Raiding Capital Account for
Operating Expenses
September 28, 2003
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Joseph Gillis Jr.
You can do something!
To close the gap on the $900k in the 2004 budget, will the Selectmen move a proposal to take money from this capital account? This fund was supposed to be for public safety projects. While it may save the Selectmen from having to make difficult decisions, it will further weaken us as a Town. Remember, bond consel has already warned us of an expected lowering of our credit rating, making future cash more expensive.
In order to use any of these funds, a Town Meeting vote would be required. Also, if the funds were not to be utilized for one of the intended purposes of the fund - such as operating expenses - legislation would need to be filed with the State. Since the Legislature shuts down on November 19th this year, it is extremely unlikely that the legislation would be heard before 2004. Therefore, it does not appear practical for this course of action to be of much help in the current operating budget.
However, expect to see an article at Fall Town Meeting to amend the rules on the capital account so that money could be used in the FY05 budget.
