SWAMPSCOTT – After a long series of discussions and collaborations between the Finance Committee and Select Board over the weeks, and backups with the final amount of free cash, the Special Town Meeting Warrants were drafted to their final version.
The main reason that decisions were postponed was that the free cash amount was unclear, according to the Finance Committee and Select Board.
On Wednesday, the free cash was calculated and reported. Free cash results from revenues in excess of estimates, and expenses below estimates. The current year free cash amount is more than $3.6 million. There has been a declining trend since FY2020 because operating budgets continue to contract based on tight financial guidelines.
What the committee has voted favorable is Article 1, relocating funds for salary reserves, a total of $93,810 composed of the admin union, DPW, police and library. Of that, $66,480 would go to the admin union, $32,639 to the DPW, $45,085 to the police, and $9,606 to the library. There was an additional $36,239.72 for the non-union cost of living increases. The committee voted yes on Article 1.
Article 2 is about the money used from free cash for the FY 23 tax rate adjustment. It was drafted and explained by the Town Assessor Richard Simmons. It has yet to come to a final vote, and it will be voted on at the annual town meeting next Monday, but the Select Board has given a specific recommendation on the tax rate classification.
Article 3 is about the money used from free cash for the settlement with the town union. The Item has reported an article on the specific amount of this contract. The contract has passed by the Select Board, but the transfer of funds from free cash still needs to be reported at the annual town meeting.
The Finance Committee favored Article 4, which requires $250,000 from free cash to the Compensated Absences Reserve Fund. This article will establish the reserve fund for the purpose of paying end-of-employment costs associated with retirement.
The Select Board favored Article 5, the fiscal year spending limit, and brought the limit up from $300,000 to $500,000.
Article 6 was favored by both the Finance Committee and Select Board and addressed several capital projects, including the rehabilitation of Abbot Park, repairs to the Town Hall garage, lead service investigation, and recreation sailboats.
Article 7, about the appropriation for a new elementary school, was also favored by both the Finance Committee and Select Board.
Article 8 was favored by the Finance Committee, Select Board and Planning Board to accept Supreme Court as a public way. If accepted, it will be the town’s responsibility to maintain this street, including snow removal, and paving.
Article 9 was favored by the Select Board to accept a donation of a 0.303-acre piece of land of Park Square. A majority vote is required to approve this Article at Town Meeting.
Article 10 was favored and recommended the acquisition of land off Cushing Avenue.
