The matching monies for this grant were funded in FY 1998-1999. Emergency maintenance has stabilized and capital expenditures will be held to prioritized needs to define the costs of operating the Water and Sewer systems for the near future. For this fiscal year, user rates were determined to be adequate and therefore will remain the same. A Capital Improvement Program is being developed for all funds to address long range plans and needs for the Town. Budgets are adopted as required by State Statute.
All appropriations lapse at the end of the fiscal year.
The Budget is an integral part of the Town's accounting system and daily operations. An annual budget ordinance, amended when necessary by the governing body, creates a legal limit on spending authorizations. In accordance with State law, the Town's General Fund budget is prepared on the modified accrual basis and its accounting records also are maintained on that basis. Under modified accrual accounting, revenues are recorded when they are both measurable and available. Expenditures are recorded when a liability is incurred, except for interest on long term debt and accrued vacation benefits.