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Lakeville certifies $1.03 million free cash; Route 79 project and deferred revenue dent reserves
Summary
Town Administrator Andrew reported the town's free cash was certified at $1,033,041. Officials said a $711,000 deferred revenue increase from an assessment/preliminary tax bill error cut the balance; Route 79 right-of-way offers are going out and construction is expected in 2026.
The Town of Lakeville certified free cash of $1,033,041 at the Sept. 16 Select Board meeting and the town administrator and finance staff described factors that reduced available reserves.
Town Administrator Andrew told the board that the Route 79 roadway alteration layouts were being mailed and that bids are expected in the coming month, with construction expected in 2026. He said staff will update the town website with more information and answer questions residents have raised on social media.
Finance Director Mike Ellis and Treasurer-Collector Bridal Kreh (name as spoken in the meeting) participated in an S&P ratings call; the board heard that many communities are seeing borrowing become more expensive and that ratings agencies are scrutinizing municipal debt. Andrew said the town expects to hear back from S&P in the next week or two about its outlook.
Ellis explained a recent spike in deferred revenue tied to an error on preliminary tax bills: "Because this was an error on the prelim tax bills ... the law requires you to take the hit on deferred and not overlay," he said, describing why the town could not use the overlay account to absorb the adjustment. Ellis said the deferred revenue balance rose to about $711,000 and that change was a direct hit to free cash.
Andrew also noted the town did not receive an expected Smart Growth payment this year — roughly $425,000 — and that the combination of deferred revenue and missed receipts produced about a $1 million swing in available free cash compared with prior expectations.
The board heard that the town hall building reuse subcommittee requested a scoping estimate for an existing-conditions survey; Andrew said the town expects to obtain that survey for under $20,000–$25,000. The subcommittee directed staff to obtain the scoping estimate for presentation at town meeting.
No additional formal action was taken on these finance items at the Sept. 16 meeting; staff said they will forward the certified free cash documentation to the board and return with updates on Route 79 and the town-hall reuse scoping estimate.
