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Council considers selling town property, tapping CDs to cover bills and payroll
Summary
Council members said at the Aug. 26 special meeting that the town faces a shortfall and discussed options including withdrawing funds from certificates of deposit and selling a parcel previously purchased for a sewer project to the sewer department.
At a special Beverly Town Council meeting Aug. 26, 2024, council members said municipal finances were strained and debated options to raise cash, including withdrawing funds from certificates of deposit (CDs) and selling a section of town-owned property to the sewer department.
Council members Matt Lewis and Katie Whittaker requested the special meeting to discuss the town's financial situation; minutes state they raised the prospect of having to "take money from the CD's to pay bills and payroll." One idea raised by members was selling a parcel that had been purchased for the sewer project to the sewer department as a way to generate revenue. The minutes do not record any dollar amounts, timelines for sales, or commitments by the sewer department.
The discussion proceeded into consideration of cost-saving measures that included suspending police operations; the council subsequently voted to suspend the police department. The minutes do not include an itemized budget, specific CD balances, or a schedule for when any sale or CD withdrawal would occur.
