The state Department of Revenue recently certified the town’s free cash at $ 2.06 million for fiscal 2013, which ended last June 30, according to Town Manager Scott Crabtree. Free cash refers to the amount of unrestricted money a community has on hand at the end of a fiscal year. “This is the largest amount of free cash that has ever been certified for the town,” Crabtree said in a prepared statement. He said the town, which is still recovering from a fiscal crisis two years ago, has now reached its goal of having free cash for at least 3 percent of its budget. The town is pursuing that goal based on the recommendations of state revenue officials and its financial adviser, Crabtree said, noting that it is also a guideline of the International City Manager’s Association. He said that 51 percent of the free cash came from higher-than-projected revenues, including from permits and excise taxes, and from cost-saving moves. Crabtree said he plans to recommend that Town Meeting place a significant amount of the fiscal 2013 free cash into the town’s stabilization, or rainy day, account and maintain the rest of it for unanticipated costs. He said that sustained levels of free cash and rainy-day reserves will help the town achieve its eventual goal of securing an upgrade in its bond rating. Full story for BostonGlobe.com subscribers.
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