Dedham to Hold Town Meeting on 'Free Cash' Surplus

Photo Credit: Town of Dedham

The Board of Selectmen invites residents and businesses to attend a public meeting on Monday, Dec. 14 at 7:00 p.m., at the Dedham Middle School. The purpose of the meeting is to engage in a dialogue regarding the Board’s proposals for the use of funds recently certified by the Massachusetts Department of Revenue as Free Cash.

During the past several years, the Town has taken a financially conservative approach to budgeting. As the economy recovered, revenues were higher and expenses were lower than budgeted from 2013 through 2015.

Dedham’s surplus, referred to as “Free Cash”, has historically been used for capital improvements (such as infrastructure) and building a rainy day fund, called the General Purpose Stabilization Fund, as approved by Town Meeting, and snow removal.

The Board feels strongly that a significant portion of the Free Cash should be used to reduce property taxes over the next few years, while continuing to be prudent about our capital needs.

Other ideas are being evaluated, for example: To use a sum of several million dollars to pay off long term debt to reduce debt payments; Explore a fund to put some of the free cash in for future years’ tax relief; Pay for a one-time expense such as heavy equipment. Once the Selectmen have considered the options for the use of the available free cash, they will make their recommendations to the Town Manager for consideration during the upcoming budget process. Ultimately, the final authority for use of this money rests with Town Meeting.

The Board looks forward to meeting with residents and businesses at 70 Whiting Avenue.

If you are unable to attend the meeting, please feel free to contact the Board by phone at 781-751-9100 or e-mail at freshideas@dedham-ma.gov.