The following Press Release was submitted by the Board of Selectmen

At the recent Special Town Meeting (STM), the 818 residents in attendance overwhelmingly voted to fund our town’s operating budget with an additional $4 million in free cash. The petitioners who submitted this article did an excellent job of crafting a message and gathering support for it.  Although our board had recommended a lower amount, we are committed to implementing the approved approach. 

First, our Board interprets the free cash vote as more than a simple transfer of cash from one account to another. Rather, the vote represents an affirmation that the stagnant economy requires even greater diligence by elected and appointed officials to control taxes.  As homeowners, all of us understand the difference between wants vs. needs. We will insist upon a renewed emphasis on such an approach in the budgeting process. For example, our Board will be cautious in considering the scope, magnitude and timing of the capital projects that have been discussed in town for the past few years, such as a new DPW building, new athletic fields, and a new senior center/library.  Although we will seriously consider the idea of postponing significant capital expenditures, the favorable bidding and borrowing climate should not be dismissed, nor can we ignore situations like the current DPW garage which presents serious environmental and safety challenges that will require investment.  Like all operating and capital spending, however, it will be town meeting attendees who decide. 

Moreover, we will also continue our search for ways to reduce the rate of tax growth. The FY2012 budget reflects tighter estimates of anticipated revenue.  The Finance Committee will work with departments and committees to improve the predictability of expenditures.  The result of this effort will be lower turn backs. However, this effort will also reduce our flexibility to respond to unforeseen circumstances.  Voters at the Special Town Meeting spoke loud and clear of their desire to reduce our free cash balance and consider appropriations as each is presented.  

Second, it is clear voters desire improved reporting relative to the town’s finances.  While extensive financial information has been available on our town website for some time, even more information is expected.  Toward this end, our Board will soon consider adopting permanent requirements relative to financial reporting, beyond what is now provided to residents, consistent with best financial management practices, consultant recommendations, and the fine work in this area by our peer towns.   In addition, we will work closely with other boards to evaluate and, if prudent, reduce reserve balances in the Town’s various funds.   

Third, as our Board has stated repeatedly, responsible commercial development is critical to lessen the residential tax burden.  At long last, Town Center is underway.  This project will bring significant new revenues to our town.  We look forward to working with the owners of the Finnerty’s site in Cochituate when they approach the town soon seeking necessary permits for retail development. We also applaud the Economic Development Committee’s out-of-the-box thinking in proposing senior housing on Route 20, adjacent to and including the former septic facility. This plan would bring market rate and affordable apartments to Wayland, while providing millions of dollars of commercial revenue to the town.  As other opportunities arise, we will explore them as well.  We plan to do this while being mindful of the desire to preserve our town’s semi-rural character. 

Fourth, we will also look for other ways to reduce spending.  The Finance Committee has already begun requiring tighter revenue and expense budgets.  This should reduce turn backs, which had previously led to growth in our free cash balance. Moreover, we will work closely with other boards to minimize high reserve balances in the Town’s various funds.  This process is already underway with the Board of Assessors and the overlay reserve.  

Finally, we will continue our practice of working with residents to explore new ways to better serve the public.  Many have worked very hard to understand the complexities of municipal finance.  This knowledge will be invaluable as we progress through the upcoming years.

We would like to thank all those who attended the recent Special Town Meeting. It is important for us to understand our citizens’ needs.  For those of you who didn’t attend, the decisions made at town meeting have, as we stated in our last article, “… far-reaching effects.” We understand this challenge and we accept the charge your vote represents. 

The Board of Selectmen
November 28, 2011