Wellesley Public Schools: Fiscal Year 2026 Budget
Debt Exclusion An action taken by a community through a referendum vote to raise the funds necessary to pay debt service costs for a particular project from the property tax levy, but outside the limits under Proposition 2½. By approving a debt exclusion, a community calculates its annual levy limit under Proposition 2½, and then adds the excluded debt service cost. The amount is added to the levy limit for the life of the debt only and may increase the levy above the levy ceiling. Debt Limit The maximum amount of debt that a municipality may authorize for qualified purposes under state law. Under MGL Ch. 44 §10, debt limits are set at 5 percent of Equalized Value (EQV) for a city and 5 percent of EQV for a town. By petition to the Municipal Oversight Board, cities and towns can receive approval to increase their debt limit to 5 and 10 percent of EQV, respectively. Deferred Revenue Amounts that do not meet the criteria for revenue recognition. Also, earned amounts that are not yet available to liquidate liabilities of a current period. DESE The Massachusetts Department of Elementary and Secondary Education (DESE), a state department, providing resources to school administrators, teachers, students, and parents in Massachusetts. The DESE Finance section deals with a wide range of school finance issues and takes a leading role in determining state aid to municipalities for education via the Local Aid projects that make up the Cherry Sheet process. Disproportionality The over-representation or under-representation of a demographic sub-group in special education program. (US DOE) DOR The Department of Revenue (DOR), a state department responsible for collecting a wide variety of taxes, providing taxpayer support, and administering programs related to municipal finance through the Division of Local Services (DLS). DLS A division within the DOR (Department of Revenue) responsible for helping Massachusetts cities and towns achieve sound and efficient fiscal management through technical assistance, training, and oversight. DLS bureaus are responsible for ensuring the fairness and equity of local property taxation, the accuracy and quality of local accounting and treasury management, interpreting state laws that affect local governance, distributing local aid, maintaining a comprehensive databank on local finances, and auditing local school districts.
Education Reform Act of 1993
State law that authorized the seven-year, Chapter 70 funding program for education and that established spending targets for school districts to remedy educational inequities.
Encumbrance A reservation of funds to cover obligations arising from purchase orders, contracts, or salary commitments that is chargeable to, but not yet paid from, a specific appropriation account.
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