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Council places plan to double capital reserve contribution on Nov. 3 ballot
Summary
Council approved explanatory language to amend the charter to increase the annual capital reserve contribution from 2% to 4% of the operating budget, phased in by 0.25 percentage points per year over eight years beginning July 1, 2027.
On July 27 the Glocester Town Council approved placing on the Nov. 3 ballot a charter amendment to raise the annual capital reserve contribution from 2% to 4% of the operating budget. The explanatory language reads that the increase would be phased in at 0.25 percentage points per year over eight years starting 07/01/2027, reaching the full 4% on 07/01/2034, and that funds would remain invested separately and spent only after authorization by referendum for capital program improvements.
Council members said they favored the gradual phase-in (0.25% per year over eight years) to reduce immediate budgetary strain while building long-term reserves. The council approved the explanation and the motion by voice vote; the transcript records the motion and vocal assent but not a roll-call tally.
