On July 1st of 2002 I began working as the Town Accountant for Belmont. I look forward to both a long and interesting relationship with the community. There follows Balance Sheet for the General Funds and other funds. There is also a schedule for the General Fund showing the Budget versus Actual Revenues and Expenditures for the fiscal year ending 6/30/02 (FY02). The free cash figures have not yet been certified by the Department of Revenue for FY02.
You will note that the Real Estate receipts remained strong. Motor vehicle excise receipts did not materialize as anticipated and the earning on investments failed to meet expectations due to the downturn in interest rates. Our projections for FY03 have been moderated to reflect this continued economic downturn.
This office is involved in meeting the governmental standards board (GASB) requirements for recording the Town’s fixed assets and converting the statements to a new measurement focus for next fiscal year. Although the community will continue to budget as it has in the past, financial statements at year-end will be presented in an entirely new manner.
Respectfully submitted,
Barbara E. Hagg
| 
