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New Local Aid Numbers Announced

The state Division of Local Services updated the fiscal 2014 cherry sheets with the projected local aid figures in the House Ways and Means budget.

Late last week, the state Division of Local Services updated the fiscal 2014 cherry sheets with the projected local aid figures in the House Ways and Means budget. Take a look at how those numbers compare with the Governor's proposed budget.

Earlier in the year, Governor Patrick submitted his $34.8 billion budget to the Legislature. The proposed income tax hike is part of a comprehensive package aimed at investing in the state's infrastructure and in driving growth, Patrick said.

Take a look at how the numbers affect Reading:

FY 2013

Cherry Sheet Estimate 

FY 2014 

Gov. budget ($)

FY2014

HWM  Budget Proposal

Education Funding Chapter 70 state education aid 9,903,702
10,011,427
10,011,427
Total education aid 9,930,333
10,040,18
10,037,681
General government Unrestricted general government  2,742,082
2,742,082
2,806,899 Sub-total, All general government 3,098,039
3,115,638
3,101,386
Total Aid (minus state assessments) 12,380,617 12,511,457 12,494,898

According to Assistant Town Manager Bob LeLacheur, Chapter 70 funding state-wide was increased by 5.4 percent, but Reading only saw a 1.1 percent increase. 

"General government state-wide was increased by 3 percent state-wide in a new annual formula local aid line item, which is based on the wealth of the community and ‘ability to pay’. Reading saw an increase of 2.9 percent or $79k," LeLacheur said. "In FY13 our initial local aid (excluding school lunches and library aid which directly fund those purposes) was scheduled to be $12,985,784, so last fall we used $13 million as our assumption for FY14 local aid. Unfortunately the Governor’s budget, which is predicated on increases in tax revenues, provides only $133,041 more in local aid than our $13 million estimate."

Charles April 17, 2013 at 02:06 PM
Tax receipts are up 20% from last year I believe and we will be 500K below expectations? Maybe RMLS can help out? http://www.rmld.com/Pages/RMLDMA_Financial/January13.pdf Read this and you will be sick to see how much money they have.

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