Lincoln audit shows surpluses for town, school accounts

Lincoln audit shows surpluses for town, school accounts

LINCOLN - The town's audit has revealed that both the municipal and school departments ended fiscal year 2013 with positive balances in their operating budgets, Town Administrator T. Joseph Almond announced this week.

As of June 30, 2013, the town posted a budgetary surplus of $642,944 and a cumulative surplus of $6.89 million. The School Department had a budgetary surplus of $437,874 and a cumulative surplus of just over $2 million.

"While continuing to be challenged by the ongoing economic recession, the town of Lincoln has been fortunate to benefit from long-term planning and prudent fiscal policies," Almond said in a release. "In preparation of annual budgets, the proposed expenditures of all departments have been limited to accommodate economic realities and protect local property taxpayers."

Almond said that equally important was the 2008 decision to cap and re-direct gaming revenue from Twin River Casino into restricted capital improvement accounts.

"As a result, we have invested millions of dollars in responsible improvements to our schools, roads, town buildings, recreation center and parks," he said. "In addition to enhancing our long-term fiscal health, this action provides responsible fiscal safeguards with the anticipated arrival of Massachusetts casinos."

The town has also secured among the region's highest bond ratings at AA by Fitch Ratings, and Aa2 by Moody's Investors Services.

Almond concluded by thanking all those involved.

"I have been very fortunate to work with a very talented finance staff," he said, also acknowledging the "collective efforts and good work" of the Town Council, Budget Board, School Committee, department directors and town employees.