The town has rebuilt its free cash account to more than $4.85 million for the fiscal year, according to Town Manager Dan Morgado.
Free cash had been eroding since fiscal year 2002, he said, and town officials were focused on putting more into the account, which is considered a sort of town savings account or emergency fund. The solid savings "will bode well for the town when discussing with [bond rating agency] Moody's the town’s fiscal condition when issuing permanent financing this year for the various light, water and fire facilities projects," Morgado said in an announcement.
Morgado added that the town tries to use the money only for capital projects when needed rather than for operational expenses.
-- Lisa Kocian
This blogger might want to review your comment before posting it.