Good Fiscal Health Projected for the Town of Bedford

By Bob Dorer

FinanceCommitteeOn top of a confirmed AAA bond rating, Bedford’s Finance Director Victor Garofalo is projecting strong local receipts for the current fiscal year. While reviewing the first budget model for FY2016 at the September 11 Finance Committee meeting, Garofalo reported only positive news on projections of revenue to the town.

For the current fiscal year the budget surplus is running at $723,000 and will probably be even higher by the end of the year. New growth, which will increase the tax levy, is also running closer to $1.7 million versus the amount of $1.2 million anticipated for at special town meeting. However, local receipts and various reversions are running higher than budgeted and, with other adjustments, may be in the neighborhood of $2.9M.

Garofalo noted that all of these items point to an opportunity to add a significant amount to the stabilization fund, which could raise the ratio of the fund to the Town’s budget higher than the current 3.6%.

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