FinCom Approves Across the Board FY22 Spending Guideline of 3.5% ~ Reserve Funds to Offset Increases
The Finance Committee, culminating a summit meeting of municipal and school leaders, Thursday approved not only a spending guideline for fiscal year 2022 but also plans for allocations from reserves that will offset the increased expenditures.
The 3.5 percent guideline for the period beginning July 1, 2021, was endorsed by a vote of 7-0-1. It translates to about $2.1 million in additional expenses. The committee agreed to use the stabilization fund and free cash to cover that.
Finance Director Victor Garofalo pointed out that there will still be a modest tax increase, because line items under the umbrella of fixed costs – such as debt principal and interest, insurance, water – are projected to grow by 3.2 percent.
Although unfolding with a backdrop of the continuing pandemic and resulting rampant uncertainty, Thursday’s meeting was at times almost celebratory in its affirmation of the consensus on the future financial path. There was frequent praise for the dedication and performance of town employees during the crisis.