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Selectmen discuss funding strategy as committee warns of construction escalation
Summary
Selectmen heard estimates of construction escalation and a high-level tax impact estimate; a board member raised concerns that the town's late audit could impair borrowing and increase financing costs for the project.
The building committee told the board that escalation has already added roughly $300,000 to numbers presented at an earlier public hearing and that every year the start is delayed adds roughly 5–6% to construction costs. The committee’s high-level tax-impact example showed an estimated $224 a year increase for a $250,000 assessed home as a ballpark figure, which presenters cautioned could change as prices and final scope evolve.
A remote member (Scott) raised a separate financing concern: he noted the town’s audit due 12/31/2025 was still not filed with the state and questioned whether that lapse could hurt the town’s ability to borrow or increase financing costs. The committee said audit timing and borrowing are outside the building committee’s charge and that finance staff and auditors will address those matters; selectmen said they would invite auditors and a financial expert (Bill Lindsay) to present in September.
