While Westwood Town Meeting in May is still a few months off, officials are well underway at looking over the projected budget for the Fiscal Year 2013. 

In a budget update Monday night, the Westwood Board of Selectmen learned the total budget revenue for Westwood in FY13 is currently estimated to be around $72.6 million. 

"We do have a balanced budget at this point," said Westwood Finance Director Pam Dukeman at Monday's meeting.  

That revenue, Dukeman explained, is estimated at around $72,664,827, an increase of $368,131 - or .5 percent - over FY12.

"Almost 80 percent of that is coming from our tax base, and that's very standard for us," Dukeman said. 

According to Dukeman's report, the projected State Aid for Westwood will be $4,926,653 - an increase of $291,286, or 8.6 percent, over FY12. 

"If that number doesn't hold we won't be able to continue with what we have here," Dukeman said of the current estimated budget. "But I do think it will hold."

Gov. Deval Patrick's proposed budget, which was recently released, calls for an estimated $4,190,166 for Chapter 70 to go to Westwood Public Schools. Chapter 70 comprises state aid to public elementary and secondary schools throughout the Commonwealth.

The total FY13 expenditures are about the same as last year, Dukeman said, coming in at about $72.4 million, only about a .3 percent increase over FY12. That increase included a 3.2 percent increase to the operating budget.

Taxes for the year are projected at $57,823,914, a 3.1 percent increase over FY12, and free cash is estimated to come in at around $1,044,000, or a 6.5 percent increase over the $980,000 available in FY12. 

Officials plan to continue reviewing the budget, as well as determining the allocation of funding for such town reserves as the town's stabilization fund and Other Post Employment Benefits (OPEB) liability.