USA > Massachusetts > Middlesex County > Lincoln > Town Report on Lincoln 1960-1962 > Part 30
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Removal of Elms, Private Property 1,674.00
Board of Health, Salaries 1,300.08
Schools, Instruction 2,683.11
Property & Indemnity Insurance 2,464.03
1
Our Committee used a total of $4,802.26 out of the $10,000 appropriated for its use for emergencies and unforeseen require- ments. The list follows:
Town Office Expense
$ 600.00
Legal
93.22
Election & Reg. Exp.
224.85
Planning Board 840.30
Consulting & Engineering
1,331.72
Police Salaries
552.72
Board of Health - Garbage
723.00
Highway Building
342.60
Recreation
93.85
$4,802.26
The Commonwealth has certified "Free Cash" as of January 1,
1962, to be $171,213.25. This compares with $148,603.76 last year.
If the 1962 assessed valuation of the Town turns out to be $8,950, 000, which would be $250,000 greater than last year, every $8,950 which the Town Meeting appropriates will be reflected to the extent of one dollar in the ultimate tax rate.
We are presenting below a tabulation covering five years of over-all Town budgets and corresponding budgets of various de- partments. This table also shows percentage changes over-all and on a per house and per pupil basis where appropriate. Figures on houses rather than per person were used because accurate popu- lation statistics are not available for the period.
1958
1959
1960
1961
1962
Over-a Change 1958-6
Total Budget,
Gen. Purposes
759,940 906,633 1,040,436 1,117,023 1,214,155
+60%
% Inc. over
Prev. Year
+14. 2
+19.3
+14.9
+ 7.2
+ 8.7
Water Dept.
Budget
44,702
49,075
47,948
46,890
48,216
+9.1'
% Change from Prev. Year
+ 6.6
+ 9.8
2.2
- 2.2
+ 2.7
No. of Houses
Beginning of
Each Year
992
1,009
1,028
1,036
1,056
+6.5
Over-all Budget
Cost Per House
$766
$898
$1,014
$1,076
$1,150
+50%
% Change Per House
+
7.2
+17.1
+13.0
+ 6.0
+ 7.0
All Education
Excluding
Libraries
388,846 529,818
601,361
664,119
728,089
+87%
Elem. Schools
Operating Budget
273,107 314,495
431,390
463,500'
515,275
+89%
.
2
1958 1959
1960
1961
1962
Over-all Change 1958-62
Cost Per Pupil
$405
$489
$530
$525
$570
+41%
% Change Per Pupil
+ 4.3
+20.8
+ 7.3
-0.8
+ 8.5
Regional H. S.
Total Budget
115,739 156,043
169,971
200,619
212,814
+84%
Cost Per Pupil
$730
$773
$769
$786
$8.37
+15%
% Change Per Pupil
- 1.4
+ 5.8
- 0.5
+2.5
+ 6.0
Town Debt Ser-
vice excluding Reg. School
101,210
96,263
118,575
116,093
112,790
+11. 3%
% Change from Prev. Year
+95.5
- 5.0
+23.2
-2.0
- 2.6
Debt Cost Per House
$102
$ 96
$116
$112
$106
Many different conclusions may be drawn from the figures above, and our purpose in presenting them is largely as an aid to the citizens of the Town to make their own study. However, we believe the following observations are pertinent. 1) The growth in the number of houses has been quite moderate and has not in itself been a major factor in the increased budgets. 2) Debt service costs likewise have increased only slightly and it appears that our capital expenditures have not been a major contributor 3) The principal reasons for the 60% to our higher tax rates.
a) higher costs for over-all increase in the budget have been: the same services, with wages a substantial factor; b) demand for more services, such as better roads, libraries, schools, pro- tection and recreation; c) an increasing school population far exceeding the increase in housing, and increasing costs per pupil.
