Finance Panel Logs $3.2M FY25 Surplus, Library Delay
Finance Committee · Meeting of September 15, 2026
Amherst Finance Committee logs a $3.2 million FY25 surplus as the Jones Library opening slips to May. Finance Director Sean Mangano said investment income and strong permit and excise-tax collections drove the surplus, while a fire-related tax abatement at Olympia Place cut into property taxes; the town finished the year $600,000 ahead on expenses. Library trustee and vice treasurer Nat told the committee the library's $9.6 million endowment could lose up to $180,000 a year in operating support if tapped to help repay the town, or $157,500 annually in lost returns if the trustees borrow instead at an estimated 7 percent.
The trustees still owe $8.34 million toward the project under the town's memorandum of understanding, with construction contingency down to $1.7 million. Member Sam MacLeod called the budget book "kind of like shopping on an empty stomach" in praising a subcommittee's push for a clearer one-page summary. The committee adjourned on an 8-0 roll call vote at 3:08 p.m.
In the full story:
- Who Was There
- Organizations And Documents Referenced
- The complete report — 3,029 words
Source: the Finance Committee meeting of September 15, 2026, reported from the official video recording and transcript.
Keep reading with a 30-day free trial
Subscribe to Amherst News to keep reading this post and get 30 days of free access to the full post archives.
Starting a trial requires a payment method. After 30 free days your subscription begins at the price shown at checkout and renews automatically until you cancel. You can cancel anytime from your account. Subscription terms
A subscription gets you:
- Subscriber-only posts and full archive
- Post comments and join the community
- 24x7 access to local news