Wayland selectmen weigh budget policy aimed at preserving AAA bond rating

WAYLAND -- February 6, 2017, Wayland weighs new budget policy as Moody's tests town's AAA rating. The Board of Selectmen met jointly Monday with the Finance and School Committees to review a five-bullet draft policy from UniBank advisor Clark Rowell that would cap operating growth at 2.5 percent (3 percent for schools), level-fund debt service at roughly $8 million, end free cash for operations and resume OPEB funding, all ahead of a Moody's call on about $13 million in borrowing led by the Mainstone Farm conservation restriction. Rowell said the town's general fund balance has fallen from roughly $23 million in fiscal 2011 to $13.6 million in fiscal 2016, well below Moody's preferred 20 percent of revenues. One selectman called parts of the plan "outright dangerous" and said he would not let "the Moody's tail wag the dog." No vote was taken. Selectmen separately approved CPC articles totaling roughly $570,000, supported a resident-alien voting petition 4-0, withdrew an article on denying permits to delinquent taxpayers, and learned Police Chief Robert Irving will retire in September.