Finance Committee Chair Phil Giudice briefed the board on the committee’s 5-0 vote recommending that the town reclassify the remaining debt for the Department of Public Works building at 66 River Road from general fund to excluded debt.
Giudice said the change would “free up roughly $700,000 of levy capacity” in fiscal 2027, reducing pressure on the operating budget and potentially avoiding a Proposition 2½ override that year.
Chair Carol Martin urged that the explanatory materials and public slides clearly spell out, “We’re not just correcting an accounting issue” and wanted to avoid “semantics” that could obscure the practical effect that the “additional [levy] capacity” would later be used to increase taxes — depending on future spending choices.
Town Manager Michael McCall added that the move is consistent with Moody’s best-practice guidance for large capital projects and said educational materials will be posted online before the Dec. 11 special election, when voters will decide the matter.
