Set the Stage for Planning

The town operating budget has been trimmed to a total overall increase of 1.87 percent (including debt service), the lowest increase in five years. The budget will be subject to a third referendum vote on Tuesday, July 27. As former members of the Board of Finance, we urge taxpayers to support this budget.

The reduced budget to be voted on July 27 nonetheless supports the town's basic objectives. It maintains intact the basic programs serving the townspeople and protects the town's assets by carefully preserving its reserve funds.

The reserve funds in the budget are at the heart of Madison's long-term financial planning and a major reason for the high bond ratings we've received year after year. The taxpayers have long supported setting aside reserves for major expenses such as fire engines, town road repairs, and maintenance of equipment and buildings. One of the most critical reserves is the LOCAP (Long-Range Capital Maintenance and Repair) fund created by the Board of Finance in 1996 and administered by a committee of elected and appointed administrators. It came about because the town had been deferring maintenance of its buildings, a costly mistake, as all property owners know. It is now an integral part of the operating budget and receives $1 million a year for all kind of projects developed with a 5- to 10-year planning horizon.

Approval of the budget on July 27 will go a long way toward addressing taxpayers concerns and sets the stage for further innovative financial planning in the difficult economic times ahead.

Abigail P. Fearon
Mary Jo Walker
Madison