The increase of 60% in budgets over the last five years is approximately equal to a 10% compounded annual growth rate. How- ever, the last two years have been somewhat below this rate and may indicate that the rise in expenses is slowing down. Long- range projections are subject to substantial error, but they may serve a useful purpose. If we assume a 40% overrall increase in expenditures over the next five years and a rise in assessed valu- ations of 16%, assuming no change in proportions of money to be raised by real estate taxes, our tax rate in 1967 might be about $142 per thousand. There may be unforeseeable changes which may alleviate such a tax rate, but the Committee believes such a rate is within the realm of the possible.
On an equalized basis, that is, if tax rates in all towns were calculated on the basis of full market value of property as reported by the State Tax Commission, Lincoln's tax rate for 1961 would have been $24.80. This compares with our neighboring towns on the same basis as follows: Concord $32.70, Sudbury $36.90, Wayland $32.50 and Weston $22.80.
3
The accompanying report of the Long-Term Capital Require- ments Committee indicates a need for capital expenditures for other than schools which may amount to as much as $126,000 in the next five years. Therefore, the Finance Committee is spon- soring an article in the Warrant to provide, for other than school purposes, an appropriation to the Stabilization Fund of $10, 000 as a first step to help stabilize the tax rate in antici- pation of these expenditures. It is expected that such appro- priations, if acceptable to the Town, would be made annually, and probably in increasing amounts.
We propose through an article in the Warrant to use $100, 000 of "Free Cash" to reduce the tax rate. Therefore, no budget items or expenditures under various articles will call for use of "Free Cash". We believe this method is more easily under stood and administered than our previous one of applying "Free Cash" to specific budget or article items.
Our comments on special articles involving the appropria- tion of money will be printed in the Town Report to the extent our position is clarified at the time the report goes to press. Otherwise, we will report directly to the annual meeting.
Respectfully submitted,
FINANCE COMMITTEE
Leonard C. Larrabee
Ernest P. Neumann Paul L. Norton Joseph A. Vitale John B. Tew, Chairman
4
SCHEDULE OF APPROPRIATIONS AND EXPENDITURES OF 1961 AND RECOMMENDATIONS FOR 1962
Appropriation 1961
Expenditures 1961
Recommendations
1962
GENERAL GOVERNMENT ( $46,207 - 3.8%)
EXECUTIVE
Selectmen
2.
Salaries
$ 300.00
$ 300.00
$ 300.00
3. Selectmen's
personal exp.
300.00
300.00
300.00
4. Expenses
300.00
177.00
350.00
5. Out of State Travel
500.00
500.00
1,400.00
777.00
1,450.00
Executive Officer
6. Compensation of Selectman for special purposes
3,380.00
3,315.00
5,000.00
7. Expenses
3,380.00
3,315.00
5,200.00
Finance Committee
10. Expense
50.00
15.00
50.00
Town Office
15. Clerks, salaries 10,750.00
9,462.00
11,275.00
16. Expense
1,900.00
2,521.00 R
2,400.00
12,650.00
11,983.00
13,675.00
R. Includes Reserve Transfer. * Includes $1,050 to be taken from Water Dept. Treasury
Town Accountant
20.
Salary
3,487.00
3,487.00
3,629.00
21. Expense
250.00
249.00
300.00
3,737.00
3,736.00
3,929.00
Treasurer
30. Salary
200.00
200.00
200.00
31. Expense
1,136.00
1,133.00
700.00
1,336.00
1,333.00
900.00
Collector
40.
Salary
2,800.00
2,800.00
2,950.00
*
41.
