsibility of biannually determining an equalized valuation for each city and town in the Commonwealth. EQVs present an estimate of fair cash value of all taxable property in each city and town as of January 1 of each year (MGL CH. 58, Sections 9 & 10C). The EQV is a measure of the relative property wealth in each municipality. Its purpose is to allow for Sec 10 - 3 ---PAGE BREAK--- comparisons of municipal property values at one point in time, adjusting for differences in local assessing practices and revaluation schedules. EQVs have historically been used as a variable in the allocation of certain state aid distributions, the calculation of various state and county assessments to municipalities, ad the determination of municipal debt limits. EQVs are used in some distribution formulas so that communities with lower property values receive proportionately more aid than those with higher property values. In some assessment formulas they are used so that those with lower property values assume proportionately less of the cost than communities with higher property values. The local aid receipt programs using EQV are: Public Libraries, Chapter 70, and School Construction Aid. The assessments using EQV are: Boston’s Metropolitan Transit Districts, the Count Tax, Mosquito Control Projects and Air Pollution Control Districts. A municipality’s annual EQV is the summon f estimated fair market value for each property class plus an estimate of new growth, resulting in values indicative of January 1. Exemptions - A statutory reduction in the assessed valuation of taxable property accorded to certain taxpayers, such as senior citizens, widows, and war veterans. Expenditures - The amount of money, cash or checks, actually paid or obligated for payment from the treasury when liabilities are incurred pursuant to authority given in an appropriation. Fiduciary Funds - contain resources held by a government but belonging to individuals or entities other than the government. A prime example is a trust fund for a public employee pension plan. Governmental funds account for everything else. Financial Accountability -The obligation of government to justify the raising of public resources and what those resources were expended for. Financial Condition - The probability that a government will meet its financial obligations as they become due and it’s service obligations to constituencies, both currently and in the future. Financing Plan - The estimate of revenues and their sources that will pay for the service programs outlined in the annual budget. Fiscal Period - Any period at the end of which a governmental unit determines its financial position and the results of its operations. Fiscal Year - The 12-month financial period used by all Massachusetts municipalities this begins July 1st and ends June 30th of the following calendar year. The year is represented by the date on which it ends. Example: July 1, 2006 to June 30, 2007 would be FY 07. Sec 10 - 4 ---PAGE BREAK--- Fixed Asset - Assets of a long-term character that are intended to continue to be held or used, such as land, buildings, machinery, furniture, and other equipment. Full and Fair Market Valuation - The requirement, by State Law, that all real and personal property be assessed at 100% of market value for taxation purposes. "Proposition 2 ½" laws set the City's tax levy limit at 2 ½ % of the full market (assessed) value of all taxable property. Fund - A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities, and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. Fund Balance - The portion of Fund Equity available for appropriation. Fund Equity - The excess of fund assets and resources over fund liabilities. A portion of the equity of a governmental fund may be reserved or designated; the remainder is referred to as Fund Balance. General Fund - A fund used to account for all transaction s of a governmental unit that is not accounted for in another fund. The General Fund is used to account for the ordinary operations of a governmental unit that are financed from taxes and other general revenues. Government Accounting Standards Board (GASB) - The Governmental Accounting Standards Board (GASB) was organized in 1984 as an operating entity of the Financial Accounting Foundation (FAF) to establish standards of financial accounting and reporting for state and local governmental entities. Its standards guide the preparation of external financial reports of those entities. The Foundation's Trustees are responsible for selecting the members of the GASB and its Advisory Council, funding their activities and exercising general oversight-with the exception of the GASB resolution of technical issues. The GASB function is important because external financial reporting can demonstrate financial accountability to the public and is the basis for investment, credit and many legislative and regulatory decisions. The mission of the Governmental Accounting Standards Board is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports. More information, including all statements, can be found at www.gasb.org. Government Finance Officers Association (GFOA)- The Government Finance Officers Association (or GFOA) is a professional association of approximately 17,500 state, provincial, and local government finance officers in the United States Sec 10 - 5 ---PAGE BREAK--- and Canada. GFOA is headquartered in downtown Chicago. More information can be found at www.gfoa.org. Governmental Funds - revenues and expenditures should be recognized on the modified accrual basis. Revenues should be recognized in the accounting period in which they become available and measurable. Expenditures should be recognized