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Council sets Feb. 8 budget work session and debates using current interest income in FY25/26 estimates
Summary
The council approved a hybrid budget work session for Feb. 8, 2025 and debated whether to increase projected interest income for the FY25/26 budget now; the Town Manager warned of volatility and proposed a conservative increase (about $750,000).
The council unanimously approved a hybrid Budget Work Session for Feb. 8, 2025, which will cover department presentations including library, police, public works, fire, education and capital projects. The vote established the schedule and agenda for the morning work session.
During discussion, Mrs. Bratton urged using interest income earned so far in the fiscal year to help budget priorities like pavement management; the Town Manager cautioned that interest income is volatile and that budgeting aggressively during a rate spike can create future cliffs if rates fall. He said he intends to increase the interest‑income projection for the coming budget somewhat (he mentioned a figure he was “probably” comfortable with around $750,000) but stressed conservative assumptions to avoid future fiscal shortfalls.
