Finance Committee briefed on first budget under new Town Manager Act

WAYLAND — October 26, 2022 — Wayland sets 4.5 percent level-service ceiling for first FY24 budget under Town Manager Act. Outgoing Acting Town Manager Stephen Crane told the Finance Committee on Wednesday that department budgets are due to Finance Director Brian Keveney via MUNIS by Nov. 18 and the superintendent's draft by Dec. 15, with the town manager now responsible for assembling and balancing the budget centrally. Keveney reported Wayland reaffirmed its Moody's Aaa rating and issued $21.4 million in debt Tuesday at 3.9 percent, projected free cash at $8 million to $8.4 million, and warned unused levy capacity will fall from roughly $4 million to about $2 million in FY24. Crane said 15 of 147 open capital projects can be closed out, freeing nearly $700,000. Member Kelly Lappin pushed for strategic efficiencies, saying rising costs are "not an okay answer" for taxpayers. The committee approved August minutes 7-0 and September minutes 6-0-1.