At the first Tri-Board Meeting of the Fiscal Year 2023 Budget Cycle, the Tri-Board had a robust discussion about four important topics that will dominate the FY23 budget & May Annual Town Meeting.
◽ Middle School Building Project
Owner’s Project Manager Leftfield & Architects from JCJ Architecture presented the status of the Middle School Renovation/New Construction Project. Included in the presentation was a rendering of the current schematic design and cost estimates for three final options. The Middle School Building Committee will meet on Wednesday, February 16, 2022 at 6:30 PM at THS to select the final option and set the estimated budget for the project. You can view the entire presentation here. To learn more about the Middle School Building Project, visit their website at the link below.
◽ 5 Year Financial Forecast
Town Administrator Matthew Hanson and Town Accountant David Andrus present a high-level look at revenue and expense trends. This presentation included a 5-year lookback and projection for municipal revenues and expenditures. Revenue for the first six months of FY22 are strong. The presentation also talked about the impacts of borrowing on the municipal bond rating and a high level overview of future capital projects and the borrowing schedule should they be approved. You can view the entire presentation here.
◽ Long-Term Capital Planning
With the Middle School Building project moving full steam ahead, and the consideration of a new Public Safety Building, the Tri-Board reviewed information relative to how these significant capital projects could impact the Town’s borrowing and tax bills. Residents can view the potential implications on their tax bill and run different scenarios by visiting www.tyngsboroughma.gov and selecting the Spotlight for Capital Planning on the middle right of the homepage.
◽ American Rescue Plan Act (ARPA) Funding Guidelines/Process/Priorities
The Town of Tyngsborough has received $3.7 million from the American Rescue Plan Act which was authorized this past summer by Congress. The bill provides relief funding to cities and towns, as well as counties and states across the United States. Each appropriation is based on the community’s population. Under the law, the funding can be spent on one of five authorized categories:
- Projects that Support Public Health & Safety Expenditures
- Projects that Address Negative Economic Impacts Caused by the Pandemic
- Replace lost public sector revenue
- Provide premium pay for essential workers
- Projects that invest in water, sewer, and broadband infrastructure
To date, the Town has expended roughly $300,000 between the lost public sector revenue and public health categories. The Board of Selectmen, School Committee, and Finance Committee have asked the Capital Asset Management Committee to review and approve any capital project that might be funded by ARPA. Operational expenses will be vetted by the Board of Selectmen which has the legal spending authority for these funds. You can see a tracking sheet showing funds approved, funds requested, and projects that may be eligible to be funded through ARPA here.
Items that do not have an amount shown under “Approved” have not been approved and are merely on this sheet to show possible projects that are currently going through the Capital Asset Management Committee review process.
You can watch the entire Tri-Board meeting by visiting the Media On Demand page on the Town’s website.