Expense
750.00
713.00
800.00
3,550.00
3,513.00
3,750.00
Includes $525 to be taken from Water Dept. Treasury
5
200.00
Appropriation 1961
Expenditures 1961
Recommendations 1962
Assessors
50. Salaries
$ 550.00
$ 550.00
$ 550.00
52. Expense
800.00
597.00
800.00
53. Compensation of Assessor
500.00
800.00
1,850.00
1,147.00
2,150.00
Law
55. Legal
1,600.00
1,693.00 R
2,000.00
56. Expense
200.00
1,600.00
1,693.00
2,200.00
R. Includes Reserve Transfer.
Town Clerk
60. Salary
600.00
600.00
600.00
61. Expense
75.00
63.00
75.00
675.00
663.00
675.00
Election & Registration
70. Registrars, salaries
200.00
200.00
200.00
71. Election officials
100.00
96.00
300.00
72. Expense
500.00
725.00
R
650.00
800.00
1,021.00
1,150.00
R. Includes Reserve Transfer.
Planning Board
80. Expense
725.00
1,560.00 R
2,050.00
R. Includes Reserve Transfer
Conservation Commission
82. Expense
800.00
800.00
500.00
Consulting & Engineering
85. Expense
3,000.00
4,717.00 R
3,000.00
R. Includes Reserve Transfer
Town Hall
90. Custodian
2,500.00
1,820.00
2,028.00
91. Maintenance & Expense
4,500.00
5.017,64
*
3,500.00
7,000.00
6,838.00
5,528.00
* Includes insurance settlement
6
Appropriation 1961
Expenditures 1961
Recommendations 1962
PROTECTION OF PERSONS AND PROPERTY ($99,572 - 8.2%)
Police Department
100. Salaries
$ 32,600.00
$ 33,153.00
$ 35,145.00
101. Expense
3,470.00
3,387.00
4,157.00
36,070.00
36,540.00
39,302.00
Fire Department
110. Salaries &
Wages
14,250.00
12,356.00
16,050.00
111. Inst. &
training
500.00
482.00
500.00
112. Expense
4,400.00
3,839.00
3,900.00
113. Hydrant
service
3,495.00
3,495.00
3,495.00
22,645.00
20,172.00
23,945.00
Fire & Police Bldg.
121. Maint. & Exp.
2,950.00
2,624.00
3,375.00
122. Outside
rentals
800.00
750.00
800.00
3,750.00
3,374.00
4,175.00
Communications
125. Wages
9,750.00
8,938.00
12,925.00
126. Expense
3,900.00
3,744.00
3,700.00
13,650.00
12,682.00
16,625.00
Trees & Parks
130. Tree Warden, salary
200.00
200.00
200.00
Supt, of Parks
135. Salaries &
wages
8,550.00
136. Expense
10,550.00
10,681.00
1,775.00
137. Dutch Elm removal,
priv. prop.
2,000.00
326.00
1,000.00
138. Mowing
1,400.00
1,342.00
1,400.00
14,150.00
12,549.00
12,925.00
* In addition $2500 will be taken from Cemetery Expense
Civil Defense
150. Expense
975.00
276.00
1,000.00
7
Appropriation 1961
Expenditures 1961
Recommendations 1962
Inspectors of Bldgs.
170. Inspection fees $ 1,750.00
$ 972.00
$ 1,250.00
171. Expense
100.00
100.00
1,850.00
972.00
1,350.00
Board of Appeals
180. Expense
250.00
213.00
250.00
HEALTH AND SANITATION ($18,800 - 1.5%)
Board of Health
200. Salaries
5,400.00
4,100.00
5,050.00
201. Expense
450.00
293.00
400.00
202. Inspections service
1,250.00
948.00
1,250.00
7,100.00
5,341.00
6,700.00
Sanitation
210. Garbage
collection
4,900.00
5,600.00 R
8,000.00
R. Includes Reserve Transfer.
Pest Control
220. Mosquito control
4,000.00
Inspector of Animals
230. Salary
100.00
100.00
100.00
HIGHWAYS ($98,200 - 8.1%)
Highways
300. Salaries & wages
30,153.00
29,709.00
31,600.00
302. Maintenance
20,000.00
19,581.00
20,000.00
303. Equip. Maint.
6,000.00
5,638.00
6,000.00
304. Snow & Ice
removal &
control
8,000.00
7,859.00
6,500.00
305. Street lights
7,700.00
7,389.00
8,000.00
71,853.00
70,176.00
72,100.00
Highway Building
310. Maint. & Exp.
2,000.00
2,343.00 R
2,000.00
R. Includes Reserve Transfer.
8
Appropriation 1961
Expenditures 1961
Recommendations 1962
Highways, Ch. 90 320. Maintenance $ 4,500.00 $ 4,500.00
$ 4,500.00
* State & County share of $3000 to be taken from free cash and returned when re- imbursed.
