Town Manager Michael Borg presented the final draft of the $109.2 million budget for the next fiscal year at the Town Council’s meeting on April 8.
A series of subcommittee meetings have been held for each department’s budget to review changes and requests.
“This budget was designed to navigate through the complexity of our economic landscape and it maintains level service to a high quality and is committed to our community values,” said Town Manager Michael Borg. “The budget is cautious but it is also ambitious as it reflects a 3.16% increase overall compared to last year’s budget.”
The new budget makes strategic investments in specific areas such as community and housing development, infrastructure and the environment, public safety, and education.
“We do face a number of challenges ahead of us but we meet those head-on and more than a number, this budget is a reflection of our values, priorities and our commitment to our residents of North Attleborough.” said Borg.
The post COVID-19 surge in new growth has been tapering off, driven by inflation, elevated interest rates, and a constrained house market. Borg projects that the town is approaching a plateau in new growth decline, which could set the stage for stabilization in the current year. There is also projection in the housing market forecasting a similar increase to FY24’s $70,000 jump in average home values.
As FY24 ends, there is $1.3 million remaining in free cash. This is also the final year for ARPA funding with a total of $8.3 million. FY’24 is projected to finish with $7.5 million in the stabilization fund.
“We are working very close with the Board of Public Works and our public works director, who has a number of concerns and rightfully so,” said Borg. “But I have promised to back him 100% in order to take the town in a path that if it’s supportable, and it makes sense that we will be able to potentially open up new development around Emerald Square Mall.”
The 3.16% budget increase is for salary increases, along with putting more money into education, public safety, solid waste and public works. The deadline for the 2025 budget to be finalized is July.
