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District finance report: $2.75 million IRS rebate, health trust refund and other one‑time revenues could restore reserves; staff recommends moving $2M to CIP
Summary
Finance director and superintendent reported unexpected or late-year revenues — including a $2.75 million IRS rebate tied to Boardwalk geothermal, a $619,600 health-trust refund to the district, a $184,000 NSTAR energy rebate and stronger investment income — and proposed using part of the receipts to shore up capital reserves.
Sherry, the district’s director of finance, reported a materially stronger-than-expected third-quarter financial position driven largely by one-time or late-arriving revenues and rebates.
Sherry told the committee the district expects an IRS rebate of $2,750,000 related to the Boardwalk campus geothermal well system, pending receipt of an official treasury payment. She also said the district will receive a health insurance trust refund; the district’s share is $619,600, with the town receiving about $180,400. The district already received…
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