The mayor said the stabilization account had $574,000 in it, bringing the total amount now to about $815,699. This zeroed out the free cash account; if it had not been transferred, the funds would have rolled into the free cash calculations for fiscal 2022. Free cash is any excess funds at the end of the fiscal year.
The city's projected revenue for the fiscal 2023 is about $183.6 million. This is about $8 million more than this year's projected revenue of about $175.5 million and is primarily driven by a $4 million to $5 million increase in Chapter 70 funding for schools.
Following this meeting on March 28, Lang said he plans to present the budget and warrant articles to the finance committee on April 4. Lanesborough, according to Lang, has approximately $10.6 million in revenue to appropriate for the budget.
The draft budget for the Mount Greylock Regional School District includes a 6 percent increase in the assessment to the town of Lanesborough and a 5.5 percent increase in the assessment to the town of Williamstown.