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Middlebury leaders cite reserves, not available cash, for reduced Pay-As-You-Go funding
Summary
First Selectwoman Jennifer Mahr said the Town Charter’s 8% undesignated reserve requirement and depleted available balances drove the decision not to fully fund some Pay-As-You-Go capital requests; officials noted $700,000 in Roads Reserve plus $300,000 budgeted.
First Selectwoman Jennifer Mahr explained why several Pay-As-You-Go capital requests were not fully funded in the FY 2026–27 proposal, citing the Town Charter’s requirement that the town keep an 8% undesignated reserve balance. Mahr said the town used most available surplus in the last cycle and that only funds above the 8% reserve ceiling are available for discretionary capital. She noted there is currently $700,000 in the Roads & Bridges Reserve and the proposed budget includes a $300,000 contribution.
Mahr also said there are funds available in the Buildings/Town Properties Reserve that could be used if necessary. CFO Seth Bernstein added that historically the largest sources of reserve growth were Interest Income, delinquent tax collections and building-fees surpluses, and he cautioned those income streams have moderated.
