Select Board August 29 New Town Manager Paul Bockelman's 1st SB meeting
Comptroller Sonia Aldrich updated the Select Board and new Town Manager Paul Bockelman on Monday night about the current financial shape of the town and it was a good to great report.
The town closed out FY16 with a surplus of $1.7 million from a total budget of $72.5 million, which included a $295,000 payment from UMass on the Hotel/Motel tax representing 21 months or almost two years worth.
UMass played hardball and bullied the town into signing a lousy 3.5 year "Strategic Agreement" with the caveat they would pay the Campus Center Hotel tax retroactively after they had ceased paying it due to a legal loophole.
The town now has $6.9 million in Stabilization, a savings account that requires a two thirds vote of Town Meeting to appropriate.
And Free Cash, which only requires a majority vote to spend, once all the grants come in will be anywhere from $4.4 to $4.9 million so total reserves could end up close to $12 million.
Which sounds like a lot. But not so much when you consider the four major building projects coming up that will require over $100 million in local tax dollars.
The first of which, the new $65 million Mega School Override, comes up on the November 8th ballot.