Finance

Finance Committee and Select Board review challenges, reductions in FY25 budgets – WestfordCAT

Published

9 months ago

January 16, 2024

Finance Committee and Select Board review challenges, reductions in FY25 budgets – WestfordCAT

WESTFORD— In a joint meeting, the Finance Committee and Select Board reviewed the FY25 budget and its impacts on several departments in town with two proposed budgets.

Overview of budgetary challenges

The Select Board, Finance Committee, and School Committee began to meet individually as early as January 2023 to highlight potential challenges in the budget.

These challenges came into “clearer focus” in May 2023 according to Town Manager Kristen Las, with a report from the Budget Task Force in October 2023 outlining several challenges and suggested cost-cutting measures to balance the town’s budget.

Las and Superintendent of Schools Dr. Christopher Chew prepared two budgets, one requiring a Proposition 2 ½ override and a balanced budget with “significant cuts” that would meet the Proposition 2 ½ limit. Las and Dr. Chew then presented their budgets to the Select Board and School Committee in December 2023.

In January and February 2024, the Finance Committee has begun to host a series of public hearings to review the budgets and field public input before finalizing the budget for Town Meeting in March.

“The budget is extremely tight again this year, in both scenarios to be honest,” Las said. “We are taking comments from the public extremely seriously under these conditions.”

The Finance Committee and Select Board are both examining several budget variables to track potential growth and costs, and how Westford can be more energy efficient and sustainable.

A slideshow depicting budget variables in the proposed FY24 budget during a joint Finance Committee and Select Board meeting. (Photo/Town of Westford)

With high inflation creating several budget challenges, communities like Arlington have already passed a 2 ½ override, while Groton and Dracut are still considering an override.

“Westford is not alone in this inflation period and we are seeing other municipalities having very similar challenges,” Las said.

She added, “we are also fully aware that there are many people who cannot afford increases in taxes or have other hardships … There are certain exemptions or tax deferral options that people can explore, and our [Town] Assessor’s office is more than willing to help people throughout that process.”

Effects on departments

In a scenario where the override fails, Public Safety and Works, Culture and Recreation, and Enterprise departments would see reductions in their service hours and utilities.

The proposed Tree Warden budget sees personal services increasing by $62, a 0.14% increase in an override. In the non-override there will be a decrease in contracted services, meaning a 23% decrease in services for the overall budgets.

The public works budget sees personal services increasing by 2.1%, or $5,780 as a result of cost of living increases. In the non-override budget, equipment maintenance and meetings and conferences will be reduced.

The J.V. Fletcher Library would see a reduction in line items, printing and process supplies, mileage and subscriptions, and dues and membership. 15% of its budget accounts for books and materials. However, some of this is paid for by the state through memorial and operating funding. The library has already suspended Sunday hours this winter as a cost-savings measure.

Its budget would be reduced by $98,000, with operating hours would be reduced to 50 from 55.

“Under the failed budget we definitely would have to apply to the Board of Library Commissioners for a waiver, because we would not meet the municipal appropriation requirements,” J.V. Fletcher Library Director Ellen Rainville said.

With an override, there would still be a reduction in Recreational services, with overall expenses expected to decrease by $66,000.

Over the years staff has decreased, and may be further reduced without appropriate funds. This may affect the Recreation Department from remaining in compliance with early education and childcare licensing.

“It might be challenging to hire the necessary staff members to run programs … and the department’s ability to stay competitive in and around Westford. Reduced enrollment means reduced revenue,” Director of Recreation Michelle Collett said.

What are the next steps?

The Select Board will host several meetings for residents to attend leading up to the Annual Town meeting on March 23 and the Annual Town Election on May 7, including

Finance Committee Budget Hearings – Thursdays from Jan. 18 to Feb. 1 at 7 p.m. via Town Hall and Zoom
Select Board votes to close warrant -Jan. 23, 7 p.m. via Town Hall and Zoom
League of Women Voters in person at WestfordCAT – Jan. 24, 7:30 p.m.
Cameron Senior Center in person – Jan. 26, 12 p.m.
WEPTO Zoom Meeting – Jan. 30, 7 p.m.
Select Board sets the order of warrant articles on Feb. 13.

