The following was left at the Savoy Store.

FY08 BUDGET NEWS:

This year at the Annual Town Meeting Savoy voters approved a nearly level funded budget submitted by the Finance Committee and Select Board seeing only moderate increases.

Currently with the first quarter of the fiscal year complete we now have the final numbers from revenues including state cherry sheet at $818, 574 an increase of $24,812, new growth at $31,612, local receipts $114,500 and free cash at $12,500 also expenditures state and county charges at $176,433 an increase of $66,992, overly, etc. A very large increase cost in Charter School at $82,242 an increase of $28,410 and School Choice $93,593 an increase of $38,593 in tuition up by 61%.

During this time of finalizing the budget there is usually a deficit to be addressed. The methods used are to trim the working budget, use money from free cash or stabilization fund to help balance the budget or vote an override of Prop. 2 1/2.

After review of the current budget the Finance Committee, Select Board and other town officials have found ways to reduce costs by approx. $60,000 dollars including using all free cash of ($12,500).

The recommendation is to take approx. $15,000 from the stabilization fund bring the deficit to $70,000 and vote in an override of $70,000 rather than continue reducing the town's stabilization fund ($160,352.53). The override's ballot vote will be held on Wednesday, November 28th, 2007 from 12 noon to 8pm at the Senior Center.

The increase in property tax will be approx. $1.00 per $1,000 of evaluation.

Select Board and Finance Committee

Contact People

John Tynan, Select Board Chair 743-3573
Joe Bettis, Jr. 743-8132
Scott Koczela 743-0792

Finance Committee
Emile Mazur 743-1354
Jody Jardine 743-0029
Susan McGrath 743-0977