The Town's Financial Stability

By Peter A. Breen

The primary task of the Council over the next 3-5 years is to insure the financial stability of the town.

The Council made immediate corrections and halted all but necessary expenditures. At the present time library hours are restricted; unfilled vacancies remain in almost every department; parks and road medians are full of weeds; police services are reduced.

The Council's appointed Fiscal Advisory Committee reviewed the Town's budgets and the actions taken over the past five to seven years. The Committee found that the Town had acted prudently but if additional revenues were not found in the immediate future the Town would face severe losses of both staff and services as the reserves will be able to maintain basic services for less than two years. The Committee recommended a temporary Special Services Tax for a period of four years to stabilize the Town's financial position. Such a tax would minimize further staff and service reductions, and make restorations where services would be brought back to the level expected by our citizens. No increases in services were factored into the proposal.

The Special Services Tax proposal will be on The November ballot in the form of a $250 annual assessment per living unit. The tax will generate about $1.5 million each year for the four years, and will return the Town to financial stability.

It will be the Council's responsibility to manage the results of the tax measure. Regardless of the outcome, which I hope will be positive, I am prepared to lead the Council forward to insure that the Town's finances are in order in the year's ahead.