Wenham Finance Committee Votes to Retire Short-Term Debt, Clears Most Capital Articles

WENHAM -- February 19, 2025, Wenham Finance Committee advances capital articles and votes to pay off short-term debt early. Meeting by videoconference on February 19, the four-member quorum, Vice Chair David, Clerk Bob, Financial Officer Dano, and member Jared, with Chair Finn Curley absent, approved the bulk of roughly 14 capital warrant articles while carving out a $2 million Town Hall HVAC replacement and a $50,000 historic district guidelines study for further review. The committee voted unanimously to use approximately $353,000 in free cash to retire two short-term debt instruments in May, one taxable at 6.54 percent and one tax-exempt at 5.17 percent, a move town financial staff said would reduce the projected FY26 tax rate increase from roughly 4.7 percent to just under 4 percent. Members also confronted a newly disclosed premium increase of nearly 20 percent from the Massachusetts Interlocal Insurance Agency, with one member calling for a full accounting of how rates are set: "As a taxpayer, I'm insulted by getting this number shoved in my face at this point in the budget cycle." The committee must deliver budget recommendations to the Select Board by March 4.