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Board outlines roughly $5.9M in CDs and money-market accounts, stresses caution on spending
Summary
Board members described the town's invested funds — multiple CDs and MMDA/money-market accounts that together sum to roughly $5.9 million — and said those reserves are earmarked to cover large infrastructure projects and to avoid imposing a town tax.
Town board members described the town’s current cash position during the hearing, enumerating short- and medium-term investments and explaining why the funds are being held. The chair said the town has three certificates of deposit (about $700,000 each), an additional shorter CD around $1,000,001, and two money-market/MMDA accounts (general fund roughly $1.8 million and highway about $1.0 million), and characterized the combined holdings as approximately $5.9 million.
The chair framed the reserves as a buffer for large infrastructure projects and operating fluctuations, warning that tapping reserves to lower taxes now could leave the town exposed to future spending needs. "It's like 5,900,000," the chair said when summing CDs and MMDAs; he also noted a $650,000 sales-tax payment arrived the same day. Board members discussed potential projects (visitor center upgrades, highway building) and emphasized prudence in deploying funds.
