FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
title
Discussion and possible action on the Fiscal Year 2025/2026 Budget.
end
Background:
May 20, 2025 Referendum FAILED: At the May 20, 2025 Referendum the townspeople did not approve the proposed Fiscal Year 2025/2026 Budget in the amount of $71,062,240 comprised of:
• General Government: $30,395,998_
• Board of Education: $40,667,242
May 21, 2025 - Finance Cmt Meeting:
The Finance Committee made the following adjustments to the Fiscal Year 2025/2026 Budget:
• Reduced the General Government Operating budget by $205,700 (Please see attached GG Reductions 5/21/2025 $145,700- Mayor will provide additional $60,000 Reductions on 5/27/2025)
• Reduced the Board of Education Operating Budget by $160,000
• Reduced the Board of Education Capital Budget by $260,000 (JWL Classroom Improvements & LHS Science Lab Improvements)
• Increased the Mil Rate Stabilization Contribution (Revenue) by $200,000
• Increased the BOE Agri-Science Revenue by $68,000
5/21/2025 Budget Adjustments - Finance Committee recommended the Town Council adopt a proposed Fiscal Year 2025/2026 Budget in the amount of $70,440,669 comprised of:
• General Government: $29,933,427_
• Board of Education: $40,507,242.
**The proposed adjusted Budget would call for a projected 1.99 mil rate increase.
In accordance with Chapter VII; Section 6 of the Town Charter the Fiscal Year 2025/2026 Budget will be resubmitted to the townspeople on the Voting Machines on Tuesday, June 10, 2025 between the hours of 12:00 p.m. - 8:00 p.m. (3 weeks after the first Vote).
The Process is as follows:
The annual Town Meeting for the consideration of the budget and the transaction of other business shall be held on the third Monday of May at such hour and at such place as the Town Council shall determine.
The Town Meeting(s) may not alter the amount of any appropriation recommended by the Town Council. The vote of the Town meeting on the annual budget shall be adjourned to a vote on the voting machines the day following the Town Meeting in the same manner as outlined in Chapter VII, Section 9 and, if approved by a majority of those voting hereon, shall be deemed to be the vote of the Town Meeting.
The Town Meeting may, by failing to approve the budget presented at referendum, refer the entire budget back to the Town Council for further consideration and changes. (Town Council Meeting - Tuesday, May 27, 2025)
Should the referendum on the budget refer the budget back to the Town Council, the Town Council shall reconsider the budget and present it for a second vote on the voting machines three weeks following the previous referendum. (Tuesday June 10, 2025)
In the event that the second referendum does not approve a budget; the Town Council shall adopt a final budget by the fourth Monday in June. Should both the referenda and the Town Council fail to adopt a final budget by the fourth Monday in June, the budget that was presented at the second referendum shall be deemed to have been adopted, and expenditures made in accordance therewith for the ensuing fiscal year.
5/27/2025 Sp. Town Council Meeting the Fiscal Year Budget was amended to present to the Second Referendum scheduled for June 10, 2025:
MOTION to adopt a proposed Fiscal Year 2025/2026 Budget in the amount of $70,440,669 comprised of:
• General Government: $29,933,427_
• Board of Education: $40,507,242
The Town Council approved the following Budget Adjustments:
Account # Title Reduction New Amount
1011-2101-51600 Finance Director $17,083 $115,917
1011-0311-51600 Town Clerk $7,639 $ 69,761
1011-4301-51600 Land Use Director $6,084 $102,066
1011-0205-51606 Human Resource Director $1,442 $ 96,408
Total Reductions $32,248
For a revised General Government Fiscal Year Budget in the amount of $29,901,179.
Based on the Budget Adjustments noted above the Town Council approved an amended Budget as follows:
v MOTION to adopt a proposed Fiscal Year 2025/2026 Budget as amended in the amount of $70,408,421 comprised of:
• General Government: $29,901,179_
• Board of Education: $40,507,242.
Department Comment/Recommendation:
(type text here)
Finance Director Comment/Recommendation:
(type text here)
Mayor Comment/Recommendation:
(type text here)