CABOT — The select board and community members met January 23 for an issues forum to discuss Cabot Commons, proposed changes to the Cabot Community Investment Fund (CCIF), and summaries of the town and school budgets.
The Cabot Commons apartment complex discussion was up first with its request for forgiveness of the principal remaining on a $50,000 loan they received in 2004. They are required to have rents that are affordable to low- and moderate-income households, meaning that they do not have the ability to raise rents to keep up with increased operating expenses. This year in particular, property taxes because of the new calculation and property insurance have really impacted their operating budget, according to the board. After some discussion, the board moved on to the next topic.
Proposed changes in oversight and use of the Cabot Community Investment Fund were brought forth by select board member R.D. Eno.
Eno said “I have offered a new CCIF plan to replace the old plan and the differences between the plan that I’ve proposed and the old plan are chiefly the new proposal targets all CCIF investments for capital projects in Cabot. That means not operating expenses and not some of the stuff that we used to fund. I remember in particular the bouncy house that we got a grant for. That didn’t seem a really appropriate use of the funds, so I propose that we target capital investments.”
Eno provided a plan that included detailed descriptions of what constitutes economic development and capital projects. Another chief difference Eno highlighted is that previous proposals did not charge anybody with planning responsibility.
“This new proposal charges the select board with finding and developing projects, capital projects, receiving proposals for capital projects and putting together the presentation to the community for capital projects,” Eno said.
Every proposal for CCIF expenditures would have to go before town meeting and town meeting would have to approve or not.
Chris Tormey of the CCIF committee then addressed the board, expressing some concerns, saying, “I guess our concern with the new plan is we feel the plans in existence are working. If something is working and why should we go about trying to change it and fix it according to the guidance of the plan we’re working under now it’s supposed to address a wide range of needs within the town.”
Tormey continued, saying the fund is supporting small businesses with loans and grants, as well as the school itself via scholarship grants for students furthering their education. “It’s also over time addressed a huge number of large and small needs across the community through agencies like the Cabot Ambulance, the Cabot Fire Department, Cabot Commons, Cabot Library, as well as larger expenditures and grants for things like the Cabot Garage, the wastewater treatment plant and the Cabot School gym. So I think our concern is that, were we to adopt the CCIF plan as proposed by the select board, a wide range of needs that the fund has met over the years would be radically narrowed down to simply capital projects that the select board has identified as important,” Tormey said.
Tormey explained, in the past three years, they have worked hard to bolster the fund by switching the amount of assets that are going from stocks into bonds, and sequestering the money for a couple years.
A lengthy discussion ensued regarding the proposed changes. Members of the CCIF committee said the current proposal feels rushed and has not been vetted by the community.
The board ultimately decided to revisit the issue while retaining the same plan that’s been in effect since 2019.
Summaries of the school and town budget began with board members informing the community the elementary school budget is practically level funded this year. It’s a $25,000 increase, which on a $4 million budget is less than the rate of inflation according to the board.
The number of students at Cabot Elementary increased by 15 children this year, however they are weighted by different factors which subsequently impacts state funding. According to the board, when the Caledonia Central Supervisory Union (CCSU) level funded their supervisory union and consolidated some special education positions, it saved some money. The board discussed various ways to bolster enrollment, noting the rising trend of homeschooling in the state. The board also discussed the current proposal to consolidate the 52 current supervisory unions in the state, making five school districts in total. Much top-heavy spending would be eliminated, the board noted.
Discussion moved on to the town budget, with an increase of $127,000. The board went through the proposed increases, noting the cost of health insurance for town employees has risen significantly. Repairs on the Willey Building will be costly, which also factored into some of the increases.
The board noted they spent $3.8 million in flood repair damage since July of 2024. Having borrowed close to $3.4 million, the board reported they have already paid back one million. Some board members said working with FEMA is sometimes difficult, but has improved since the first flood.
Raymobda Parchment is a Hardwick Gazette reporter. She recently graduated from Vermont State University - Castleton with a Bachelor’s in English. She is a strong supporter of freedom of speech, and the right to publish information, opinions, and ideas without censorship or restraint. She is a lifelong lover of the written word, and is excited to join the team as a staff member.