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Richmond Select Board sets an informal 3.7% tax‑increase target for FY27 discussions
Summary
After comparing regional CPI measures, the Select Board agreed by consensus to use a 3.7% not‑to‑exceed target for next year's tax‑rate increase as a planning benchmark; the target is advisory, not a formal motion.
Board members compared Northeast and New England CPI figures and discussed how a single benchmark helps frame public expectations while staff completes detailed budget work.
Select Board members cited 3.3% (Northeast CPI) and 3.7% (New England CPI) figures; one member proposed using the New England 3.7% number because it is more specific to the region and is the index the town typically references for the tax-rate scale. After discussion the board agreed by consensus to set a target that the next fiscal year's tax-rate increase should not exceed 3.7% as a planning benchmark, with the caveat that staff retained discretion to return a final budget consistent with statutory and operational needs.
The board emphasized that the 3.7% figure is a guideline, not a binding motion. Members noted the target will inform presentation materials and public outreach as staff refines the FY27 draft budget and models options such as applying unassigned funds or adjusting reserve contributions to lower the rate.
The board asked staff to bring back revised budget scenarios and to use the 3.7% benchmark in outreach to inform voters ahead of the January public meeting.
