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Long Lake Board says gift will be managed 'with discipline' and advisers will be engaged
Summary
The Town Board said it will form committees, consult financial advisors and the State Comptroller, and establish funds to ensure proceeds from Whitney Park are invested to provide perpetual income and protect the town's fiscal health rather than fund one-off projects.
Councilman Thomas L. Donnelly told the Board that "the quickest way to end up with a small fortune is to start with a large one," urging caution in spending any proceeds that may come from the Whitney Park sale. The Board said it will prioritize creating funds for long-term goals in the comprehensive plan and appoint committees to work with planners, financial advisers, and engineers.
Supervisor Clay J. Arsenault said the town will favor "smart investments to provide the Town with perpetual income from the lion's share of this money; infrastructure and town property maintenance; and impeccable business practices within the town government." He pledged transparency and to honor the memory of John Hendrickson and Marylou Whitney by making the gift serve the public good.
Board members said they will consult the State Comptroller, the town attorney, and external professionals before committing to projects or large expenditures. No binding policies or specific allocations were adopted at the March 7 meeting.
