Finance committee backs $140.6 million general fund operating budget, adds $2.4M from recent debt sale

The Nantucket Finance Committee voted unanimously March 11 to recommend the town's fiscal 2026 general fund operating budget of $140,613,890, including a last-minute debt sale that added about $2,400,000 in principal and interest to the funding plan.

The recommended motion would raise and appropriate $133,268,827 from the fiscal 2026 tax levy and other general revenues; transfer $516,000 from certified free cash for one-time operating expenses (noted in the meeting as $216,000 for town-side one-time expenses and $300,000 for the schools); and transfer $6,829,063 from fiscal 2026 revenues to the Affordable Housing Trust Fund. The school budget included in the motion was $43,746,176.

Brian, finance staff, told the committee the debt sale completed the morning of March 11 increased the budgeted debt service by roughly $2.4 million, with most of that amount tied to previously authorized affordable housing trust projects and some permanent financing of sidewalk projects already completed. "The majority of that was for some affordable housing trust projects and then some we did issue some permanent sale of debt related to previously authorized sidewalk projects that had been completed," Brian said.

Committee members asked for clarifications about the portion of the debt tied to specific projects. Jill Veith asked whether the additional $2,000,000 was "based on everything they're doing, or is it, like, specific to the Wiggles' cost?" Brian replied that the debt sale was not all for one project: "It's not all related to Wiggles Way, but some of it is, yes," and said portions related to the Gooseberry project would be paid out once outstanding items were finalized.

The motion to adopt the operating budget was made by Peter Schaeffer and seconded by Jill Veith. A roll-call vote recorded aye votes from Peter Schaeffer; Chris Kulacki; Joanna Roche; Joe Wright; Jill Veith; Denise (last name not specified); and Jeremy (last name not specified). The committee chair noted Steven (last name not specified) was not present for the vote. The committee recorded the motion as adopted unanimously among members voting.

The committee chair and finance staff said most department heads were available at the earlier Saturday meeting and remained available for follow-up questions. Brian said he was available to answer department-specific questions as needed.

The committee will forward its recommendation to the annual town meeting warrant; the committee did not adopt additional formal conditions on the recommendation during the March 11 session.