Byline: Elaine Thompson
SHREWSBURY - The state Department of Revenue has certified the town's fiscal 2008 free cash in the amount of $4,850,038, which is $712,200 more than last year's amount.
In a letter to the Board of Selectmen last week, Town Manager Daniel J. Morgado said the $4,850,038 indicates the erosion of free cash that began in fiscal 2002 has abated and the balance has stabilized. The town's most recent lowest free cash amount was $1.9 million at the end of fiscal 2005. The highest free cash amount since 1990 was nearly $7 million at the end of fiscal 2002.
"The $4,850,038 free cash balance demonstrates the advantage of your solid conservative management of the town finances as supported by town meeting and will bode well for the town when discussing with Moody's the town fiscal condition when issuing permanent financing this year for the various light, water and fire facilities projects,'' Mr. Morgado advised selectmen and the Finance Committee.
"In addition, this balance puts the town just above the 5 percent of operating budget goal that the Finance Committee has used for a...