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.
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“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.”
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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.
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“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
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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.
My spreadsheet reviewed a WalletHub ranking of financial distress for the residents of 100 U.S. cities, including 17 in California. The analysis compared local credit scores, late bill payments, bankruptcy filings and online searches for debt or loans to quantify where individuals had the largest money challenges.
When California cities were divided into three geographic regions – Southern California, the Bay Area, and anything inland – the most challenges were often found far from the coast.
The average national ranking of the six inland cities was 39th worst for distress, the most troubled grade among the state’s slices.
Bakersfield received the inland region’s worst score, ranking No. 24 highest nationally for financial distress. That was followed by Sacramento (30th), San Bernardino (39th), Stockton (43rd), Fresno (45th), and Riverside (52nd).
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Southern California’s seven cities overall fared better, with an average national ranking of 56th largest financial problems.
However, Los Angeles had the state’s ugliest grade, ranking fifth-worst nationally for monetary distress. Then came San Diego at 22nd-worst, then Long Beach (48th), Irvine (70th), Anaheim (71st), Santa Ana (85th), and Chula Vista (89th).
Monetary challenges were limited in the Bay Area. Its four cities average rank was 69th worst nationally.
San Jose had the region’s most distressed finances, with a No. 50 worst ranking. That was followed by Oakland (69th), San Francisco (72nd), and Fremont (83rd).
The results remind us that inland California’s affordability – it’s home to the state’s cheapest housing, for example – doesn’t fully compensate for wages that typically decline the farther one works from the Pacific Ocean.
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A peek inside the scorecard’s grades shows where trouble exists within California.
Credit scores were the lowest inland, with little difference elsewhere. Late payments were also more common inland. Tardy bills were most difficult to find in Northern California.
Bankruptcy problems also were bubbling inland, but grew the slowest in Southern California. And worrisome online searches were more frequent inland, while varying only slightly closer to the Pacific.
Note: Across the state’s 17 cities in the study, the No. 53 average rank is a middle-of-the-pack grade on the 100-city national scale for monetary woes.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
The up-and-coming fintech scored a pair of fourth-quarter beats.
Diversified fintech Chime Financial(CHYM +12.88%) was playing a satisfying tune to investors on Thursday. The company’s stock flew almost 14% higher that trading session, thanks mostly to a fourth quarter that featured notably higher-than-expected revenue guidance.
Sweet music
Chime published its fourth-quarter and full-year 2025 results just after market close on Wednesday. For the former period, the company’s revenue was $596 million, bettering the same quarter of 2024 by 25%. The company’s strongest revenue stream, payments, rose 17% to $396 million. Its take from platform-related activity rose more precipitously, advancing 47% to $200 million.
Image source: Getty Images.
Meanwhile, Chime’s net loss under generally accepted accounting principles (GAAP) more than doubled. It was $45 million, or $0.12 per share, compared with a fourth-quarter 2024 deficit of $19.6 million.
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On average, analysts tracking the stock were modeling revenue below $578 million and a deeper bottom-line loss of $0.20 per share.
In its earnings release, Chime pointed to the take-up of its Chime Card as a particular catalyst for growth. Regarding the product, the company said, “Among new member cohorts, over half are adopting Chime Card, and those members are putting over 70% of their Chime spend on the product, which earns materially higher take rates compared to debit.”
Today’s Change
(12.88%) $2.72
Current Price
$23.83
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Key Data Points
Market Cap
$7.9B
Day’s Range
$22.30 – $24.63
52wk Range
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$16.17 – $44.94
Volume
562K
Avg Vol
3.3M
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Gross Margin
86.34%
Double-digit growth expected
Chime management proffered revenue and non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for full-year 2026. The company expects to post a top line of $627 million to $637 million, which would represent at least 21% growth over the 2024 result. Adjusted EBITDA should be $380 million to $400 million. No net income forecasts were provided in the earnings release.
It isn’t easy to find a niche in the financial industry, which is crowded with companies offering every imaginable type of service to clients. Yet Chime seems to be achieving that, as the Chime Card is clearly a hit among the company’s target demographic of clientele underserved by mainstream banks. This growth stock is definitely worth considering as a buy.
ROCHESTER, N.Y. — Student athletes are now earning real money thanks to name, image, likeness deals — but with that opportunity comes the need for financial preparation.
Noah Collins Howard and Dayshawn Preston are two high school juniors with Division I offers on the table. Both are chasing their dreams on the field, and both are navigating something brand new off of it — their finances.
“When it comes to NIL, some people just want the money, and they just spend it immediately. Well, you’ve got to know how to take care of your money. And again, you need to know how to grow it because you don’t want to just spend it,” said Collins Howard.
What You Need To Know
High school athletes with Division I prospects are learning to manage NIL money before they even reach college
Glory2Glory Sports Agency and Advantage Federal Credit Union have partnered to give young athletes access to financial literacy tools and credit-building resources
Financial experts warn that starting money habits early is key to long-term stability for student athletes entering the NIL era
Preston said the experience has already been eye-opening.
“It’s very important. Especially my first time having my own card and bank account — so that’s super exciting,” Preston said.
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For many young athletes, the money comes before the knowledge. That’s where Glory2Glory Sports Agency in Rochester comes in — helping athletes prepare for life outside of sports.
“College sports is now pro sports. These kids are going from one extreme to the other financially, and it’s important for them to have the tools necessary to navigate that massive shift,” said Antoine Hyman, CEO of Glory2Glory Sports Agency.
Through their Students for Change program, athletes get access to student checking accounts, financial literacy courses and credit-building tools — all through a partnership with Advantage Federal Credit Union.
“It’s never too early to start. We have youth accounts, student checking accounts — they were all designed specifically for students and the youth,” said Diane Miller, VP of marketing and PR at Advantage Federal Credit Union.
The goal goes beyond what’s in their pocket today. It’s about building habits that will protect them for life.
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“If you don’t start young, you’re always catching up. The younger you start them, the better off they’re going to be on that financial path,” added Nihada Donohew, executive vice president of Advantage Federal Credit Union.
For these athletes, having the right support system makes all the difference.
“It’s really great to have a support system around you. Help you get local deals with the local shops,” Preston added.
Collins-Howard said the program has given him a broader perspective beyond just the game.
“It gives me a better understanding of how to take care of myself and prepare myself for the future of giving back to the community,” Collins-Howard said.
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“These high school kids need someone to legitimately advocate their skills, their character and help them pick the right space. Everything has changed now,” Hyman added.
NIL opened the door. Programs like this one make sure these athletes walk through it — with a plan.
