Norwood finance commission approves borrowing for Koski Farm and funds major capital items with Forbes proceeds and free cash

At the Nov. 4, 2025 meeting the Town of Norwood Finance Commission approved funding decisions for several warrant articles and capital repairs. The commission voted unanimously to fund Article 7 (the Koski Farm purchase) with borrowing and approved a package allocating Forbes proceeds plus free cash to pay for a ladder/fire truck, the Willow roof, the library facade and sidewalks.

Jeff (finance staff) reminded the commission that roughly $6.2 million sits in the town’s Forbes account and that the financing mix influences how much free cash remains for other needs. When the commission modeled borrowing only for the two land purchases and using Forbes proceeds for capital, staff estimated about $16.6 million of free cash would remain after the proposed allocations.

Alan moved to finance the Willow roof, library facade, sidewalks and the fire truck using remaining Forbes proceeds and the balance with free cash; the motion passed 4–0 on roll call. Separately, the commission approved funding Article 7 (Koski Farm) with borrowing by unanimous vote.

Members discussed the relative merits of borrowing versus using one-time free cash for capital work. Some members argued free cash is best for one-time needs and urgent repairs, while others noted that traditionally many large capital items are financed to spread the cost across future beneficiaries. Jeff said he would update the pink sheet to show which amounts come from Forbes proceeds versus free cash; the Chair will draft and circulate a cover letter to explain the allocations to Town Meeting attendees.

The commission set a tentative pre–Town Meeting session for 5:30 p.m. on Nov. 13 at the high school auditorium to address any last-minute changes.