Jim Donchess
Mayor - Ciry or NASHUA
To: Board of Aldermen
We)
RE: Report on Surplus and Overlay 2018
From: Jim Donchess, Mayor
Date: August 30,2017
In accordance with NRO 5-136, Lam providing you with our estimate of overlay needed for
FY18 ($2.0 million) and am.also providing you with the amount we have left in the overlay for
FY17 ($1.7 million) and the overlay reserve Gls 5 million). See the attached “Surplus Use and
Overlay Notification.”
Also in accordance with NRO. 5- 135(8), Tam poviding: the Board with an estimate of
unassigned fund balance as well as how much of that balance I propose to use to reduce the
anticipated tax rate. The unassigned 1 fund balance i is projected to be $37,121,501. Iam
recommending that we use $7, 100, 000 of the pana fund balance against the tax rate.
NRO 5-135(A) outlines a Solicy that a minimum. 10% of. a fiscal year’ S appropriations be
maintained in undesignated general fund balance. As you can see in ‘the “Surplus Use and
Overlay Notification’ ’ worksheet, ‘the estimated maior | fand balance i is projected to be 11.6%
of the FY2018 fiscal year appropriations.
I will be submitting the resolution for your first meeting i in ‘Soptember to coincide with this letter.
229 Main Street * PO Box 2019 * Nashua, New Hampshire 03061-2019
603.589.3260 * fax 603.594.3450 « NashuaMayor@NashuaNH.gov
www.NashuaNH.gov
