As a resident of Old Lyme and member of the Board of Finance for almost 22 years, I am writing to express my thoughts on the upcoming 2025 Board of Finance election, a pivotal event that will shape the financial stewardship of our community for years to come. The Board of Finance plays a crucial role in ensuring fiscal responsibility, transparency, and the wise allocation of our town's resources. With the challenges of maintaining essential services, improving infrastructure, and balancing the town's budget, it is more important than ever that we elect individuals who are not only capable, but also deeply committed to the well-being and future of Old Lyme.
This election is an opportunity for us to reaffirm our values as a town -- values that include prudent financial management, open communication with residents, and a focus on both present needs and long-term sustainability. We have three candidates up for election that have experience in the business world that will do our town well in having them on the Board of Finance. David Kelsey and Matt Olson have been members of the Board for many years; John Flick is a newcomer that brings to the table years of business experience and a passion for our town being run as efficiently as possible. I encourage my fellow citizens to learn about the candidates and consider everyone's experience and vision for Old Lyme. Our Board of Finance needs members who are collaborative, knowledgeable, and willing to advocate for the entire community.
There has been a great deal of conversation about the town's undesignated funds. In my years on the board, we have asked our auditors what percentage of surplus our town should have. That number fluctuated between 20-30% depending on the auditor. This is higher than most communities because of the possible loss of tax revenue if a catastrophic storm hit our beach communities. Long term if we had significant property loss along the shoreline, we could face loss of tax revenue for a period of time while homes were re-built.
This past budget season there was conversation about how much we should take from surplus. There were several proposals that did not pass. We stepped away for a week and had another meeting where David Kelsey made a motion, and I seconded the amount of $800,000 to be taken from surplus for this current budget year. That motion passed 5-1. Our reason for this number was to help in the short term with the higher than usual town budget increase and the Region 18 building project debt payments starting. Why not more? There will be Region 18 debt payment increases in the coming years that most likely will have to use more money from the undesignated fund to keep the tax bills as flat as possible. We also have town projects that are coming down the pike like the Grassy Hill Road Bridge, road maintenance and the unknown of what the town may have to contribute to the sewer project.
Regardless of political affiliation, I urge everyone to participate in the upcoming election. I ask you to support David Kelsey, Matt Olson and John Flick for the Board of Finance. This group will look at spending our money wisely in the short term and planning for the future. An engaged and informed electorate is the foundation of effective local government. Together, we can ensure that Old Lyme continues to thrive, not just for current residents, but for generations to come.