Finance Department Archives - Page 2 of 3 - Everett, MA

What is the difference between an override and a debt exclusion or capital outlay exclusion?

An override is a voted increase in the levy limit. An override cannot increase a community’s levy limit above the community’s levy ceiling. The levy…

cityofeverettJanuary 5, 2023

What is the levy limit?

The levy limit is the maximum amount a community can raise through property taxes in any given year. The levy limit is based on the…

cityofeverettJanuary 5, 2023

Why would we want an enterprise fund?

Enterprise accounting enables a community to operate a self-supported service and demonstrate to the public the true cost of providing a utility, health care, recreational…

cityofeverettJanuary 5, 2023

What should a capital improvement plan include?

A capital improvement plan (CIP) should include a multi-year capital plan and annual capital budget for all community departments. These documents should: (1) prioritize the…

cityofeverettJanuary 5, 2023

When can we appropriate free cash?

Free cash must be certified by the Director of Accounts as of July 1 of each fiscal year upon submission of a community’s balance sheet,…

cityofeverettJanuary 5, 2023

How do we improve a free cash or reserves position?

A community may improve its free cash and financial reserves through prudent financial planning and development of sound financial policies. The community could also establish…

cityofeverettJanuary 5, 2023

What is free cash and how is it generated?

A community’s free cash is the amount of unrestricted funds available from the previous fiscal year’s general fund operations that can be appropriated upon certification…

cityofeverettJanuary 5, 2023

What is an exemption?

As stated from the Department of Revenue’s Newsletter City/Town July 2013, an exemption is a privilege established by the Legislature that releases or discharges a…

cityofeverettJanuary 4, 2023

What do I do if I disagree with the assessed value of my property?

If your opinion of the value of your property differs from the assessed value, go to the Assessor’s Department and collect pertinent data to support…

cityofeverettJanuary 4, 2023

How is the assessment determined?

To arrive at “full and fair cash value” the Assessors must know what “willing sellers” and “willing buyers” will pay/receive for property. This is done…

cityofeverettJanuary 4, 2023

What is the difference between an override and a debt exclusion or capital outlay exclusion?

What is the levy limit?

Why would we want an enterprise fund?

What should a capital improvement plan include?

When can we appropriate free cash?

How do we improve a free cash or reserves position?

What is free cash and how is it generated?

What is an exemption?

What do I do if I disagree with the assessed value of my property?

How is the assessment determined?

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