Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Process topic
No spam. Unsubscribe anytime.
FinCom warns missing FY25 close leaves Free Cash and levy limits uncertain ahead of ATM
Summary
Finance staff told the committee there is still no FY25 hard close, so Free Cash, levy limits, and historical figures are unavailable; FinCom emphasized published recommendations are preferable to speaking at ATM floor.
The Finance Director and committee discussed a continuing delay in closing Fiscal Year 2025 accounts, which means the town currently lacks official Free Cash, levy limit calculations, and historical budget closure information. The minutes state: "There was still no Fiscal Year 2025 (FY25) hard close and consequently no budgets, Free Cash, levy limit or historical information." FinCom members emphasized the importance of published, official recommendations on the warrant rather than relying on speaking from the Annual Town Meeting floor.
Because the FinCom recommendation deadline is fixed by the Annual Town Meeting schedule, members discussed potential work-arounds but maintained that official figures should underpin any recommendation. The committee recommended departments provide levy and Free Cash estimates, five-year staffing projections, and fee revenue projections to support the FinCom review and the town’s budget deliberations.
