Weston Select Board backs 8 percent reserve target, trims free-cash draw

WESTON — March 19, 2024 — Weston Select Board endorses 8 percent reserve target and a $400,000 cut to free-cash use. Member Chris Houston, leading the five-year reserve policy review, proposed splitting the new unrestricted-reserves target into a 3 percent general stabilization fund and a 5 percent free-cash floor, each with a half-point band — up from a combined 4.25 percent today and below the 10 percent he had floated at the Finance Committee. Town Manager Leon Gaumont said he has already cut free-cash use in the fiscal 2025 operating budget from $2 million to $1.7 million and removed a standalone stabilization article from the town meeting warrant, raising the projected tax levy increase to 3.9 percent from 3.6 percent. Chair Lori Bent called the glide path "not reaching for the stars, but something pretty doable." Projections show Weston hitting the 8 percent combined target in fiscal 2028. Finance Committee member Lisa Ritano said she did not expect the committee to reopen its budget vote.