321. Construction 14,000.00 13,790.00
19,600.00 *
* State & County share of $14,700 to be taken from free cash and re- turned when re-imbursed.
CHARITIES ($18,816 - 1.6%)
Charities
400. Aid to Citizens
15,500.00
15,500.00
17,500.00
401. Administration, salaries
1,007.00
1,006.00
1,066.00
402. Expense
100.00
85.00
150.00
403. Veterans'
Services
100.00
100.00
16,707.00
16,591.00
18,816.00
EDUCATION ($728,089 - 60.0%)
Schools
500. General Control
20,800.00
20,790.00
22,365.00
501. Out of State
900.00
893.00
1,050.00
502. Instruction
329,050.00
326,367.00
366,050.00
*
503. Operation
47,870.00
47,875.00
58,110.00
504. Maintenance
15,200.00
17,163.00
15,920.00
505. Auxiliary Agencies
40,890.00
40,177.00
43,640.00
506. Outlay
8,790.00
8,759.00
8,140.00
463,500.00
462,024.00
515,275.00
* Of this sum $1900 to be taken from DeCordova School Equipment Fund and Grammar School Fund.
Includes Insurance settlement.
Regional High School
510. Regional School 200,619.00 District
200,619.00 212,814.00
9
Appropriation 1961
Expenditures 1961
Recommendations 1962
LIBRARY ($30,081 - 2.5%)
Library
520. Salaries
$ 12,990.00
$ 12,970.00
$ 17,563.00
521. Books
4,000.00
4,036.00
6,000.00
522. Expense
800.00
617,00
910.00
17,790.00
17,623.00
24,473.00
* Of this sum $885.03 from County Dog Tax Receipts.
Of this sum $300 to be taken from Library Trust Funds.
Library Building
530. Custodian, Wages
1,326.00
1,326.00
1,648.00
531. Maintenance & Expense
4,945.00
4,647.00
3,960.00
6,271.00
5,973.00
5,608.00
RECREATION ($6,680 - 0.6%)
Recreation
600. Salaries
3,300.00
3,197.00
4,460.00
Labor
600.00
134.00
602. Expense
1,150.00
1,053.00
1,370.00
604. Swimming
program
850.00
5,050.00
4,384.00
6,680.00
CEMETERIES ($4,100 - 0.3%)
Cemeteries
700. Interments
600.00
330.00
600.00
702. Maintenance & Expense
3,500.00
2,615.00
3,500.00
4,100.00
2,945.00
4,100.00
TOWN DEBT SERVICE ($112,790 - 9.3%)
Town Debt Service
802. Fire & Police Bldg. Bonds
5,000.00
5,000.00
5,000.00
803. Int. on Fire & Police Bldg. Bonds
3,060.00
3,060.00
2,880.00
804. Int. on Tax Notes
3,000.00
2,521.00
3,000.00
*
10
Appropriation 1961
Expenditures 1961
Recommendations 1962
805. School Bldg. Bonds
$ 71,000.00
$ 71,000.00
$ 70,000.00
806. Int. on Sch.
Bldg. Bds.
27,783.00
27,782.00
25,785.00
807. Library Bldg. Bonds
5,000.00
5,000.00
5,000.00
808. Int. on Library Bldg. Bonds
1,250.00
1,250.00
1,125.00
116,093.00
115,613.00
112,790.00
UNCLASSIFIED ($40,620 - 3.3%)
900. Middlesex County
Pension Fund
7,307.00
7,307.00
10,453.00
901. Employee Ins.
& Hosp. Fund
5,700.00
6,607.00
8,195.00
902. Property &
Indemnity Ins.
15,000.00
15,423.00
14,022.00
903. Dump Rent &
Maintenance
4,500.00
4,500.00
4,500.00
904. Printing &
distributing
reports
3,000.00
2,502.00
3,000.00
905. Preservation of
town records
750.00
236.00
500.00
36,257.00
36,575.00
40,620.00
Includes amount received from Air Force School.
