During a recent government meeting, officials discussed significant financial planning related to a new building project, with construction anticipated to begin in the fall of 2025 and occupancy expected in early 2027. The city has already borrowed approximately $8 million for this project, prompting discussions on potential revenue sources to cover future operating costs. A follow-up meeting is scheduled for January to further address these financial strategies.

The Finance Committee also presented updates on the city’s financial health, highlighting a review of financial policies that have not been updated in over a decade. While current policies are deemed strong, the committee is considering revisions to ensure they remain effective. Additionally, a review of the city’s debt refinancing options was conducted, but it was determined that refinancing is not advantageous at this time.

Tax roll numbers for various school districts were shared, revealing notable increases in property taxes. The Verona School District is set to rise by 3.8%, impacting the average homeowner by approximately $193. In contrast, the Oregon School District will see an 11% increase, translating to a $453 rise for the average household. The Madison School District's taxes will increase by 6.7%, resulting in a $279 impact, while the MATC will rise by 5.5%, adding about $16 to average household bills. Fitchburg's budget, which is expected to pass without amendments, will increase by 3.4%, leading to an $86 rise for residents.

Officials clarified that residents will only experience one of these tax increases, depending on their respective school district. The meeting underscored the importance of financial planning and transparency as the city prepares for upcoming budgetary challenges.