[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6382340,"mediaKeyId","2127111-de5279b23495d8d65034273f5996d9eb","parentId",2127111,"title","Middle school project on track for summer completion; leftover debt‑exclusion funds subject to strict borrowing‑term rules","audioSeconds",149,"startMs",3662790,"endMs",3811900,"viewUrl","/Search/View?dp=1&key=2127111-de5279b23495d8d65034273f5996d9eb&start=3662&end=3811","thumbnailUrl","https://assets.pipeline.soar.com/2127111-de5279b23495d8d65034273f5996d9eb/thumbnail_3662790.jpg","articleUrl","/articles/6382340/Town-of-Norwood/Norfolk-County/Massachusetts/Middle-school-project-on-track-for-summer-completion-leftover-debtexclusion-funds-subject-to-strict-borrowingterm-rules","mediaUrl","https://secure.pipeline.soar.com/6382340-daeea4819e4687124475a82aa29a4169/orig.mp4?Expires=1771207005&Signature=oQLz0g65YswwAEwiP0nAk1b8Se-MYNn0fp3sEScREJyEcR-tV7LvNKepvlyT-myK4601-6Bw9hQlN14IeBebg1nUy1JljYCLWiS2~8k6JkHx2JGEtkmtSB6hC5zVlqiahVqzX7sEsLCTsRP9ExFEQb~GGTL~SJlFmSyXJlkK~uMwVXykyFQRGYK512xK9NiTvnzHbfZDfX1TpWDd8Yd3ekMb0gOl9cpDM3UJjbPdiTsbylDfuNNIk6U1we8bK7ISS14jF6MQ~RSaQ2Oo~6Nh~9Nfi-1SsodzI56hQ9rv43af4mRxBruCw5La44LB~4iBPkdVzcpUhh~IdLlAlqfE0g__&Key-Pair-Id=KUT5TJCACFTXG","author","Town of Norwood, MA","date","2025-01-17T00:00:00Z","article","The Finance Commission heard that the new middle school project is on schedule and that project closeout will generate funds that are legally restricted for use only on other capital projects borrowed for the same tenure.

Alan and liaison volunteers reported the project is scheduled to be completed in early June and that move‑in and punch‑list activities are timed to allow an August opening for the next school year. Tony, who presented project figures to the commission, reported the project is running under budget relative to appropriations and highlighted an approximate $11,000,000 not‑yet‑spent figure from his presentation; staff cautioned that final closeout and demolition of the old building could produce additional unanticipated costs.

Because the project was funded via a debt exclusion, Jeff explained the remaining funds are subject to constraints: surplus borrowing proceeds may only be applied to another project financed for the same amortization period (the project’s 25‑year term was cited). The commission discussed possible uses — for example, roofs or other school or town building projects that fit the 25‑year borrowing window — and noted that any re‑appropriation would follow town‑meeting or voter procedures as required for override/debt‑exclusion funds.

Why it matters: the project closeout could free substantial borrowing capacity, but legal restrictions limit how the town may reassign those dollars. Commissioners asked staff to clarify whether voter approval would be required to repurpose any remaining debt‑exclusion proceeds and to estimate timing for a formal closeout accounting.

Staff said final closeout will take time and that a formal accounting will follow demolition and acceptance of final contractor work; the commission requested a future update when the closeout figures are firm and before proposing any uses for leftover proceeds.","mediaType","Video","parentTitle","Town of Norwood: Finance Commission 1.16.25","oneSentenceSummary","Commissioners received an update that the new middle school is on schedule to be completed this summer, with project closeout expected to generate significant leftover debt‑exclusion funds that are restricted to other long‑term borrowing projects of the same term.","taxTitle","Town of Norwood, Norfolk County, Massachusetts","taxId",52806,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6382344,"Finance Commission reviews trust and revolving funds; compensated‑absences fund about $2.1 million with larger actuarial liability noted",269,1937440,2207326,"/Search/View?dp=1&key=2127111-de5279b23495d8d65034273f5996d9eb&start=1937&end=2207","https://assets.pipeline.soar.com/2127111-de5279b23495d8d65034273f5996d9eb/thumbnail_1937440.jpg","/articles/6382344/Town-of-Norwood/Norfolk-County/Massachusetts/Finance-Commission-reviews-trust-and-revolving-funds-compensatedabsences-fund-about-21-million-with-larger-actuarial-liability-noted","https://secure.pipeline.soar.com/6382344-3e291294a4998ca10586a57e941a2988/orig.mp4?Expires=1771207005&Signature=g9Zt~RAxrKx0Ljbs-A4DlEnzgBMPJOLt8cPcpxkc3Vp4vJLK~dmdpTeHHsIhrFWSl1bHmU6dzYZd1NIbIFcr2-aeZ5JzG1UFWqydXJezCMnZSkqlm6ncenxtImc5JKyZ2ngMLfXiolejNcqKq5qo1vDTri0-7k-GgYf-a5CJEIikiFCjjNtLRprBEXvSXyphNZamnCl6lZZjbIDY2RB4YtpOixYkemjwTG2ZB6x9Wrvo8ilefctEATn15YAY48ujVVvThBsCgAqb-qU1yZqvhwzXsFswbTmcRRBMRv0z~xGLhqZ0QbiXHP9vOyccuBjBkUDLFCGdAhYRyq8XoDXsgw__&Key-Pair-Id=KUT5TJCACFTXG","The Finance Commission reviewed trust funds, revolving funds and the town’s compensated‑absences balances at its Jan. 16 meeting, emphasizing accounting constraints and policy limits on principal spend-down.

