Wellesley Public Schools: Fiscal Year 2026 Budget
New Growth The additional tax revenue generated by new construction, renovations, and other increases in the property tax base during a calendar year. It does not include value increases caused by normal market forces or by revaluations. New growth is calculated by multiplying the assessed value associated with new construction, renovations, and other increases by the prior year tax rate. The additional tax revenue is then incorporated into the calculation of the next year's levy limit. For example, new growth for FY06 is based on new construction, etc. that occurred between January and December 2004. In the fall of 2005, when new growth is being estimated to set the FY06 levy limit, the FY05 tax rate is used in the calculation.
Other Postemployment Benefits (OPEB)
Many public employees earn benefits over their years of service that they do not receive until after their government employment ends. While pensions are the most common of these, other postemployment benefits generally include combinations of health, dental, vision, and life insurances. These are provided to eligible retirees and sometime to their beneficiaries, and as a group, are referred to as OPEB. A classification of expenditures that is used for coding any department disbursement, such as "personal services,” “expenses,” or "capital outlay".
Objects of Expenditures
Operating Budget A plan of proposed expenditures for personnel, supplies, and other expenses for the coming fiscal year. Outside Debt Municipal borrowing for purposes enumerated in MGL c. 44, § 8. Since this debt is not measured against a community's debt limit per c. 10, the borrowing is outside the debt limit and therefore referred to as outside debt. (See Inside Debt) Override A vote by a community at an election to permanently increase the levy limit. An override vote may increase the levy limit no higher than the levy ceiling. The override question on the election ballot must state a purpose for the override and the dollar amount.
Personal Property Tax
Movable items not permanently affixed to, or part of the real estate. It is assessed separately from real estate to certain businesses, public utilities, and owners of homes that are not their primary residences.
Program A plan of activities and procedures designed to accomplish a predetermined objective or set of objectives. The program classifications for which school districts are required to maintain and report financial data are identified at 603 CMR 10.03(3) and shall be described in guidelines published by the Department. (MA DESE) Program Budget A budget that relates expenditures to the programs they fund. The emphasis of a program budget is on output. Proportionate Share To meet the requirements of the Individuals with Disabilities Education Act (IDEA) every year, each Local Education Agency (LEA) must expend a proportionate share of federal IDEA funds on equitable services for parentally placed private school children with disabilities. Each LEA must, after timely and meaningful consultation with representatives of parentally placed private school children with disabilities,
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