Finance Committee members said an operating override appeared unlikely after reviewing a revised fiscal 2028 forecast Oct. 19, although the model still showed a projected 6.25% tax increase and an operating gap of about $532,000.
Closing the operating gap would not eliminate the projected tax increase, which also reflects the cost and timing of borrowing.
Chair Carl Barnes reported certified new growth of about $750,000, roughly $100,000 more than the amount used in the model. He said Moody’s had reaffirmed Wayland’s Aaa credit rating. A possible 4.25% bond rate could reduce borrowing costs by $30,000 to $40,000, providing another potential way to narrow the gap.
Member Brian O’Herlihy said about 1.15 percentage points of the projected tax increase stemmed from the prior year’s deferral of long-term borrowing, which shifted debt payments between fiscal years. Members said accounting for that shift and closing the remaining operating gap could bring the underlying increase to near 5%. The committee did not adopt a fixed percentage target for tax growth.
The Oct. 5 review had already lowered one major spending assumption. Updated school projections called for a combined 4.2% increase in personnel and other expenses, below the 5% increase previously assumed. At that meeting, members identified health insurance costs, state aid, new tax growth and borrowing costs as factors that could further change the forecast. Technology and utility costs were also uncertain.
Members began reviewing the final fiscal 2028–32 capital report Oct. 19. Barnes questioned using the capital stabilization fund to pay $225,000 in annual debt service for the high school septic project, saying he did not think the payment fit the fund’s purpose.