Staff explained that many long‑standing trust funds restrict use to interest only; several small trusts hold nominal balances while three trusts exceed $100,000 — the town’s OPEB trust, cemetery perpetual‑care funds and a conservation fund. John Chantirulo was credited for prior work locating documentation on several trusts.

Revolving funds were discussed in conjunction with the extended‑day program. The commission noted a prior Town Meeting authorization to seed an extended‑day revolving account and that a $400,000 appropriation approved at Town Meeting had not yet been transferred; staff said the remaining $312,000 balance will be formalized and appropriated to the extended‑day account so parent‑paid tuition will continue to support that program.

Compensated absences: staff reported approximately $2,100,000 currently in the compensated‑absences account and a preliminary total liability near $4,000,000 (auditors will finalize the number). Commissioners discussed whether to add more free cash to the account during budget season to reduce future volatility and noted the fund functions like a revolving vehicle for payout of accrued leave when employees separate service.

Why it matters: trust‑fund restrictions, revolving‑fund authorizations and compensated‑absences liabilities affect long‑term fiscal flexibility and the town’s free‑cash planning. Commission members asked for clearer documentation and proposed a future consolidation or public accounting of small, undocumented trusts to determine whether some could be merged or reclassified.

Follow-up: staff will continue reconciling trust documentation, identify trusts with missing or unclear authorizing documents, and return with recommendations on reporting and possible consolidation of de minimis trusts.

No formal votes were taken on trust changes at the meeting.","Commissioners reviewed trust funds and revolving accounts, discussed that interest (not principal) is generally available for spending, and heard that the compensated‑absences liability is roughly $4 million while the available balance is about $2.1 million.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6382349,"Finance Commission asks for grants dashboard as members flag reimbursement timing and potential FY26 exposures",193,1553300,1747104,"/Search/View?dp=1&key=2127111-de5279b23495d8d65034273f5996d9eb&start=1553&end=1747","https://assets.pipeline.soar.com/2127111-de5279b23495d8d65034273f5996d9eb/thumbnail_1553300.jpg","/articles/6382349/Town-of-Norwood/Norfolk-County/Massachusetts/Finance-Commission-asks-for-grants-dashboard-as-members-flag-reimbursement-timing-and-potential-FY26-exposures","https://secure.pipeline.soar.com/6382349-966ba4ab84a2c7f5f6d3c263c327d7bd/orig.mp4?Expires=1771207005&Signature=JSQRvcXDA8HPmfIxIoL5x293vhOh7ZVERRCVwFdn-DaEeS-YvCiu72b8B1u1XPVKdHXIC9voJnam~CYZsvv~-J57g1-CizWShEPHj2cfBvvquBM6M94cQwyejArGRffl~UC5Fq9b9FWFoLI8s04teveNJfPwl-ypEdeQXklBboYLTpeHZJZlF3rkjnCWsVBPaqepYzmtxjUcn5-6yF-PvQIsgKzWIdIVdDKeX8PsCSzdLiuw4qtUJZBUSqB1tl26-NvnApBwBdZPPBEUjrc0xwZ8kjNJrHj8gGyPLnWh~FSdoLU~9AczQ3npun87dFnsD1Fzq7x-j8m4U4hRIxz9eg__&Key-Pair-Id=KUT5TJCACFTXG","The Finance Commission reviewed the town’s active grants and asked staff to build a reconciled dashboard showing award amounts, expenditures to date, outstanding reimbursements and any budgetary exposure.

Jeff presented the compiled grants list and credited Molly for assembling documents and identifying responsible staff. Commissioners said many grants are recurring and that reimbursements and multi‑year cash flows complicate an immediate assessment of how much local support is required once grants decline or expire.

Commissioners pressed staff on whether any sizable grants will end in FY25 and create FY26 operating needs; Jeff said he had confirmed with Tony that aside from a possible social‑services position, there were no large, known FY26 funding cliffs tied to expiring grants. The group also discussed the senior center’s driver positions and other grant‑funded roles that may require local funding if reimbursements or grants lapse.

Why it matters: grant funding can support services without using property tax revenue; the commission said it wants clearer reporting so town meeting and the public can see which services rely on non‑tax revenue and which would shift to local funding if grants end.

Directives: staff will produce a grants dashboard that ties each grant to (a) the responsible department or employee, (b) FY23–FY25 expenditures, (c) outstanding reimbursements, and (d) the amount and timing of any funding that would need to be absorbed locally if the grant ended. Jeff said accounting and treasury staff (Molly, Megan and Alex were named as contacts) are reconciling records and expect to provide improved reporting in coming weeks.

