Government budgets can be tough to understand, but now the Town of Somerset, Massachusetts is providing the next generation of accessibility in financial information that allows citizens to view, engage with, and discuss.
Capital (Includes Debt Service)The Town’s capital improvements program policies call for the allocation of approximately 5% of the general fund revenues to the capital budget. This is exclusive of dedicated funding sources such as enterprise funds, grants, and Proposition 2 1/2 debt exclusion projects.
Cherry SheetCherry-colored form showing state and county charges and reimbursement to the Town as certified by the State Director of Accounts.
Enterprise Funds Funds that account for all revenues and expenditures for services and allow surpluses to be used to reduce user fees for the services or to pay for capital improvements. Each fund has an independent budget. Losses are made up from the Town’s general fund. Presently, Somerset has an enterprise fund for water servicees.
Fiscal YearJuly 1 through June 31.