We are very fortunate that Barrington is in excellent fiscal health. This is due to years of conservative budgeting and spending, along with strong management. Another factor is our budget process that includes review by the Committee on Appropriations and final taxpayer approval.

Due to our strong credit rating we can borrow at very low rates – even lower than those offered through State backed programs.

We have been able to build up a surplus approaching $20 million. Having this surplus enables us to avoid annual short term borrowing common in many communities. It was also a factor in the middle school bonds selling at a $5 million premium.  

Barrington was a leader in setting aside money to cover OPEB costs for unfunded retiree benefits. This fund continues to grow, shielding residents from having to cover these costs through future large tax increases.

One area of concern is our unfunded pension liability. Barrington has always made the required payments, but bad decisions by the state legislature left these plans underfunded. State officials assure us that if we continue to make the required payments we will be fully funded by 2031. However, several variables that we cannot control effect the amount of the annual payments. We need to monitor the health of these funds to make sure that we continue to make ample progress toward sustainability, and avoid unexpected increases in future payments.

In my second term I will advocate for decisions and policies that will maintain and strengthen our financial position. I will also advocate for a strong and active COA, and maintaining final voter approval of all spending and borrowing.

Steve Primiano

Barrington

Mr. Primiano is a Republican running for Barrington Town Council.