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Special Town Meeting shifts cash

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A Special Town Meeting voted last weekend to wipe out the town’s free cash account — putting all $1.3 million into several different stabilization funds, according to town accountant Mary Gallagher. The meeting also approved placing an anticipated $600,000 revenue windfall into the stabilization accounts. The effect will be to earn higher interest rates in the stabilization accounts, Gallagher said. The action also means a new vote would be required to spend any money from the funds, she said. The Special Town Meeting was called by a citizens’ petition circulated by the chairman of the School Committee, who said he was frustrated by the selectmen’s inaction. Acting Town Manager Michael Milanoski had pushed for the meeting. The majority of selectmen had wanted to delay the financial decisions until a new town manager was in place, which they expect to happen in the next few weeks.

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