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Brimming rainy day fund makes for sunny financial picture in Needham

Posted by Ralph Ranalli December 11, 2007 07:45 AM

NEEDHAM

An independent audit of the town's finances for fiscal 2007 has found that Needham is financially "stable," David Davison, assistant town manager and director of finances, said recently.

Needham is able to collect its bills on time and had a sizeable rainy day fund balance of approximately $7.7 million as of June 30, the end of the 2007 fiscal year, according to Melanson Heath & Company, the firm that performed the audit.

That balance, which accounts for eight percent of the town's overall expenditures from last year and is an important statistic for credit rating agencies, is up from $6 million in fiscal 2006, officials said.

-- Laura Colarusso

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