|An operational override permanently increases the tax base
and must be paid each and every year until everyone in town
has died or moved away. Given the existence of Proposition 2 1/2,
the tax increase is automagically indexed by 2 1/2 percent each year
A debt-exclusion override or capital override basically means the town will borrow money and pay it off through the proceeds of a tax increase that may last 20 years or more depending on the amount borrowed and the payment schedule. Payments may persist until your death and beyond if you are already a senior citizen.
|The Totally Unexpected State Funding Cut Override|
|Framingham's Ministry of Finance chooses to be wildly
optimistic on future state funding. Unfortunately,
state revenues increase only 4.35% per year on the average
If Framingham's wild-eyed liberal Ministry of Finance expects a 20% increase in Chapter 70 funding as they do in their long term financial projection, they will ultimately be disappointed.
Our temporary school superintendent Eugene Thayer gets paid more than the Governor of Massachusetts Deval Patrick ($145,000/year) and more than Ben Bernanke ($191,000/year) of the Federal Reserve but wants us, the taxpayers to shell out more money for an eleven (11%) percent increase that includes nearly nine (9%) percent salary increases.
Proponents of this override will tell you that failure to pass this override will result in the following actions:
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