The House-Senate Conference Committee recently released its budget agreement for fiscal year 2007 (July 1, 2006 to June 30, 2007). The joint budget is before the Governor for his approval or veto.
North Reading's 3 major sources of State Aid are Lottery, Additional Assistance and Chapter 70. The Town is pleased to announce that Chapter 70 and Lottery Aid are due to increase by 30% and 19% from fiscal 2006 amounts. No increase is expected in Additional Assistance aid.
The Chapter 70 amount is approximately $172,000 higher than the estimates used in the town's revenue projection for a balanced budget. Town officials will make a recommendation to the October town meeting on the use of the addtional Chapter 70 funds.
No actions are needed on the increased Lottery aid. Town officials included the increase amounts in the balanced budget.
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