May 21, 2025 By Carol Britton Meyer
The advisory committee leadership presented the select board with recommendations from their triennial review of the town’s financial policy Tuesday night.
The current draft recommends that the town consider extending the memorandum of understanding among the select board, advisory committee, and the school committee beyond 2028 and to also consider whatever modifications to its terms that might be deemed appropriate.
“The [draft] financial policy further states that consideration and careful study should be given to all financial management tools and options to ensure an operational override is the optimal solution,” Select Board Chair William Ramsey told the Hingham Anchor in response to a follow-up email. “There is currently no anticipation of the need for another override discussion in the immediate future.”
In 2023, the school committee, advisory committee, and select board created a fiscal 2024-2028 MOU — also referred to as a financial management plan — that constituted a “public commitment to the residents and taxpayers of the Town of Hingham” in conjunction with the then proposed Fiscal 2024 $7.9 million operational override (which was approved by voters) in an effort to exercise fiscal discipline while continuing to provide quality municipal and educational services.
The understanding at that time was that no further operational overrides would be sought until at least fiscal 2028 if that override passed.
Under the MOU, both municipal and school departments committed to budget growth rates of no more than 3.5 percent annually, with a 2 percent cap on the special education budget, with contingencies.
The purpose of the financial policy is to establish policies designed to manage expenditures and the town’s financial resources.
It is intended to be used by the select board and other executive bodies in preparing budgets; by the advisory committee in reviewing and recommending budgets; and by Town Meeting in evaluating and approving budgets.
The areas the policy applies to include financial management, capital outlay, and debt service.
The meeting was intended to solicit input from the select board regarding changes recommended by the advisory board.
“I intend to place this item on a meeting agenda in June for the board to provide additional feedback,” Ramsey said.
The final financial policy will be posted on the town’s website.