$23,116,321annual surplus in 2025, against a budgeted $4,535,537
A surplus is what is left when a year's revenue is more than its spending. The Town's audited statements show revenue of $77,799,553 against a budget of $59,901,353, and spending of $54,683,232 against a budget of $55,365,816. Almost all of the gap (about $17.9 million, worked out by us) is extra revenue, not saved spending. Three lines stand out: user charges (fees for services) came in at $4,516,039 against $1,666,595, government transfers at $12,270,831 against $5,549,625, and interest at $3,389,300 against $540,600. The Town has explained part of this: its budget is prepared on a different basis from the statements, and its 2026 budget says a "year end surplus in 2025" gave it the chance to hold down the 2026 tax rate.
$750,000of one-time measures behind the 2.86% tax rate increase for 2026
The 2026 budget raises the total tax levy (the money the Town collects from property taxes) from $33,746,558 to $35,947,911, which is $2,201,353 or 6.52% more. The tax rate rises 2.86%, because the number of properties grew (the budget shows 3.56% net growth in assessment). The budget says it reached 2.86% by taking $375,000 from the Tax Stabilization reserve and cutting by $375,000 a transfer into the New Capital reserve, both one-time. The audited statements show the Tax Stabilization reserve fell during 2025 from $1,290,251 to $167,897. The budget book itself calls the original increase 6.53%.
$13,413,881budgeted for salaries in 2026, against $11,908,651 in the 2025 budget
In the tax-supported part of the 2026 operating budget, salaries go from a 2025 budget of $11,908,651 to $13,413,881, a rise of $1,505,230 or 12.6% (worked out by us). The 2025 projected year end for the same line is $10,668,259, so the 2026 figure is about 26% above where 2025 was heading (worked out by us). Every department page lists its approved 2026 staff complement changes: one adds a small part-time student line and the rest say "None". The budget book notes 35 recruitments for 51 vacancies in 2025, which may explain why 2025 came in low.
$17,353,274long-term financing the Town approved applying for after year end 2025
After the end of 2025, the Town approved an application for long-term financing of $17,353,274 for capital projects. Its debt at the end of 2025 was $21,691,147, so this would add about 80% to it (worked out by us). Of the existing debt, $17,633,805 is to be recovered from benefitting landowners and user rates, leaving $4,057,342 supported by taxes. The Town's budget line for debt charges (the yearly payments) rises from $1,213,238 in the 2025 budget to $1,426,887 in 2026. The Town also reports $63,667,241 in cash, $45,257,534 in reserves and reserve funds and $22,024,858 of deferred revenue (money received for a purpose and not yet spent).