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Selectmen adopt special-capital stabilization policy for $2 million fund approved at town meeting
Summary
The board adopted a policy governing a $2 million special capital stabilization fund approved at recent town meeting; selectmen said the policy, drafted by the CFO, sets permissible uses and recommended bringing future reserve funding items to spring town meeting for prioritization.
The Norwood Board of Selectmen voted Dec. 2 to adopt a draft policy governing a special capital stabilization fund established by the recent town meeting using $2 million of free cash.
Selectmen said the policy — prepared by the town CFO and reviewed with the finance commission — defines allowable uses for…
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