There will also be meetings with the Westford SEPAC and Westford Rotary on dates that have yet to be determined. An open forum will also be held on March 4 at 7 p.m. Locations for each meeting have not been annouced at the time of reporting.

Residents can stay involved by attending the virtual Finance Committee Budget Hearings and visiting the “Budget” page on the Westford website. Educational videos regarding the Budget Task Force’s findings on WestfordCAT.

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Finance

Tesla Financing: In-House And Third-Party Options | Bankrate

Published

2 hours ago

September 30, 2024

Press Room

Tesla Financing: In-House And Third-Party Options | Bankrate

Key takeaways

Tesla offers in-house financing in several states, along with the option for borrowers to secure their own loan through an outside lender.
The Tesla financing process requires borrowers to arrange for funds ahead of vehicle delivery.
The most competitive auto loan rates tend to be reserved for borrowers with strong credit history.

Tesla remains one of the most popular routes to driving electric, with the automotive brand’s share of EV sales just below 50 percent in the second quarter, according to Cox Automotive. However, with prices around $40,000 for those wanting to purchase new, securing an auto loan is the right first step for most drivers.

Consider the available options for getting behind the wheel of a Tesla and whether in-house or third-party financing is best for your needs.

Tesla in-house financing

Tesla offers its own financing through its online platform. Buyers can finance and arrange vehicle delivery all in one place. While this option is not available in all states, it can be a good option for shoppers who prefer convenience.

AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, MA, MD, MI, MN, MO, MS, NV, NJ, NM, NY, NC, OH, OR, PA, RI, TN, TX, UT, VA, WA.

Tesla outlines a few basic steps for drivers who choose in-house financing:

Submit an application: Once you have started your online order and designed your Tesla, you can prequalify for financing. This is done under the ‘Payment Method’ section of your account. Once you choose ‘Tesla’ as your financing option and provide how much you would like to borrow, you can submit your application.
Receive confirmation: Following the application step, your credit will be reviewed and a decision will be made in the “Payment Method: section of your account.
Accept offer: You can accept the offer within your account and a Tesla Advisor will connect to arrange for vehicle delivery. If you have not received approval, an advisor will contact you within one business day.

Tesla does not charge any prepayment penalties or fees. It also allows borrowers to choose a preferred monthly payment in the application process. It’s smart to calculate how much you can afford ahead of applying with an auto loan calculator.

However, do not focus solely on the monthly payment. Remember that a longer loan term will result in a smaller payment but more spent over the course of the loan. More than that, every extra dollar that goes toward interest over a longer period of time is a dollar not going into an emergency fund or an investment portfolio. If you are worried about overextending your budget and having less available for your savings, consider a shorter-term or a less expensive vehicle.

Third-party Tesla financing

If you live in one of Tesla’s serviced states, in-house financing can be a strong option. However, to get the best auto loan rate, it is smart to compare auto loan rates with other lenders.

Lender	APR	Loan terms	Loan amount
Tesla financing	Starting at 1.99%	36 to 84 months	Not specified
Tenet	6.39%-15.75%	36–84 months	$15,000–$95,000
myAutoLoan	Starting at 7.24%	24–84 months	Starting at $8,000
Autopay	Starting at 4.99%	12–84 months	$8,000–$150,000

If you are opting for a third-party auto loan, applying with a lender is necessary before you can purchase through Tesla.

Secure loan approval: Before your vehicle can be delivered, you must apply for and secure financing. If you have a relationship with a bank or credit union, it can be wise to start your shopping there. Otherwise, compare offers from online lenders and loan aggregators.
Share lienholder information: After you have secured approval with a lender, you must share that information with Tesla. The institution will have a lienholder address that needs to be confirmed and shared.
Arrange for payment: Lastly, you will be asked to share the payment with Tesla as soon as it is arranged to be delivered. You are responsible for submitting the amount due and the balance ahead of delivery. Also, at this point, it is important that you sign the provided Motor Vehicle Purchase Agreement.

Benefits and risks of financing a Tesla

As with any sort of loan, there is an inherent risk that comes with financing a Tesla. But if you have crunched the numbers and feel confident in your ability to keep up with the monthly payments, it is a sound way to purchase an EV. Consider the pros and cons of financing a Tesla.

Pros

Can help you afford the most advanced Tesla available.
Spreads out the high expense over time rather than all at once.
The car will be yours once the loan ends.

