Swampscott banks record $3.2 million

SWAMPSCOTT – The town may be looking at the biggest financial surplus in its history, with a record amount of free cash – $3.2 million – available from 2014. According to town administrator Thomas G. Younger, that amount would be a record.?This is very positive, because it helps us bond rating and other projects we may need from time-to-time,” Younger said. “We are pleased with that number. In a nutshell, it?s the remaining unrestricted funds from operations of the previous fiscal year.”According to town accountant David Castellarin, free cash represents a combination of excess revenue and spending less than what the town predicted. Castellarin said he produced a balanced budget sheet and sent it to the Department of Revenue Feb. 19.?The increase doesn?t surprise me, because I look at finances every day,” Castellarin said.If real-estate tax payments come in lower than expected, that could reduce the surplus, Younger said.Younger said free cash is used for one-time expenditures, such as capital-improvement projects and purchasing vehicles for town use. Castellarin said free cash can also be used to supplement the town?s budget for one-time expenses as long as it?s not used for recurring budget items, which could cause a structural deficit.Younger made the comparison of someone not using a savings account to buy gas, but generally for larger purchases.The proposed fiscal year 2014-15 budget was $62,652,574 million, including water and sewer, and $56,694,119 million, excluding water and sewer.Younger said the town is awaiting a final letter from the Department of Revenue, but that?s the figure, as of now. With the fiscal year ending June 30, it will become official on July 1, 2015.?Once I give the balance sheet to the state, it takes a few days,” Castellarin said. “The treasurer, Ronald Mendes, has to submit certain reports to authorize the free cash. We need another report from Mendes.”Mendes is on vacation this week.?It?s coming in the next few days, I would hope,” Younger said.The Department of Revenue must approve free cash figures for all cities and towns.Younger said the free cash total in Swampscott was slightly more than $571,000 for fiscal year 2003, $229,000 for fiscal year 2006 and $2.6 million for fiscal year 2013.
Artificial turf fieldAs for the artificial turf field that?s on everyone?s mind, Younger said it would replace the current field at Blocksidge Field on Humphrey Street. He said while the town is looking at ways to fund the project, it will be discussed further at the Board of Selectmen meeting March 18.Castellarin said free cash can be used towards the turf field, and Younger said it?s expected to cost $1.65 million.Castellarin said although it?s a football field now, the turf will become multi-use, including soccer, lacrosse and field hockey.