13:00The overlay surplus, traditionally used to cover exemptions and abatements, has grown to approximately $1.2 million due to a legislative change in 2018. This change, part of the Municipal Modernization Act, enabled the town to consolidate leftover funds from previous years into a single account, providing a more flexible financial resource. The board has been utilizing this surplus to manage exemptions and abatements, which has led to a decrease in the amount set aside annually for these purposes. The board discussed the importance of maintaining a balance between utilizing the surplus and ensuring sufficient funds for future needs, especially with potential increases in exemptions starting in fiscal 2026.

The decision to allocate a portion of the surplus was prompted by the town manager’s request. The request will proceed to the municipal finance director and, subsequently, the town council for final approval.

08:22In addition to the overlay surplus discussion, the board reviewed the fiscal 2026 personal property accounts, emphasizing the need for timely submission of income and expense forms by commercial property owners to avoid penalties. The board also covered updates on building permits, which included inspections for approximately 540 open permits, and discussed cyclical inspections and data entry processes.