During a recent government meeting, officials expressed serious concerns regarding the financial health of the town's water and wastewater funds. Trustee Daley highlighted alarming projections for the water fund, which is expected to end 2029 with a balance of $3.8 million, while the wastewater fund is projected at $1.1 million. The trustee warned that if the budget is fully expended, the general fund could face significant deficits, exacerbating an already declining fund balance.

Daley emphasized the urgency of addressing these financial challenges, urging the team to explore strategies to alleviate the financial burden on residents. The discussion underscored the potential for drastic rate increases if corrective measures are not implemented.

In a proactive step, the town plans to supplement the water and wastewater funds with a $7 million transfer in 2025. This inter-fund loan aims to stabilize the funds and prevent steep rate hikes that could impact residents significantly. Daley noted the importance of communicating these financial strategies to the community to foster understanding and support.

The meeting underscored the critical need for financial planning and transparency as the town navigates its fiscal challenges, with officials committed to finding solutions that protect both the budget and the residents' interests.