Wellesley Town Executive Director Meghan Jop at Tuesday’s Select Board meeting (see Wellesley Media recording of Feb. 24 session) previewed the Town-Wide Financial Plan, and that itself was a sneak peek at the a Town-Wide Financial Plan presentation slated for the Feb. 25 Advisory Committee meeting. (Update: Here’s a link to the Advisory Committee recording by Wellesley Media.)
The plan looks at both the nearly $250m fiscal year 2027 budget as well as out years (see draft in the Feb. 24 Select Board meeting agenda document). The introduction highlights that the budget is being presented separately for the town and schools at Annual Town Meeting and the ongoing impacts of shared costs—such as healthcare—for the town and schools (the breakdown shows a 35%-65% split).
The plan includes background on creation of a Town-Wide Capital Planning Committee, which has been in the works over the past year as a way to review possible future projects and possible debt implications. (The board on Tuesday voted 3-2 in favor of a Town-Wide Capital Planning Committee policy following discussion, including concerns raised about the make-up of such a body and its powers.)
This edition of the Town-Wide Financial Plan, for fiscal year 2027, includes a special focus on debt, breaking out numbers to illustrate the impact on property tax bills. Efforts are being made to work with the GIS department so that property owners can click on their property on a map and see town debt ramifications, Jop said, addressing a desire of both the Select Board and Advisory Committee.
Good news shared by Jop is that the town’s cash reserves are high, while healthcare insurance costs are coming in lower than expected. The FY27 budget is light on new strategic initiatives as well as cash capital.
Jop said she will partner during the Town-Wide Financial Plan presentation at Town Meeting with David Kornwitz, Wellesley Retirement Board Chair, and he will update attendees on the town’s strong position with its pension and other post-employment benefits (OPEB) funding, which will reap big savings in years ahead.
The plan also refers to a possible 2027 referendum related to school air conditioning construction costs, though more decisions would need to be made before such a project event gets to the design phase, Jop said.
The Board unanimously approved the Town-Wide Financial Plan.
