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Selectmen place $3.5 million golf clubhouse article on warrant, favor partial retained‑earnings funding
Summary
The board voted to place a not‑to‑exceed $3.5 million article to design and build a new golf‑course clubhouse on the fall warrant and discussed financing using $1.25 million in retained earnings plus up to $2.25 million in bands to lower interest costs.
Acushnet selectmen voted Sept. 26 to place a $3.5 million golf‑course clubhouse article on the fall town meeting warrant and discussed a financing plan that would draw $1.25 million from golf‑enterprise retained earnings and use up to $2.25 million in a five‑year ban (bond anticipation note) to reduce interest costs.
Finance staff said retained earnings in the golf enterprise total about $2.25 million and recommended using $1.25 million of that balance to limit debt. The staff presented a scenario that would borrow $2.25 million via bands over five years rather than borrowing the full $3.5 million; the five‑year band approach was presented as substantially lower in cumulative interest than a seven‑year bond schedule.
Proponents told the board the article provides maximum flexibility: funds can come from enterprise retained earnings, bonding, grants or other sources, and engineering and legal costs are explicitly included in the article language. Several selectmen stressed the project should be self‑funding through the golf enterprise and not paid by property taxpayers.
The board voted to move the article to the warrant; the motion carried by voice vote. Selectmen said the motion at town meeting will set final financing terms and reiterated the intention that an enterprise fund approach would avoid direct taxation for the clubhouse.
