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FiPAC flags reserve target and Horace Porter HVAC bonding as drivers of budget choices
Summary
Chair Judith Jordan told residents FiPAC must consider the town’s reserve policy and the need to bond remaining Horace Porter School HVAC work; Jordan said the undesignated fund is close to the town's 15% target (about $3.4 million), information FiPAC said factors into its budget recommendations.
Chair Judith Jordan explained at the start of Wednesday's meeting that the town follows a financial policy that aims to keep undesignated reserves at or above 15 percent of the budget.
"We cannot drop below 15% now," Jordan said, and added that "3.4 million is 15%." She also told attendees the town must bond for the remainder of the Horace Porter School HVAC work; commissioners said maintaining reserves helps secure a favorable bond rating from S&P, which makes borrowing terms more attractive.
Jordan framed the reserve target and pending bond financing as constraints that shaped FiPAC's options for the 2026–27 budget. Commissioners repeatedly returned to the 15% reserve guideline during deliberations and used the undesignated fund as one of the three places targeted in the approved $250,000 reduction.
