Committee Spotlight: Finance Committee
The Finance Committee, or FinComm, is responsible for reviewing the finances of the Town, from income to spending, and making sure that the Town is using the residents' money wisely and effectively. The largest responsibilities are reviewing and helping prepare and balance the yearly budget and providing recommendations to the people of the Town on the warrant articles presented at every Town Meeting.
During preparations for the budget, FinComm meets approximately once a week, through the rest of the year it is more like once a month, sometimes less, depending on need.
FY25 Budget Goals:
Abington relies heavily on State aid to fund the Town’s budget. The State is currently collecting less taxes than previously estimated which is creating many unknowns for funding in FY25. Keeping this in mind FinComm has the following goals for next year's budget:
- Maintain department services at the same level
- Create a balanced budget
- Provide some capital items (bigger one-time purchases like roof repairs, police cruisers or DPW trucks, etc) with funds left from the FY24 budget.
- Allocate some funds to the stabilization fund
Multi-Year Goals:
Each year, FinComm’s main goal is to maintain a balanced budget. Their additional goals include:
- Allocate funds to cover commitments to town employees like pensions and other post-employment benefits (OPEB)
- Allocate funds into the stabilization fund to ensure the Town can weather a ‘rainy day’.
Challenges
Unknowns are always the biggest challenge and there are many facing Massachusetts municipalities. Some of the upcoming challenges include:
- State aid is in flux at this time
- Fluctuating amounts to fund pensions and OPEB
- Increasing health insurance costs for employees
- Potential to add additional employees to understaffed departments
- Cost of trash and recycling removal. In the past, the worldwide recycling market was robust and the Town was paid for recycling materials which helped balance the cost of waste collection. Over the past several years, the recycling market has crashed and recycling removal is the same, and sometimes more costly, than waste removal.
What residents should know leading up to Town Meeting:
Residents should be as informed as possible. All FinComm meetings are posted on the Abington CAM Youtube channel. Watching the recordings will help residents understand the issues that FinComm faces and the priorities that they try to set while working on the budget.
How to get involved:
There is currently one opening on the committee, which the Town Moderator is actively trying to fill. Often have more right after Town Meeting. The committee is always looking for more concerned and dedicated residents to volunteer for when openings arise. Fill out a request for appointment to a volunteer board or committee.