Cons

Puts you at risk for damaged credit in the future.
You will be stuck with a Tesla for longer than if you chose to lease.
Expensive monthly payments.

Next steps

Buying a Tesla is an attractive option for shoppers who want to cut down on gas costs while also preserving the environment. But luxury comes at a cost. If you choose to finance a Tesla, determine which auto loan fits your needs and keep up with your payments to mitigate any future financial issues.

Finance

After 25 years in corporate finance, Italian host nation employee returns to Army

Published

9 hours ago

September 30, 2024

Press Room

After 25 years in corporate finance, Italian host nation employee returns to Army

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Remo Romiti is a material handler and forklift operator at Army Field Support Battalion-Africa, 405th Army Field Support Brigade. The 63-year-old Italian local national employee said he enjoys working at Leghorn Army Depot, Italy, with AFSBn-Africa because every day there’s something new and he’s always busy.
(Photo Credit: U.S. Army courtesy photo)

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LIVORNO, Italy – He started working for the Army in Livorno in 1980, but after 10 years in ammunition surveillance as a material handler he decided to leave and take a corporate job in business finance and insurance.

Practically tied to a desk for 25 years, Remo Romiti longed to return to the Army and the Camp Darby military community. After applying for more than a couple of vacancies, the Italian host nation employee was selected to work as a material handler and forklift operator with Army Field Support Battalion-Africa at Leghorn Army Depot in 2016. And he’s been there ever since.

The 63-year-old local national employee in the Directorate of Supply said he enjoys working at Leghorn with AFSBn-Africa because every day there’s something new and he’s always busy. His job as a material handler and forklift operator includes spending much of his time in the shipping and receiving area at Leghorn.

“For example, my work includes palletizing material and completing all the required documentation for shipment. I also receive shipments, and when I do, I check to ensure everything is correct,” said Romiti. “I’ll verify all the serial numbers, stock numbers and quantities by checking the items and the paperwork before delivering the material to the various locations at Leghorn.”

If everything is correct, Romiti said he calls his supervisor and “we bring all this material to the designated areas. We have a lot of material and equipment in many warehouses across Leghorn, all divided up by UIC [unit identification code]. For example, if we receive some parts for UIC whiskey mike charlie three alpha alpha, we must bring this material to the right warehouse as soon as possible so the maintainers and mechanics can begin making the repairs or upgrades, immediately.”

“I tried and tried to get back to working with the U.S. Army many times so when I was hired as a material handler, I was very happy. I love working for the U.S. Army,” said Romiti, who has a 29-year-old daughter and is from Castiglioncello, Italy, just 20 miles south of Leghorn on the Mediterranean Sea,

When Romiti is not working at Leghorn or spending time with friends and family, he said he enjoys riding his bicycle and participating in road races. For the last 15 years, he averaged three big races per year.

“It’s a good way to stay active, and I enjoy it,” Romiti said. “It’s my number one hobby.”

AFSBn-Africa, one of four battalions under the command and control of the 405th Army Field Support Brigade, is charged with receiving, maintaining, and storing Army Prepositioned Stocks-2 at Leghorn Army Depot, which includes 16 warehouses with 749,000 square feet of humidity-controlled storage plus four maintenance facilities as well as 1.5 million square feet of outside storage.

Organizations AFSBn-Africa directly support – helping to enable readiness across two theaters of operations – are U.S. European Command, U.S. Africa Command, U.S. Army Europe and Africa, Southern European Task Force-Africa, the 173rd Airborne Brigade, and other strategic partners and allies.

The 405th AFSB is assigned to U.S. Army Sustainment Command and headquartered in Kaiserslautern, Germany. The brigade provides materiel enterprise support to U.S. forces throughout Europe and Africa – providing theater sustainment logistics; synchronizing acquisition, logistics and technology; and leveraging the U.S. Army Materiel Command materiel enterprise to support joint forces. For more information on the 405th AFSB, visit the official website and the official Facebook site.

Finance

China's Former Minister of Finance Calls Crypto a 'Crucial Aspect' of Digital Economy

Published

16 hours ago

September 30, 2024

Press Room

China's Former Minister of Finance Calls Crypto a 'Crucial Aspect' of Digital Economy

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