At Town Meeting on March 4, Waitsfield voters will be asked to approve a budget of $2,795,116 with an estimated $2,309,789 to be raised from property taxes. That represents an increase of 0.5% over last year’s budget.
This year’s budget calls for creating a reserve fund for repairing or replacing the town garage and adding $100,000 to that fund. It also calls for transferring $75,000 from the town’s unassigned fund balance to the Wait House capital reserve fund as well as $1,000 for the Waitsfield Historical Society.
According to the select board report in the town’s annual report, this year’s budget includes raises for town staff, many of whom received raises and bonuses in FY25. To mitigate the tax impacts of increased spending the select board has reduced the amount of money to be raised by taxes to fill reserve funds and is using unassigned fund balances instead. The town has unallocated funds due in part to budgeting for a full-time town administrator and treasurer in FY25 and not hiring a part-time treasurer until last summer and a town administrator until this month.
Like many towns, Waitsfield is facing steep increases in health care costs for its employees. Health care costs are increasing from $122,420 for FY25 to $192,010 for FY26.
Road department labor costs are up $37,188 and overtime costs are up $4,649 for a 15.1% increase in road department wages. Road department costs outside of wages are up 14.3%. Select board costs, including the town administrator, website, minute taker and other items, are up 3.3% and planning and zoning costs are up 9.9%. The board of listers cost is up 10.7% and town office operations is up 1.8%.
Proposed FY26 contributions to all reserve funds total $520,960, representing 19% of the total expense budget. Reserve contributions are down $127,365 or -19.6% from last year.
