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Residents press council on large fund balance and stalled property sales; town cites title and remediation delays
Summary
During public comment Richard Welch and others asked why undesignated cash is large and why surplus properties (Oak Hill garage, former public works site) remain unsold; Finance Director Deb Bridal and Town Manager Ralph Mullis explained diversified investments, bond pockets, title and soil‑testing delays, and an RFQ planned for Oak Hill.
Several residents used the municipal‑budget public comment period to press the council about the town's undesignated cash and unsold surplus properties. Richard Welch asked where undesignated cash is held and whether the town solicits bids for investments; Finance Director Deb Bridal replied the town uses several FDIC‑insured banks (Centerville, Washington Trust, Webster, Santander) and negotiates for best rates; she also said cash levels fluctuate and include restricted or bond proceeds.
Welch argued $34 million in undesignated cash was excessive; Mullis and Bridal replied that some of those funds are restricted, bond money, or earmarked and that the council has a fund‑balance policy guiding drawdown — if balance exceeds thresholds the town begins spending it down. On property sales, Mullis said title and soil‑testing complications delayed sales of surplus properties (including the Oak Hill garage) and that staff intends to issue an RFQ seeking proposals to repurpose or sell the site. Welch also recommended the council hold surplus for school approval; Mullis acknowledged the point and said the solicitor will propose an environmental attorney for Quonset Davisville matters at the April 27 meeting.
