BUDGET & FINANCE
 

Newport's municipal operating and capital budget is line item developed using the Gross Budgeting method which allows for greater control and accountability. The operating budget is prepared by the Town Manager and Department Managers and approved by the Board of selectmen and a Budget Committee before being submitted to the annual Town Meeting in March for final approval. The municipality is responsible for payment of County tax assessment as well as the school administrative district. For example, the 2016 tax collection commitment is below:

Municipal appropriation $3,029,867.00
County Tax: $337,723.00
School District: $2,617,064.20
Tax Overlay: $104,432.05

The approved budget and appropriations are controlled and monitored with a computerized Budgetary Accounting System and monthly reports are developed for oversight review by management and the Board of Selectmen.

FUND BALANCES (SURPLUS)

The Undesignated Fund Balance is maintained to equal 1-2 months operating expense. Amounts accrued beyond this range are used to reduce tax appropriations.

ACCOUNTING

The Town accounting system is computerized and integrated with the budgeting system and conforms and complies with all Generally Accepted Accounting Principles. The Town "books" are audited each year by CPA's in an independent accounting firm who present the annual post audit report to the Board of Selectmen.

The Board of Selectmen have developed and approved a Comprehensive Financial Policy which includes SOP's for personnel responsible and accountable for budgeting, investments and other financial transactions.

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