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Wayland finance director cautions that changing FY28–31 requests complicates budget forecasting
Summary
Finance Director Brian Keveny told the CIPC that altering capital requests in FY28–31 would disrupt his operating-budget forecasts because his model incorporates debt service for projects in the 5-year plan and changes affect override forecasts for FY28–36.
Finance Director Brian Keveny addressed the committee about the difficulty of altering capital requests that appear in the current FY28–31 five-year plan. He said his operating-budget forecasting model incorporates debt service on capital projects included in that 5-year plan and that substantive changes or new capital requests make it harder to forecast potential override amounts for FY28–36.
Committee members pressed Keveny on the rationale for certain capital closeouts used to provide funding for a $350,000 Pre-K Elementary Literacy Curriculum request. Keveny said he required the School Superintendent to identify projects to close out in order to free the funding; members noted that projects closed out likely still need completion and could prompt new funding requests in future years.
Keveny recommended closer collaboration between the Finance Director and the CIPC during development of the committee’s recommended FY28–32 plan to reduce variances between the committee’s recommendations and the Town Manager’s proposed plan.