in the accounting period in which the fund liability is incurred, if measurable, except for un-matured interest on general long- term debt, which should be recognized when due. Grant - A contribution of assets by one governmental unit to another unit. Typically, these contributions are made to local governments from the state and federal government. The contribution is usually made to aid in the support of a specified function (for example, education), but it is sometimes also for general purposes, or for the acquisition or construction of fixed assets. Group Insurance Commission (GIC) – The group insurance commission was established by the Legislature in 1955 to provide and administer health insurance and other benefits to the Commonwealth of Massachusetts employees and retirees, and their dependents and survivors. The GIC also covers housing and redevelopment authorities’ personnel, participating municipalities, and retired municipal employees and teachers in certain governmental units. Inter-fund Transactions - Payments from one administrative budget fund to another or from one trust fund to another, which result in the recording of a receipt and an expenditure. Intra-fund Transactions - Financial transactions between activities within the same fund. An example would be a budget transfer. Levy - The amount of taxes, special assessments, or service charges imposed by a governmental unit. Levy Ceiling - The limit imposed by Proposition 2 ½ that equals 2 ½ % of the total full and fair cash value of all taxable property. Levy Limit - The amount that a municipality may raise in taxes each year which is based on the prior year’s limit plus 2 ½ % increase on that amount plus the amount certified by the State that results from “new growth”. License and Permit Fees - The charges related to regulatory activities and privileges granted by government in connection with regulations. Line-item Budget - A format of budgeting which organizes costs by object of expenditure such as supplies, equipment, Sec 10 - 6 ---PAGE BREAK--- maintenance or salaries. MBTA-Massachusetts Bay Transportation Authority - The Massachusetts Bay Transportation Authority is the state authority responsible for all aspects of transportation throughout the Commonwealth of Massachusetts. An description of the assessment charged to municipalities can be found in the cherry sheet manual located on-line at http://www.mass.gov/Ador/docs/dls/cherry/CSManual.pdf. MGL-Massachusetts General Law - The General Laws of the Commonwealth of Massachusetts. These laws can be found at http://www.mass.gov/legis/. MSBA-Massachusetts School Building Authority - The MSBA is the state authority that oversees all school building projects and funding. The web site is www.mass.gov/msba. Major Funds - There are two types of major governmental funds – General Funds and Enterprise Funds. These funds are voted as part of the annual city budget. The General Fund is the major operating fund of municipal governments, and it accounts for the vast majority of municipal operations. The General Fund is supported by revenues from real estate and personal property taxes, state and federal aid, excise taxes, investment income, fines and forfeitures, and fees and charges. Most of the municipal departments, including the schools, are supported in whole or in part by the General Fund. Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises – where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or where the governing body has decided the periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Modified Accrual Basis - Under the modified accrual basis of accounting, required for use by governmental funds, revenue are recognized in the period in which they become available and measurable, and expenditures are recognized at the time a liability is incurred pursuant to appropriation authority. New Growth – The additional tax revenue generated by new construction, renovations, and other increases in the property tax base during a calendar year. Non-expendable Trust Fund - A fund, the principal, and sometimes also the earnings, of which may not be expended. Non-Tax Revenue All revenue coming from non-tax sources including licenses and permits, intergovernmental revenue, charges for service, fines and forfeits and various other miscellaneous revenue. Sec 10 - 7 ---PAGE BREAK--- Other Financing Sources (OFS) – An Operating statement classification, in which financial inflows other than revenues are reported, for example, proceeds of long-term debt and operating transfers-in. Other Financing Uses (OFU) – An Operating statement classification in which financial outflows other than expenditures are reported, for example, operating transfers-out. Other Post Employment Benefits (OPEB) – Other Postemployment Benefits (or OPEB) are benefits (other than pensions) that U.S. state and local governments provide to their retired employees. These benefits principally involve health care benefits, but also may include life insurance, disability, legal and other services. Operating Budget - A budget that applies to all outlays other than capital outlays. See Budget. Overlay The amount raised by the assessors in excess of appropriation and other charges for the purpose of creating a fund to cover abatements and exemptions. Overlay Surplus – Any balance in the overlay account of a given year in excess of the amount remaining to be collected or abated can be transferred into this account. Overlay surplus may be appropriated for any lawful purpose. Performance Indicator - Variables measuring the degree of goal and objective fulfillment achieved by programs. Performance Standard - A statement of the conditions that will