Board of Finance approves $20,000 police transfer and flags higher mill rate after state cut

The Waterford Board of Finance on Monday approved a $20,000 out-of-series transfer to the Police Department and discussed draft revenue projections that produced a preliminary FY27 mill rate of 24.979.

The board took the $20,000 transfer at item four on the agenda after receiving a request from Chief of Police Mark Balestracci for fuel and equipment replacement. The board voted to decrease line 10129-51210 (clerical technical) by $20,000 and increase 10129-53090 (fuels and lubricants) and 10129-53180 (police equipment and supplies) by $10,000 each. The motion was seconded and approved; the request may be forwarded to the Representative Town Meeting for final action.

The meeting then turned to a deferred discussion of budget revenue. Committee member Bill presented the finance office’s mill-rate calculation and supporting figures and said the office’s work produced a mill rate of 24.979 for FY27, up from 23.36 in FY26. “Going through all the range grants, it comes out to a mill rate of 24.979,” Bill said during his presentation.

Finance Director Kim cautioned that some revenue items are not guaranteed year to year. “That is not a given every year. It is based on certain calculations and preliminary figures coming out of the state,” she said, responding to a question about a line-item municipal revenue share. Board members said the draft now reflects a $315,000 reduction in the state municipal revenue share.

Members discussed how assessed values and inflation affect taxes. Presenters noted that assessments are set at 70% of market value and that the FY27 calculations use Oct. 1, 2025 valuation data. Several members raised concerns about the impact on long-term, fixed-income homeowners if market-driven assessed values increase their tax bills despite limited household cash-flow changes; board members noted exemptions for veterans and seniors are set by RTM ordinances.

Officials also flagged timing issues: the Board of Assessment Appeals meets in March and often adjusts assessed values before the town sets the mill rate in May, which could change the preliminary rate. The board scheduled an assessor briefing with Ms. Walton at its next meeting for further clarification.

Other routine business included a liaison report that the Ashworth firehouse bonding amounts are likely to come in under earlier forecasts (reported as likely under $10–11 million), a treasurer’s report, and a letter from Human Services Administrator Danny Gorman warning of higher transportation costs and requesting the board to note a possible additional appropriation (he indicated he expects to cover most of the overage with a withdrawal from the senior commission fund).

Votes at a glance: • Approval of Jan. 14, 2026 minutes, as amended (correction to names and liaison item): motion approved. (Mover/second not specified in transcript; vote recorded as "I" with no roll-call totals provided.) • Police Department out-of-series transfer, $20,000: motion approved; may be forwarded to RTM. (Mover/second not specified; vote recorded as "I" and motion carries.)

The board adjourned after these items and will revisit revenue and assessment questions when the assessor appears next week.