Commissioners also requested that grant‑funded positions be clearly labeled in budget materials so the commission and town meeting can assess ongoing obligations.

No formal vote was taken; the item generated a staff follow‑up assignment to deliver the reconciliation and dashboard.","Finance staff presented the town’s active grants list and commissioners asked for a reconciled dashboard showing award totals, spend‑down, outstanding reimbursements and any FY26 budget implications.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6382355,"Finance Commission keeps conservative $900,000 new-growth estimate as members flag large commercial projects and unknown state aid",89,152720,241775,"/Search/View?dp=1&key=2127111-de5279b23495d8d65034273f5996d9eb&start=152&end=241","https://assets.pipeline.soar.com/2127111-de5279b23495d8d65034273f5996d9eb/thumbnail_152720.jpg","/articles/6382355/Town-of-Norwood/Norfolk-County/Massachusetts/Finance-Commission-keeps-conservative-900000-new-growth-estimate-as-members-flag-large-commercial-projects-and-unknown-state-aid","https://secure.pipeline.soar.com/6382355-1bae0a26092fca5064b82b89b0e50762/orig.mp4?Expires=1771207005&Signature=YBxKaPpofBNP~ZEkmiymLFCBo6vVxXZKO24okOsbOtXJmWxzFK1sliDYJVQc0VH9FFfAbH5iE7loBWWeAJ~9Lui5qZx83iqzgY2JYYDjTzBP40vqKvG4RvJrDxB8qjR6YD00RRlAScPOGy0daIPl0jKYmsun0q7dxcNBGpW~vFMwuJw-SLjztYcu~yAjo2kDYmE-FZ5L8vVKgf5zyKzYQi4J~01XCT7lnJbAAwnQcmvCNNecfX0amGq2u6LaGNwBVI12rCkrM6JOFUqrHHDvXmc2snTAD5~PoUglFgGe4syDRNHCuSFgvuyeq65ssJ2z6sG5uoq1RUySHbxImaoj7Q__&Key-Pair-Id=KUT5TJCACFTXG","The Town of Norwood Finance Commission reviewed five years of new-growth data and recommended using a conservative $900,000 new-growth estimate as staff and commissioners prepare the FY26 budget.

The commission’s finance staff presented a final new-growth figure used when the tax rate was set in December and walked members through likely sources of incremental value. Jeff, finance staff in the manager’s office, identified four principal prospects for captured growth: FM Global’s site work, a potential Moderna-related capture, and two planned residential subdivisions — one 16-unit and one 8-unit. Jeff said FM Global could account for the largest share and that the town should conservatively expect to capture about 50% of that firm’s reported growth in the next assessment cycle.

Why it matters: new-growth figures feed the town’s property-tax base and set part of the operating budget baseline. Commissioners emphasized caution because Department of Revenue (DOR) valuation rules can change the final captured amount and because residential subdivisions and large commercial developments remain partly speculative.

Jeff told the commission that the new-growth number reported when the tax rate was set is final for the tax-rate calculation but that DOR will ultimately validate the increments. He and other members discussed how demolition of older buildings and construction of new structures are treated: new growth equals the net increase in assessed value after accounting for removed/repurposed structures. The group noted that if FM Global’s construction is validated at a high value, the town’s $900,000 budgeting target could prove conservative.

Commissioners also reviewed local receipts line by line. Jeff proposed modest increases for meals tax and room excise tax based on a three‑year trend, recommended a slight uptick in motor‑vehicle excise, and proposed conservative assumptions for ambulance revenue and fines. For investment income, staff modeled a $50,000,000 average cash balance earning roughly 3% across the year; commissioners flagged uncertainty in that projection and asked for follow-up with the treasurer.

State aid remains the largest open variable. The commission noted the governor’s budget was due the week after the meeting and that current consensus revenue forecasts suggested only modest statewide increases; as a result, the commission treated state aid as uncertain and retained conservative placeholders in the FY26 projections.

Action at the start of the meeting: the commission approved minutes from its Nov. 21 meeting. That motion passed unanimously on a voice vote; one member, Eric Fleming, arrived late and did not vote on the minutes.

Looking ahead, staff will continue to monitor DOR valuation determinations for the large commercial prospects and update commissioners as new information arrives. The Finance Commission reiterated a preference for conservative revenue assumptions while continuing liaison discussions with assessors and the treasurer.","At its Jan. 16 meeting the Town of Norwood Finance Commission reviewed a five-year new-growth history and revenue projections for fiscal year 2026, endorsing a conservative $900,000 estimate while flagging large commercial prospects and uncertainty about state aid.","actionData","errors"]

Article not found

Middle school project on track for summer completion; leftover debt‑exclusion funds subject to strict borrowing‑term rules

Finance Commission reviews trust and revolving funds; compensated‑absences fund about $2.1 million with larger actuarial liability noted

Finance Commission asks for grants dashboard as members flag reimbursement timing and potential FY26 exposures

Finance Commission keeps conservative $900,000 new-growth estimate as members flag large commercial projects and unknown state aid