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Selectboard considers using $164,000 in property-sale proceeds and planning fund-balance reductions
Summary
Town staff presented two options for using $164,000 from last year’s property sales: place an article on the next Town Meeting warning for voter approval or expend funds transparently on capital projects to reduce the tax burden; staff also recommended a plan to keep the operating fund balance from growing well above $500,000.
Amanda presented options for using last year’s property-sale proceeds, which total $164,000 prior to interest. She said the town can either place an article on the next Town Meeting warning asking voters to approve the use of the funds, or expend the proceeds transparently as part of capital projects to avoid adding those costs to a vote and thereby ease tax pressure.
Amanda also recommended the Selectboard make a plan to spend down the operating fund balance so it does not grow much above $500,000. Cathy Ainsworth noted the accumulated fund balance provides flexibility to delay or avoid tax-anticipation borrowing and thereby saves the town interest costs; the board will consider recommended projects that favor long-lived infrastructure over equipment purchases.
