Grafton Stays Strong in Fiscal Crisis

Town Meeting voters approved a budget increase of 4.8 percent last night, bringing the total Fiscal Year 2012 budget to $42.7 million.

The budget passed without debate or requests to discuss particular line items.

Finance Committee chairman David Libbey gave the town a solid financial review prior to the vote.

The town has "shown remarkable resiliency in times of financial challenges,'' Finance Committee chairman David Libbey told voters.

Grafton "faces financial challenges, but there are positive signs'' of improvement, he said.

He cited as one example Grafton's dropping unemployment rate, which sat at 8.9 percent in March 2011 but has since fallen to 7 percent, he said.

The town's property values, which total about $2 billion, have dropped off more slowly this year, he said. 

He also praised the town's AA bond rating from Standard & Poor and its low amount of debt, which has increased to moderate with the Grafton High School construction project.

Money earned from fees such as excise tax has held steady, he said, and the "predicted major drop'' in state aid did not happen.

"State aid is not living up to mandates, but there are signs the state economy  is doing better,'' he said.

He urged the town to continue its "careful approach'' to budgeting.

He said he is "cautiously optimistic'' about the financial future, joking that, given their fiscal restraint, Finance Committee members are never completely optimistic.