For the full wording of the Article, see this link: Link to the Warrant as Amended following Deliberative Session
What it means: The Article is asking to establish a Capital Reserve Fund (CRF) specifically for town owned buildings. The $100,000 that will be deposited to the new CRF is coming from the Unassigned Fund Balance, and will not have a fiscal impact in 2025.
Those in favor say: According to the most recent Annual Report, Hampton owns buildings valued at $47 million. Some of these properties are aging, and as with any physical property will need occasional repairs beyond routine maintenance. Establishing a Capital Reserve Fund means that we can earmark the funds for needed repairs, and avoid the need to increase taxes for an “all-at-once” expenditure.
Fiscal impact: There will be no tax impact in 2025, because the funds will be transferred from the Unassigned Fund Balance to the new Capital Reserve Fund if this Article is approved.
Note: To better understand the Unassigned Fund Balance, reference this article: About the Unassigned Fund Balance