North

West Newbury

Officials propose $13m budget

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Officials are presenting voters with a budget of $12.98 million budget for the upcoming fiscal year. The budget stays “within the town’s means,” the Finance Committee says in a booklet prepared for Town Meeting voters. As a result, the town should be able to accommodate a $500,000 increase — or around 8 percent — in education assessments without officials having to ask voters to approve an override. The committee also described a “strong position of free cash,” and a “healthy” stabilization account. To fund the budget, the town expects to collect $11.1 million in real estate taxes, another $770,000 from fines, licenses, and excise taxes, and an estimated $348,000 from the state. Another $880,000 in real estate taxes will be levied from previously approved overrides to cover upgrades to the Page School and other bonded projects. There is $1.465 million in the town’s free cash account, $810,000 in the stabilization account, and $1.5 million in the community preservation account. The annual and special town meetings will be held at 7 p.m. on Monday.

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