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Trust reviews finances, passes FY25 operating budget and discusses encumbrances
Summary
The Westborough Affordable Housing Trust reviewed updated portfolio and encumbrance figures and approved a FY2025 operating budget covering administration, IT and a part‑time assistant (about $28,000); trustees were advised that available funds are conservative given current project encumbrances and upcoming project costs.
At its June 17 meeting, the Westborough Affordable Housing Trust received an updated finance packet through May 31 showing roughly $2.6 million in holdings and about $2.155 million after escrows and encumbrances. The packet summarized inflows/outflows since the trust's inception in FY2021 and listed active projects and funds encumbered for items such as earlier buy-downs and property purchases.
Chair (presenting finance slides) said the packet is a working document and noted the largest recent outflow was the acquisition of 6 Beach Street. Alan explained website upgrade costs created a temporary spike in one line item but projected next year's website operating costs would be about $1,250 once the platform transition completes.
Trustees discussed limits for committing assets; staff noted a proposed oversight threshold where the trust would seek concurrence with the select board if commitments exceed 80% of available assets or a single commitment exceeds 50% of available assets. Alan said projected FY25 spending (including authorized items) would be about $1.28 million and that a scheduled mitigation payment could provide additional revenue.
A trustee moved to approve the FY2025 operating budget as presented (primarily administration, IT and a part‑time assistant salary estimated at about $28,000); the motion was seconded and approved by voice with five trustees present.
