Righting Little Compton’s Financial Ship — Vote May 19!
Little Compton has been through a trying time, financially, but together we have achieved impressive results. After discovering a significant structural deficit in March of 2025, the Democrat led Town Council hired a new interim Finance Director and Town Administrator. This led to the reconstruction of the Town’s financial records and to securing legislative and voter approval at last year’s Financial Town Meeting for a necessary, one-time 12% tax increase to close the structural deficit and begin rebuilding the General Fund reserves.
• Professionalizing Our Operations: In addition to hiring a highly qualified interim Finance Director and Town Administrator, the Council brought in a payroll specialist and an outside accounting firm to help reconcile accounts and prepare for our audit. A new Chief Information Officer was added as an in-house IT and cybersecurity expert.
• Balanced Budgeting and Audit Compliance: The Town Administrator and Finance Director delivered a balanced FY 2027 budget to the Town Council and Budget Committee, the first balanced budget presented in many years. The past-due audit for FY 2024 is complete. CBIZ, a nationally recognized auditing firm, was hired, and the FY 2025 audit is underway and will be completed by June 30th. The FY 2026 audit is scheduled to be completed on time by December 31st.
• Ending Deficit Spending from Reserves: Approved in May 2023, over 1 million dollars was moved from our General Fund reserves to fund deficit spending in FY 2024; in May of 2024, this practice was repeated for funding FY 2025, resulting in a structural deficit. The Democrat-led Town Council majority closed that deficit for FY 2026. The proposed FY 2027 Budget emphasizes sustainable spending and reserve rebuilding to ensure Little Compton's long-term financial stability, while staying within the state’s 4% cap.
• Correcting the Record on Our Bond Rating: The recent S&P Global bond rating was adjusted a half-step downward (from AAA to AA+). Their report cited “the downgrade reflects the town's sharp draw on reserves”, while recognizing that current management “has taken steps to right-size the budget and rebuild reserves”.
• Prioritizing Transparency: the Town Council and the public now receive detailed interim financial reports, provided monthly by the Finance Director, at Council meetings, fostering trust and openness in our financial management.
• Assisting Year-round Residents: We are championing Article 5, a proposed Homestead Exemption. This initiative provides a tax credit, based on a property’s assessed value, for all year-round property owners, helping to make Little Compton more affordable for those who live and work here.
• Investing in Our Schools: Town leadership remains committed to excellence, proposing an $8,508,972 town appropriation for our 5-star school system— under 3% increase to sustain the high academic standards our children deserve.
The FY 2027 Budget will be presented at the Annual Financial Town Meeting on Tuesday, May 19th, at 7:00 PM (doors open at 5) in the Wilbur McMahon School Gymnasium, with overflow seating planned to accommodate all voters wishing to participate. Your support is vital for this responsible path forward, and we encourage everyone to attend and be part of shaping our town's future.
Travis Auty & Ellen Lynch Kinnane, Little Compton
Published May 7, 2026 in the Sakonnet Times
