Francestown Select Board and Budget Committee approve proposed budget
| Published: 01-30-2023 11:53 AM |
The Francestown Select Board and Budget Committee recommended the town’s proposed 2023 budget without opposition Thursday night.
The proposed budget is approximately $2.05 million, a 6.38 percent increase over last year. Town Administrator Jamie Pike said the increase was mainly due to higher costs of heating fuel and vehicle fuel, as well as electricity. The town also implemented a 7 percent wage increase for town employees.
During Thursday’s meeting, Pike said Town Clerk Pamela Finnell had requested $500 be added to the budget for postage. He explained that postage rates have increased more than 29 percent in the last nine years and the postage budget has not. The committees agreed that the increase seemed fair, and the money was added to the budget.
Pike also started a discussion about depositing money in the state banking commissions’s Public Deposit Investment Pool (PDIP). Many towns around the state deposit extra cash into the pool, which offers them increased financial leverage and interest payments. Pike has had discussions with the Town of Jaffrey, which deposits money into PDIP.
“Last year, our lowest bank balance was just shy of $1 million,” said Pike. If the town moved $1 million to PDIP, he said it would make more than 4 percent interest, about $800 per week.
Select Board and Budget Committee members seemed enthusiastic about this opportunity.
“It just makes sense,” said Pike.
Pike also discussed a grant that Police Chief Frederick Douglas and Emergency Management Director Kevin Holdredge have been researching. The town is hoping to install a permanent generator at the police department, as the mobile generator they currently have only powers half of the building.
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The grant they could apply for requires two quotes. One proposed partner, Powers Generator Services, is requesting $600 for a site evaluation and to prepare a bid. Pike recommended using American Rescue Plan Act (ARPA) funds for the evaluation. If the town is awarded the grant, the $600 will be deducted from the total project cost. The town is still seeking a second bid. The Select Board and Budget Committee approved the motion to use ARPA funds for the Powers site evaluation.
The board and committee also voted to recommend all additional 2023 warrant articles.
