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Norwood finance commission urges split of large free‑cash windfall: special-education reserve, capital and pension funds proposed
Summary
Norwood’s Finance Commission recommended allocating a large certified free‑cash balance to a mix of reserves and capital — including up to $880,959 for special‑education stabilization, additions to a compensated‑absences reserve and creation of capital and pension reserve funds — and urged a town‑wide policy approach to one‑time funds.
At a combined presentation to the selectmen on April 8, Norwood’s Finance Commission asked the board to add several articles to the upcoming special and annual town meeting warrants to allocate a substantial certified free‑cash balance.
FinCom chair Maya Bodenhofer said the town had “an unprecedented amount of free cash” and proposed measures to protect the town’s financial position over coming years. The commission recommended: (1) contributing up to $880,959 to the Special Education Stabilization Fund (bringing it to the statutory 2% cap on net school spending), (2) additional allocations to the compensated‑absences reserve (the fund balance is roughly $2,000,000 and the typical annual payout is about $400,000), (3)…
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