Sent: Thursday, June 10, 2004 12:28 PM
To: Avon Board of Finance; Avon Town Council; Avon Board of Education
Cc: 'Philip Schenck Jr.'; Dr Richard Kisiel (Central Office)
Subject: For the Record - Deficiencies in the Construction of the Budget
B. End-of-Year Surplus
1. Current year estimate of revenues and expenditures - Section 9.2.1 of the Town Charter requires the Town
Manager to prepare the following:
Quote:
(b) detailed estimates of revenue by source, itemized receipts collected in the last completed fiscal year, receipts
estimated to be collected during the current fiscal year, and estimates of receipts to be collected in the ensuing fiscal
year.
(c) estimates of expenditures, ... for the last fiscal year and expenditures for the current fiscal year to the time of
preparing the estimates, total expenditures as estimated for the current fiscal year, the requests of the several offices
and agencies for the ensuing fiscal year ...
Unquote
As required by the Town Charter, the above information is extremely important in estimating the amount of end-of-
year surplus. Without this information, taxpayers are not made aware of the true status of the Town's fiscal affairs
and the amount of surplus available for the ensuing year.
The excess of revenues over expenditures in fiscal year 2002-03 amounted to $1,261,841 - before net transfers to
other funds of $1,063,763 (Source: CAFR, Exhibit D, 6/30/03). For 2003-04, a surplus is again expected due to
increased revenues from sources listed under section A above. The Town's Director of Finance has an estimate of
this year's end-of-year surplus.
2. I find no provision in the Town Charter that authorizes the Board of Finance or the Town Council to transfer end-
of-year surpluses into a surplus account.
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