North Andover Selectmen Approve $95.8 Million FY 2018 Budget

NORTH ANDOVER - The Board of Selectmen this week voted unanimously to approve Town Manager Andrew Maylor's Fiscal Year 2018 budget which calls for a 4.1 increase to $95.8 million.

The budget includes anticipated increases in retirement and health-care costs. Retirement costs are expected to increase by $332,000, while health insurance premiums will rise by $656,000, the Eagle-Tribune reports.

Maylor indicated he is looking into a 54 percent increase in workers' compensation costs over the past two years, the newspaper reports.

The budget also includes a small increase in water and sewer costs, but has not resulted in an increase in costs to the consumer. Maylor also included an increase in the reserve fund to almost $19 million. He has proposed creating a curriculum revolving fund of $250,000 annually to update and maintain the curriculum in the schools, along with $350,000 in the town's capital stabilization fund, and $550,000 in the overlay reserve fund.

The overall town budget includes the $47.7 million school budget, which sets aside $6 million for the Kindergarten Center project.

The Finance Committee must still review the budget before it goes to Town Meeting in May for final approval.