exist when a job is well done. PILOT – Payment in Lieu of Taxes - Money received from exempt (non-profit) organizations who are otherwise not obligated to pay property taxes. Federal, state, municipal facilities, hospitals, churches and colleges are examples of tax exempt properties. Policy - A definite course of action adopted after a review of information and directed at the realization of goals. Priority - A value that ranks goals and objectives in order of importance relative to one another. Procedure - A method used in carrying out a policy or plan of action. Program - Collections of work related activities initiated to accomplish a desired end. Program Budget - A budget format which organizes expenditures and revenues around the type of activity or service provided and specifies the extent or scope of service to be provided, stated whenever possible in precise units of measure. Sec 10 - 8 ---PAGE BREAK--- Proposition 2 ½ - A law which became effective on December 4, 1980. The two main components of the tax law relating to property taxes are: 1) the tax levy cannot exceed 2 ½ % of the full and fair cash value, and 2) for cities and towns at or below the above limit, the tax levy cannot exceed the maximum tax levy allowed for the prior by more than 2 ½ % (except in cases of property added to the tax rolls and for valuation increases of at least 50% other than as part of a general revaluation). Purchase Order - A document issued to authorize a vendor or vendors to deliver specified merchandise or render a specified service for a stated estimated price. Outstanding purchase orders are called encumbrances. Rating Agencies - This term usually refers to Moody's Investors Service and Standard and Poor's Corporation. These services are the two major agencies which issue credit ratings on municipal bonds. Registered Bonds - Bonds that are registered on the books of the issuer as to ownership; the transfer of ownership must also be recorded on the books of the issuer. Recent changes in federal tax laws mandate that all municipal bonds be registered if their tax exempt status is to be retained. Reserves - An account used to indicate that portion of fund equity which is legally restricted for a specific purpose or not available for appropriation and subsequent spending. Reserve for Contingencies - A budgetary reserve set aside for emergencies or unforeseen expenditures not otherwise budgeted for. Retained Earnings - The accumulated earnings of an Enterprise or Internal Service Fund that have been retained in the fund and are not reserved for any specific purpose. Revenue - Additions to the City's financial assets (such as taxes and grants) other than from interfund transfers and debt issue proceeds. Revolving Fund - A fund established to finance a continuing cycle of operations in which receipts are available for expenditure without further action by the City Council. RMV-Registry of Motor Vehicles - The Registry of Motor Vehicles in Massachusetts is responsible for all aspects of motor vehicles including but not limited to registration, sales tax, and licensing. Service Level - The extent or scope of the City's service to be provided in a given budget year. Whenever possible, service levels should be stated in precise units of measure. Sec 10 - 9 ---PAGE BREAK--- Special Revenue Fund (SRF) - A fund used to account for revenues from specific revenue sources that by law are designed to finance particular functions or activities of government. Submitted Budget - The proposed budget that has been approved by the Mayor and forwarded to the City Council for their approval. The City Council must act upon the submitted budget within prescribed guidelines and limitations according to statute and the City charter. Supplemental Appropriations - Appropriation’s requested by the Mayor and approved by the City Council after an initial appropriation to cover expenditures beyond original estimates. Tax Anticipation Notes (TAN) - Notes issued in anticipation of collection of taxes, usually retired only from tax collections, and only from the proceeds of the tax levy whose collection they anticipate. Tax Levy - The amount of taxes, special assessments, or service charges imposed by a governmental unit. Tax Rate - The amount of tax stated in terms of a unit of the tax base. Prior to a 1978 amendment to the Massachusetts Constitution, a single tax rate applied to all of the taxable real and personal property in a City or town. The 1978 amendment allowed the legislature to create three classes of taxable property: 1) residential real property, 2) open space land, and 3) all other (commercial, industrial, and personal property). Within limits, cities and towns are given the option of determining the share of the levy to be borne by the different classes of property. The share borne by residential real property must be at least 65% of the full rate. The share of commercial, industrial, and personal property must not exceed 150% of the full rate. Property may not be classified until the State Department of Revenue has certified that all property has been assessed at its full value. Unit Cost - A term used in cost accounting to denote the cost of producing a unit of product or rendering a unit of service, for example, the cost of treating and purifying a thousand gallons of sewage. Valuation (100%) - Requirement that the assessed valuation must be the same as the market value for all properties. Warrant - An order drawn by a municipal officer directing the treasurer of the municipality to pay a specified amount to the bearer, either after the current or some future date. Warrant Payable - The amount of warrants outstanding and unpaid. Sec 10 - 10