Includes cancellation refund.
RESERVE FUND ($10,000 - 0.8%)
910. Reserve Fund
10,000.00
4,082.00
10,000.00 *
* Not included in total
$5000 to be taken from Overlay Surplus and $5000 from Free Cash, any unexpended balance less than $5000 to be returned to Overlay Surplus.
TOTALS
$1,116, 733.00 $1,094,086.00
$1,213,955.00
11
Appropriation 1961
Expenditures 1961
Recommendations 1962
WATER DEPARTMENT *
950. Salaries
$ 6,725.00
$ 6,725.00
$ 7,025.00
951. Wages
6,930.00
6,827.00
7,169.00
952. Expense
15,310.00
13,081.00
17,160.00
28,965.00
26,633.00
31,353.00
Pumping Station
953. Maintenance & Expense
6,100.00
3,850.00
5,300.00
Bond Service
955. Bonds
10,000.00
10,000.00
10,000.00
956. Interest
1,825.00
1,825.00
1,563.00
11,825.00
11,825.00
11,563.00
* $45,000 of items 950 through 956 to be taken from Water Department Receipts and $3216
to be taken from Water Department Surplus.
TOTALS FOR WATER WORKS
$46,890.00
$42,308.00
$48,226.00
NOTE : In the interest of clarity cents have been omitted from 1961 appropriations and expenditures.
12
TOWN OF LINCOLN
REPORT OF THE
LONG-TERM CAPITAL
REQUIREMENTS COMMITTEE
1961
LONG-TERM CAPITAL REQUIREMENTS COMMITTEE
Lincoln, Massachusetts
1961 was the second successive year in which no town debt was issued for capital projects. With $125,000. in principal payments during the year, the town debt was reduced to $1,028,000. If the past two years have been breathing spells for town debt then the next several must be viewed as consider- ably heavier. Projects involving capital outlays will be school construction, both local and regional, dump relocation, development of an additional water source, and continued land purchases for conservation purposes. Use of stabilization fund monies and accelerated state school construction grant payments will reduce somewhat the debt to be issued but the net borrowings are still not to be regarded lightly.
The Finance Committee has shown in their 1961 Report and it has also been pointed out in previous reports of this Committee that it is not capital project costs themselves that have caused the accelerated increase in the tax rate, but the operating costs related to them. It would, therefore, be safe to say that if townspeople are sincerely concerned about the accelerating tax rate, then they should devote their attention to these operating costs and not just to the bricks and mortar. While municipal buildings constructed in Lincoln during the past decade cannot be regarded as spartan, neither can they be fairly appraised as luxurious. Rated with many other Massachusetts municipalities, Lincoln has received very fair measure for its construction dollar.
Real success is being realized in the leveling out of capital expenditures and the elimination of peaks and valleys previously existing. The extent to which this will be improved upon depends largely on the coordination and dovetailing of various town and regional projects. Carefully planned long- range capital programs must be set up by each department and it is our purpose to encourage these planning programs and coordin- ate them. Capital outlays, including debt service on borrow- ings, is rapidly becoming a stable base for the total Town bud - get. A detailed study of this will be undertaken by this Com- mittee to report specific figures in the 1962 report.
A major tool in leveling out the capital budget and parti- cularly the amounts to be borrowed will be the Stabilization Fund. This will play a vital role in 1962 and future years and will receive further attention in 1962 as the Finance Committee amplifies its use. In order that this fund be understood more clearly, a brief study of it follows.
