- Video Recording: https://www.
youtube.com/watch?v= QkIQCAGU3lQ&t=15421s - Financial Indicators Presentation: https://www.
amherstma.gov/DocumentCenter/ View/75345/FY26-Financial- Indicators-Projection- Presentation-1142024-FINAL-2
SOS Amherst Summary of the Meeting:
- On 11/4, the Amherst Town Council, Amherst Finance Committee, Regional School Committee, Amherst School Committee and Library representatives met to view a presentation regarding the financial status of the town, and how it will impact next year’s budget.
- The Town Manager’s initial projection for the Regional Schools does not include the total amount allotted in FY25 as the base for calculating the increase for FY26. It omits the additional $355,400.
- Based on his assessment of the town’s finances, the Town Manager is proposing a 3% increase in FY26 for all sectors of the town (municipal services, schools, library). Without the $355,440 included in the base for the Regional Schools, and with a 3% increase, the Regional Schools will have a deficit of -$2,877,846. For the Elementary Schools, the deficit will be -$1,413,694.
- At the meeting, there was also a discussion of the large surplus generated in FY24 ($5,227,426) and how to distribute it.
- The Town Manager is proposing that the surplus in funds largely be allocated to roads and sidewalks and as well as the capital stabilization account for future projects. Amherst already allocates 10.5% of property taxes every year to a capital savings account. In FY25, that amount was $6,234,442.
- The Amherst Finance Committee will take up discussion of the proposed 3% increase as well as the spending of the surplus at their next Finance Committee Meeting on Friday 11/8 at 9:00 AM.