Wellesley Public Schools: Fiscal Year 2026 Budget
Equipment Machines, tools, furniture, vehicles, and other non-expendable items with a useful life of more than one year and a per unit acquisition cost not less than $5,000. (MA DESE)
Extraordinary Maintenance
The periodic servicing, repair or reconditioning of school buildings, grounds, or equipment to extend the useful life of an existing asset, provided that the total cost per project per school of an extraordinary maintenance project shall not exceed $150,000. (MA DESE)
Estimated Receipts A term that typically refers to anticipated local revenues listed on page three of the Tax Recapitulation Sheet. Projects of local revenues are often based on the previous year's receipts and represent funding sources necessary to support a community's annual budget. Excess Levy Capacity The difference between the levy limit and the amount of real and personal property taxes levied in a given year. Annually, the board of selectmen or city council must be informed of excess levy capacity and their acknowledgment must be submitted to DOR when setting the tax rate. Expenditure An outlay of money made by municipalities to provide the programs and services within their approved budget.
Expense An identified cost incurred to accomplish a goal.
Financial Statement A presentation of the assets and liabilities of a community as of a date and most often prepared after the close of the fiscal year. Fiscal Year Since 1974, the Commonwealth and municipalities have operated on a budget cycle that begins July 1 and ends June 30. The designation of the fiscal year is that of the calendar year in which the fiscal year ends. For example, the 2024 fiscal year is July 1, 2023 to June 30, 2024. Since 1976, the federal government fiscal year has begun October 1 and ended September 30. Fixed Assets Long-lived, tangible assets such as buildings, equipment and land obtained or controlled as a result of past transactions or circumstances. Foundation Budget The spending target imposed by the Education Reform Act of 1993 for each school district as the level necessary to provide an adequate education for all students. Free Cash Remaining, unrestricted funds from operations of the previous fiscal year including unexpended free cash from the previous year, actual receipts in excess of revenue estimates shown on the tax recapitulation sheet, and unspent amounts in budget line-items. Unpaid property taxes and certain deficits reduce the amount that can be certified as free cash. The calculation of free cash is based on the balance sheet as of June 30, which is submitted by the community's auditor, accountant, or comptroller. Important: free cash is not available for appropriation until certified by the Director of Accounts.
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