Weston Finance Committee backs Select Board reserve plan, finalizes annual report

WESTON -- March 21, 2024, Weston Finance Committee endorses 8 percent reserve target, accepting a higher tax bill. Members informally backed Select Board member Chris Houston's revised reserve policy, which redirects $300,000 of free cash into reserves this year and roughly $250,000 annually thereafter, pushing the projected residential tax bill increase from 3.6 percent to 3.9 percent. Member Zachary Sadek dissented, calling 8 percent "higher than that optimum" amount needed to preserve the town's triple-A rating; Chair Bharath Venkataraman and member Jonathan Harris supported the build-up given prior Moody's commentary. The committee voted 8-0 to authorize the chair, Venkataraman and Harris to finalize its annual report, due Wednesday, after debate over how to translate roughly $85 million in pending water-tank, fire-station and school debt into per-household tax impact. Member George has resigned after moving out of town.