Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Select Board adopts free-cash plan and budget instructions, with modification to reserve transfer
Summary
After a lengthy budget discussion, the Select Board approved a free-cash plan that applies $500,000 to operating (policy cap), supports a capital plan, halves a proposed OPEB contribution and leaves a portion of free cash available; the board modified the recommendation and removed a $200,000 general-stabilization transfer before approval.
Select Board members on Nov. 17 voted to adopt the administration’s proposed free-cash plan and budget instructions for FY27 capital and operating preparation, with one modification: the board removed a proposed $200,000 contribution to the general-purpose stabilization fund for the current cycle.
Finance staff said the town’s certified free cash on July 1 was $5,254,050 and recommended applying $500,000 toward the operating budget (the policy cap), transferring a modest amount into the appropriations reserve to cover extraordinary unforeseen expenses, contributing to general-purpose stabilization, and reserving a portion for next year’s operating needs. The draft capital list totaled about $15.6 million in conceived projects across town, schools and enterprise funds; after subtracting enterprise fund contributions and potential MSBA reimbursement on a projected $8 million school roof, the administration proposed applying about $3.88 million of free cash toward capital and identifying $5.5 million of projects that would need debt or delay.
Board members debated whether to protect reserves in view of the recent tax-bill increases, or to conserve free cash to provide direct tax relief. After discussion the board approved the free cash plan and budget instructions, with the modification that the $200,000 stabilization transfer be held (not contributed this year). The motion carried 4–1 on a roll call (Mike opposed). Staff said the numbers will be refined as the financial-planning committee reviews capital requests and as health-insurance and other central costs are finalized.
