During a recent government meeting, officials provided a detailed overview of the town's financial status, highlighting significant fluctuations in the budget and an increasing deficit. The discussion centered on the fiscal years 2021 through 2024, revealing a complex financial landscape shaped by various adjustments and errors.

In fiscal year 2021, the town began with a surplus of $2.2 million. However, an existing deficit of $854,000 was addressed by utilizing this surplus, reducing the fund balance to $1.3 million, which was carried into 2022. The following year, adjustments recommended by auditors, including a significant accrual method change, led to a $903,000 adjustment. These changes, combined with a deficit in 2022, resulted in a negative position of $1.4 million by the end of that fiscal year.

Fiscal year 2023 saw a slight surplus of $2,000, but further adjustments revealed previously unaccounted deficits in various accounts, totaling $973,000. This brought the accumulated deficit to $2.4 million. The financial challenges continued into fiscal year 2024, where an additional deficit of $2.5 million was reported, primarily due to payroll errors and overspending in transportation and out-of-district tuition.

As of the end of fiscal year 2024, the town's accumulated deficit stands at approximately $4.9 million, raising concerns about the sustainability of its financial practices and the need for strategic planning to address these ongoing challenges. The finance director emphasized the importance of rectifying these issues to prevent further financial deterioration.