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Finance director explains Foxborough budget process, cautions 'free cash' is not free
Summary
Marie Almadova, Foxborough's finance director, walked residents through the town's budget timeline, described financial policies (including a 5–10% fund‑balance target), and warned that "free cash" is certified one‑time revenue that should fund capital or reserves, not recurring operations.
Marie Almadova, Foxborough's finance director, outlined how the town prepares its annual budget and urged residents to follow advisory hearings and the five‑year forecast to understand the town’s fiscal choices.
"The budget is essentially your financial plan for the coming year," Almadova said, explaining that it balances expected revenues and expenditures for services such as education, public safety, roads and water. She emphasized that the budget must be balanced so the state will certify the town’s tax rate.
Almadova described the formal review path: the town manager and finance staff assemble the proposed budget and submit it by Feb. 1; the Select Board reviews and issues guidance; the Advisory Committee (ADCOM) holds in‑depth departmental hearings in February and March (not typically televised); and Town Meeting in May provides the final vote.
The finance director encouraged residents to tune into the Financial Summit (the budget kickoff) — scheduled for Dec. 2 at 5:30 p.m. in the gallery room and broadcast live — and to attend ADCOM hearings where department heads answer detailed questions.
Almadova ran through the town’s financial policies, calling them the "rules of the road" that guide targets for unassigned fund balance and reserves. She said the town targets roughly 5–10% of the operating budget in unassigned fund balance and maintains stabilization funds and capital reserves to protect the town’s AAA credit rating and lower borrowing costs.
On "free cash," Almadova said, "free cash...it's not free money." The term describes a certified portion of the fund balance that is certified annually by the state after closing the books and deducting receivables and any deficits; she said it is effectively one‑time revenue and best used for capital projects or reserves rather than recurring operating costs.
Almadova pointed to the COVID period as an example of why the town should not rely on free cash for ongoing expenses: the stadium shutdown reduced locally generated receipts and required drawing down reserves to balance the budget.
She also described the town’s five‑year financial forecast, which projects revenues and expenditures beyond the coming year to test whether budget choices are sustainable. Almadova said some local receipts are "elastic" — particularly event revenue tied to Gillette Stadium — and can vary sharply year to year depending on concert schedules or international events such as the World Cup.
On capital planning, Almadova explained that the Capital Improvement Plan (CIP) committee reviews requests (a threshold of $25,000 and at least a five‑year useful life), rates projects for timing, need and safety, and forwards recommendations to the Select Board, ADCOM and Town Meeting.
For residents seeking data, Almadova recommended the ClearGov platform (linked from the finance web page) to view historical revenues and expenditures (data back to 2017) and to use the finance department’s published budget books and liability reports. She also said residents may contact the finance office or her assistant, Brandon Roberts, and submit topic suggestions to communications specialist Mora Buckley.
The program closed with a reminder that the Select Board will telecast its budget review in February, ADCOM hearings will follow (in person/Zoom), and Town Meeting in May is the final decision point on the budget.
