- The Need for an Operating Budget Override -
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At the polls on Tuesday, November 18, Wayland voters will be asked to approve an operating budget override of $850,000.
Q: What is the financial situation that requires an override?
- Recently enacted reductions in the Massachusetts income tax rate have benefited Wayland residents.
- In conjunction with these reductions, aid to municipalities has been cut across the Commonwealth.
- Free Cash (the cumulative budget surplus over time) has been used over the past few years to plug the resulting budget gap.
- The Free Cash "well" is at its lowest safe level to maintain our bond
rating and provide for emergency expenditures; additional needed funds must come from the tax levy.
- Wayland is asking for a Proposition 2 1/2 override of $850,000 to cover these needed funds.
Q: Why $850,000?
- This amount is equal to the state aid cut.
- To balance the budget, the additional $850,000 will be coupled with fee increases, other revenue enhancements, and cuts in expenses of about $100,000 on both the school and municipal sides.
Q: What happens if an override is not passed this year?
- For the 2004-2005 fiscal year, Wayland will be forced to eliminate tens of teaching positions and a similar number on the municipal side.
- These reductions will hit an already lean town government hard.
- On the school side, these reductions will result in significant increases in class sizes and/or the reduction or elimination of programs.
Support the Wayland Public Schools by voting in favor of the override on Tuesday, November 18.
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