SAUGUS —Town Manager Scott C. Crabtree has laid out a financial agenda for the special town meeting taking place Monday night.
The meeting will be centered around how the town will use funds for the new fiscal year, approving the use for matching funds for dam repairs at Spring Pond, and signing off on payments for items and services from the prior fiscal year.
Crabtree notes that this meeting is being held to keep the town’s financial situation in a stable place.
“We are trying to navigate an unprecedented time and we are doing a good job managing our funds,” Crabtree said. “We are trying to ensure our balance.”
Crabtree says the main piece of the agenda is the article to use leftover money accumulated from fiscal year 2021 as the main source of town charges. This leftover money, or “free cash” in the warrant, would replace a Stabilization Fund.
The fund was put in place during the height of the COVID-19 pandemic, where it was used to keep the town’s workforce stabilized and allow for town finances to remain secure.
Crabtree says that the fund has $1.4 million invested, adding that now they have enough money accumulated from this fiscal year to use in place of the fund.
“We have about $4.6 million in extra money,” Crabtree said. “We used the fund at the time to ensure our balance, and now we may reverse that.”
Crabtree also said that some of the remaining funds would be used for the upcoming snow season, as the town would have to invest in heating, snow clean-up, and other necessities for emergencies.
Another warrant item Crabtree expressed excitement about was the potential passage of a matching fund for a grant for the Spring Pond dam.
The Commonwealth of Massachusetts awarded the Town of Saugus a $262 thousand grant to repair the dam, which was found to be in poor condition. The grant was the maximum amount that could be awarded, and the town would be required to pitch in the rest.
The other two warrant items include the appropriation of $25 thousand for a report on funding a new Public, Education, and Government television studio and paying for town charges used during the last fiscal year.
Crabtree says that the latter would not be complicated, and confidently noted that the town has the funds to pay.
“This is a housekeeping routine,” Crabtree explained, “If we were not able to pay in time it just goes to a separate warrant item and only needs nine-tenths of the committee to pass.”
The meeting will be held on Zoom from 7:30 pm to 9:30 pm.
