Boxborough Finance Committee Warns Residents of Possible Override in Coming Fiscal Year

BOXBOROUGH -- April 9, 2024, Boxborough Finance Committee previews a town meeting budget presentation warning of a likely override. Meeting April 9 at the Grange, the committee workshopped its Article 5 Annual Town Meeting report and agreed the presentation should clearly flag that a capital override for a new fire station is anticipated and an operational override for fiscal year 2026 is possible. Members noted that new growth revenue, the property-tax capacity generated by new construction, has fallen from $1.095 million in FY23 to an estimated $300,000 for FY25, while the town's actual levy has grown at roughly 6 percent annually against a levy-limit growth rate of about 5 percent, shrinking the town's fiscal cushion. The Acton-Boxborough Regional School District's assessment to Boxborough increased 14.46 percent for FY25, to nearly $16 million, and a school health insurance trust reserve of approximately $700,000 is being held back for up to two years pending potential large claims under the district's new carrier. The committee set April 23 as the target date to finalize the presentation, with a possible May 7 meeting contingent on the outcome of Acton's April 30 Proposition 2½ override vote.