Boxborough Finance Committee votes road maintenance funds, defers school budget to next week

BOXBOROUGH -- March 19, 2024, Boxborough Finance Committee approves road maintenance funding, warns of $1 million annual school cost increases ahead. The committee voted unanimously March 19 to approve $424,000 for road maintenance plus an undetermined Transportation Network Company supplement to be added at Annual Town Meeting, the only formal vote of a session otherwise devoted to editing the draft warrant and annual financial report. Members flagged that the Acton-Boxborough Regional School District's proposed 14.46 percent assessment increase for FY25, of which approximately 6.7 percent is driven by Boxborough's rising enrollment share, is the first installment in a projected $1 million-per-year rise in the town's school costs, with one member warning the trajectory implies "a $2 million override" as soon as FY26. Insurance for the town-owned Steel Farm farmhouse remains unquoted, forcing the committee to defer that budget vote to March 26; the town's insurer declined to continue direct coverage of the vacant structure, and no third-party quote had arrived despite being expected by meeting night. The committee also heard from member Tony on a Bartholomew financial advisory session recommending the town treasurer move toward a 20 percent equity allocation in stabilization funds and an 80-20 mix in the OPEB portfolio, with total investable assets under $5 million.