Stabilization Fund:
Stabilization Funds were first authorized in Massachusetts during World War II when cities and towns were unable to con-
14
struct needed facilities due to war shortages of materials and manpower. To allow municipalities to stockpile their funds until the war end and the expected bulge in capital outlays, the Massachusetts Legislature authorized the creation of Stabiliza- tion Funds. Referring to Bulletin F of the Town Finance Com- mittees one finds the following description:
"Under authority of Section 5B of Chapter 40, as amended, cities and towns may lay aside funds for capital outlays and other municipal purposes authorized by the Emergency Finance Board. The amount so appropriated to this fund in any year (majority vote required) may not exceed ten per cent of the tax levy of the preceding year or such larger amount as may be ap- proved by the Emergency Finance Board. The aggregate amount in the fund at any time must not exceed ten per cent of the assessed valuation of the town in the preceding year. Appropriations to establish or to add to a stabilization fund may be voted (major- ity vote required) from taxation or available funds, but an ap- propriation from the accumulated fund requires a two-thirds vote at an annual meeting only."
Under the provisions of Chapter 591, Acts of 1959, as amended, use of stabilization funds was amplified to include special provision for use in connection with state school con- struction grants. Bulletin F further states, "If cities, towns, or member towns of regional school districts appropriate from their stabilization funds $75,000. or more toward the cost of an approved school construction project, the grant will be paid as follows : The first annual payment will be paid in the year in which construction commences and will be equal to the said $75,000. or more (recent legislation has set a maximum of $100,000. ) ( provided that the total grant is equal to or greater than the said amount, if not, then the amount of the grant will be paid in said year) ; the balance of the grant, if any, will be paid in equal annual installments over the life of the bond issue. "
Amendments to this law now require that monies to be appro- priated out of the fund for school purposes must be in the fund on December 31 of the preceding year. Funds may now be voted out of the stabilization fund for school purposes only at any town meeting (by two-thirds vote) but are now restricted to the minimum amount of $75,000. and maximum of $100,000.
Lincoln has used its stabilization fund in the past three years for two purposes, accumulation of monies for school con- struction projects, and for conservation land purchases. Al - though monies cannot be legally segregated within the fund, it is generally understood that a moral commitment exists for the future use of them as originally intended.
For school purposes, $25,000 was appropriated into the fund at each of the Annual Town Meetings in 1960 and 1961 with an additional $50,000 appropriated at the Special Town Meeting in December of 1961. Part or all of this $100,000 is expected to be asked for in 1962 to offset the costs of the school con- struction and to take advantage of the accelerated school con- struction grant payments.
15
For conservation land purchases, $7,000 was appropriated at each of the Annual Town Meetings in 1959 and 1960 with $5,500 appropriated out of the fund for purchase of the Hall property in 1960. With an additional $3,000 appropriated into the fund in 1961, $11,500 remains in the fund at present for these pur- poses.
In 1962, no funds will be appropriated into the fund for school construction purposes but the practice will be resumed in 1963. The Conservation Commissioners will request $3,800 (Item 4) and the Finance Committee will ask for $8,000. (Item 2).
In conclusion, the stabilization fund can be a very effect- ive weapon in reducing the swings of capital outlays. It can help reduce the amounts to be borrowed, eliminate borrowing for smaller projects, and in effect soften the impact on the tax rate. We support the use of the stabilization fund for these purposes.
In the following sections, Tables 1 through 5 will be found as well as the individual sections (1 through 15) dealing with the various departments and major projects.
Respectfully submitted,
LONG-TERM CAPITAL REQUIREMENTS COMMITTEE
Russell L. Haden, Jr. 1962
Douglas M. Burckett 1963
Richard C. B. Clark, Secretary 1964
Charles K. Fitts (Selectmen) 1962
Leonard C. Larrabee (Finance
Committee) 1962
George H. Kidder (Planning Board) 1962
16
TABLE 1 Long-Term Capital Requirements Committee - 1961 Report
TOWN OF LINCOLN - PROPOSED PROGRAM OF CAPITAL EXPENDITURES FOR 1962 AND FOR 1963/1972
Department or Item
1962
1963
1964
1965
1966
1967
1968/1972
1. LINCOLN CEMETERY $ 5,052.
$ 25,000.A
$
--
$ -
$ ---
$ ---
$ No figure
2. FINANCE COMMITTEE Stabilization Fund for Non-School Purposes
8,000.
8,000.
8,000.
8,000.
3. LINCOLN LIBRARY
2,000.
2,000.
2,000.
