Free cash policies adopted
By Amanda Collins
SUTTON – Selectmen reviewed the town’s free cash and stabilization fund policy at the meeting on Tuesday and supported a handful of changes recommended by the town administrator and town accountant.
The policies have been in existence since 2010, noted Jim Smith. Changes made include clarifying the 8 percent the policy calls for going into the stabilization fund. The goal is to put 8 percent, minus the debt exclusion budget, which fluctuates with amount of debt the town carries, Smith explained.
In a change to the free cash policy, officials added that during a year of excess free cash, $250,000-$300,000 will remain in free cash to address extraordinary deficits such as snow and ice.