Finance director warns of $36.1M in unfunded capital needs, urges multiyear plan

Finance Director Amy Merriweather told the Board of Selectmen on July 13 the town faces growing unfunded capital needs and urged development of a realistic multiyear capital improvement plan.

Merriweather said the town’s FY27 capital plan shows $36.1 million in unfunded projects (the figure excludes possible new major initiatives). She said roughly $23.4 million of that total is deferred maintenance and the remaining $12.7 million is described as “nice to have” projects, which include a town hall renovation, enclosed teen space and a splash pad. She also noted the town’s current bonding guideline — $10 million every two years — constrains the ability to fund all planned projects.

Using a modeling tool that projects through 2041, Merriweather demonstrated how delays increase costs: a street sweeper requested in 2020 cost the town 21% more by 2026, a parking lot sidewalk replacement cost 30% more than a 2019 estimate, and elevator refurbishments completed in 2025 cost 170% more than a 2020 estimate. She recommended adopting a long‑term CIP with identified funding strategies, incorporating the model into annual budget guidance and coordinating planning with the Board of Education and department heads. Board members discussed triggers for bonding (interest rates, year‑end surpluses), coordinating BOE projects, and staged approaches to prioritize maintenance versus new initiatives.

No board action was taken; members asked staff to return with “baby steps” toward a multiyear plan and with clearer lists of department‑identified critical items.