Finance Committee approves FY12 budget

Monday night the Finance Committee approved FY12 operating and capital budgets to submit to the Board of Selectmen.

The approved operating budget of  $70.9 million is identical to the draft budget FinCom approved last week before this week’s public comment session. The approved capital budget of $4.6 million is slightly less than last week’s draft budget.

Citing a lack of information or specific plans for a new Department of Public Works garage facility, FinCom members reduced the amount appropriated for the project from $250,000 to $50,000, which accounts for the reduction in the capital budget.

“We feel strongly there needs to be a building and it needs to go forward,” said chair Cherry Karlson, adding that the pulling back of funds does not imply FinCom is unsupportive of the project.

In fact, Finance Committee members are open to reconsidering a higher amount after meeting with representatives from DPW, but for now, approved only $50,000 along with the contingency that a building committee be formed.

This year’s budget is better than tax neutral, Karlson explained, and follows several years of tax neutral budgets. More debt is maturing than is being replaced, and the average household will see a property tax savings of about $20 under FinCom’s approved FY12 budget.

“[The Finance Committee] has selected funding sources to minimize taxpayer impact rather than following published debt guildeines,” Karlson said. The proposed debt exemption is $880,000.

The approved FinCom budget will now be presented to the Board of Selectmen before being voted on by residents at the April Town Meeting.

Documents related to the budget are available on the Town of Wayland website and include:

• FY12 budget guidelines
• FY12 capital budget summary
• FY12 operating budget
• FY12 CIP capital appropriations requests