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Northampton Finance Director Report for 12-15-2011

Northampton Finance Director Report for 12-15-2011

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Published by Adam Rabb Cohen

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Published by: Adam Rabb Cohen on Dec 09, 2011
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12/09/2011

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CITY OF NORTHAMPTON
SUSAN WRIGHTFINANCE DIRECTOR 
Office of the Mayor 210 Main Street Room 12 Northampton, MA 01060-3199(413) 587-1255 Fax: (413) 587-1275swright@northamptonma.gov
MEMORANDUM
TO:CityCouncilFROM:SusanWright,FinanceDirectorDATE:December8,2011RE:UpdatetoCityCouncilforDecember15,2011
FinancialordertoreduceappropriationstovariousdepartmentsrelatedtotheESCO:
AstheDepartmentofRevenue(DOR)beganreviewofourtaxrecapdocumentation,theyflaggedthemethodbywhichtheESCOcontributionsfromdepartmentswerestructuredinthebudget.TheoriginalideaforhowtheESCOpaymentswouldbefunded,wasthateachaffecteddepartment–NorthamptonPublicSchools,SmithVocation,LillyandForbesLibrariesandCentralServices–wouldbudgettheannualamountforutilities(priortotheenergyimprovements)intheirrespectivebudgets.Then,thesavingsinthosebudgetsfromtheESCOimprovementswouldbetransferredbacktothecityasarevenue,tooffsetthecostofthebond.TotalBondPaymentsforESCOprojectsinFY2012:
$595,172
Howthiswasgoingtobepaidoutofthebudget:LillyLibrary$3,473ForbesLibrary$35,722CentralServices$31,616NorthamptonPublicSchools$147,310SmithVocational$92,677
Revenuefromdepts.inGeneralFund:$310,798:
RevenuefromRebates:$140,732RevenuefromEnterpriseFunds:$143,642TotalavailableforESCObondpayment:
$595,172
Bygivingthedepartmentstheirfullutilitybudgetsandthentakingbackthesurplusviainternaljournalentries,weareinessencehavinggeneralfundexpensescome“back”intothegeneralfundasrevenue,which,fromanaccountingstandpoint,willnotbeallowedbyDOR.InourconversationwithDORofficialstheystatedthatESCO’sarequitenewandthatanothertowndevelopedthesametypeoffundingstructurefortheirESCO.SincetheDORnowhasencounteredtwotownsthathad

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