2,000.
8,000. 2,000.
8,000. 1,500.
23,000.
4. PLANNING BOARD & CONSERVATION COMMISSION
Land Option's
1,000.
1,000.
1,000.
1,000.
1,000.
1,000.
5,000.
Stabilization Fund
for Land Pur - chases
3,800.
3,850.
3,900.
3,950.
4,000.
4,050.
21,000.
Conservation Fund for Land Pur - chases
4,200.
4,400.
4,600.
4,800.
5,000.
5,200.
29,000.
5. RECREATION 1 SELECTMEN (6 through 12)
6. CIVIL DEFENSE
No figure
30,000.
30,000.
15,000.
50,000.C
No
figure
9. HIGHWAY DEPARTMENT
50,000.
35,000.
35,000.
35,000.
35,000.
35,000.
175,000.
19,600.
20,000
20,000.
20,000.
20,000.
20,000.
100,000.
6,000.
6,000.
6,000.
6,000.
6,000.
6,000.
30,000.
10. LEGION LAND PUR- CHASE
7,500 A
-
11. POLICE DEPARTMENT
12. TOWN HALL REPAIR
2,500 A
2,500.
2,500.
No figure No figure 2,500.
( cont.)
17
-
No figure
7. DUMP RELOCATION
---
No
figure
8. FIRE DEPARTMENT
50,000.
A
No figure
Road Construction Chapter 90 Const. Highway Equipment
-
TABLE 1, Continued
Department Or Item SCHOOLS
1962
1963
1964 1965
1966
1967
1968/1972
13. Lincoln (K-8)
Hartwell Addition Bldg. Committee
$ 6,200.A 5,000.
$
$
$
$
$
-
$ No figure
5,000.
No figure
B & C 550,000.
250,000
No figure
School Const. Stabilization Fd. for School Pur - poses 14. REGIONAL SCHOOL DISTRICT
25,000.
25,000.
25,000.
25,000.
No figure
Lincoln's share of
Capital Costs
35,682. A
450,000 C
No figure
TOTALS :
$706,534.
$160,250.
$588,000.
$120,750.
$163,500. $330,750. $ 435,500.
15. WATER DEPARTMENT Annual Capital Program
$ 15,000 . A
$ 15,000.
$ 15,000.
$ 15,000.
$ 15,000. $ 15,000.
$ 75,000. No figure
Test Drilling Development of
new water source or
new intake & pump at Sandy Pond Main & Hydrant
120,000.
B
No figure
B
No figure
Replacement Pipe storage area
1,500.A
No figure
WATER DEPT. TOTALS:
$ 20,725.
$160,000.
$ 15,000. $ 15,000. $ 15,000. $ 15,000.
No figure
A - Represent balances from 1960 and/or 1961 appropriations to be expended in 1962.
B - To be raised largely by Town borrowing.
C - Total borrowing may be reduced by application of Stabilization Fund monies and/or accelerated State school construction grant payments.
15. - Costs of Water Department projects and the payments of principal and interest on Water debt are payable from Water Department revenues and thus do not affect the tax rate.
18
4,225.
25,000.
B & C
struct needed facilities due to war shortages of materials and manpower. To allow municipalities to stockpile their funds until the war end and the expected bulge in capital outlays, the Massachusetts Legislature authorized the creation of Stabiliza- tion Funds. Referring to Bulletin F of the Town Finance Com- mittees one finds the following description:
"Under authority of Section 5B of Chapter 40, as amended, cities and towns may lay aside funds for capital outlays and other municipal purposes authorized by the Emergency Finance Board. The amount so appropriated to this fund in any year (majority vote required) may not exceed ten per cent of the tax levy of the preceding year or such larger amount as may be ap- proved by the Emergency Finance Board. The aggregate amount in the fund at any time must not exceed ten per cent of the assessed valuation of the town in the preceding year. Appropriations to establish or to add to a stabilization fund may be voted (major- ity vote required) from taxation or available funds, but an ap- propriation from the accumulated fund requires a two-thirds vote at an annual meeting only."
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