Page 179 - BOXFORD

The Finance Committee had another unique and quite interesting year. Geoff Buswick, who had
served as an incredibly skilled and knowledgeable Chairman, stepped down not only from that
position, but from the committee itself. His input and wisdom will not easily be replaced.
Michael White, Vice-Chairman for several years, became Chairman. Joyce Ricklefs, long time
Chairperson of the Capital Budget Committee, became the Vice-Chair. Given the resignation of
Geoff, as well as Bill Shickolovich, who had added significantly to the FinCom knowledge base,
two new members were appointed. Kayla Aikins and Jeff Yespy, both with excellent financial
backgrounds and a desire to help the Town keep its good financial standing.

Going forward, the mixture of new blood and experienced members made up a committee which
would try to guide the town through these unusual times of rising costs in spite of little or no
inflation. The Committee continues to strongly maintain that the Town should use recurring
revenues to fund recurring expenses. It is easy enough to say such, but in these times it is often
difficult to adhere to.

The budget for FY2016 (July1, 2015- June 30, 2016) was presented at the May, 2015 Town
Meeting and was easily passed. Free cash was certified in the fall of 2015 at $3,017,426, an
unusually high number which bodes well for upcoming needed capital and other non-ordinary
expenditures.

Kathy Benevento, Finance Director, continued to serve the Town and the Finance Committee in
an exemplary manner. All members of the FinCom will be eternally grateful for her efficiency,
intelligence, and good humor.

Again, without making value judgments, the FinCom dealt with very large overrides from the
Elementary Schools as well as from Masconomet, and also the seemingly endless controversies of
town building needs and maintenance - both current buildings and proposed new structures. It is
up to the Town, via Town meetings, to set priorities. The FinCom can only put forward our
proposed budget. Over the past two years, at Town Meeting, the town has voted budgets which
resulted in a >14% increase in taxes (while inflation was <3%). Not ideal. The reality of this
situation has led to both private citizens, as well as town entities, to endeavor to come up with a
more cohesive plan on how to alleviate this rapidly rising burden on the taxpayers. Of course,
getting the proper votes to enact such proposals will be an interesting situation. But identifying,
and acknowledging a problem is the first step towards solution.

Our pension and post-employment benefit (OPEB) costs are being addressed in a constructive
way, more so than the vast majority of towns. Our unfunded liability continues to reduce,
although still significant.

Boxford town finances continue to be managed in a very conservative basis, with the recent
upgrading of our bonds to AAA as an indication of such management.

BOARD OF ASSESSORS

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