Select Board hears divided testimony on proposed Social Wealth Fund study committee

Town-meeting member Anthony Buono introduced warrant article 18 seeking a Select Board-authorized study committee to evaluate creating a Social Wealth Fund that would invest a small recurring portion of municipal revenue in market assets and—if feasible—use earnings to fund social programs. Buono framed the idea as a long-term savings vehicle and cited examples such as national and state funds that seek durable revenue to address inequity.

The presentation was followed by extensive board and public questioning. Several Select Board members and advisory participants acknowledged the idea’s intellectual interest but raised practical concerns: municipal budgeting rules require balanced budgets, Moody’s and bond-rating considerations could be affected, and legal constraints limit permissible investments. Member Mike (speaker 10) warned that municipal constraints and the need for balanced budgets make feasibility uncertain; others, including Select Board member Miriam Ashkenazi, urged a narrowly scoped study committee to investigate legal authority, funding sources, and comparative models.

Petitioners and some board members argued a study committee is the appropriate venue to vet technical questions (investment rules under Massachusetts statutes, oversight, funding sources and risks). Opposition focused on risk to taxpayer funds, the town’s core service priorities and whether long-term investing belongs in municipal government. The Select Board took no vote tonight and will schedule further consideration; the warrant article will return for a future meeting.