Swampscott Town Meeting Shifts Free Cash To Reduce Taxes

SWAMPSCOTT, MA — Swampscott Town Meeting approved transferring $1 million in free cash to lower Fiscal Year 2020 tax bills. Tuesday's vote comes just two days before selectmen will meet to set 2020 tax rates. The move should reduce the average residential tax bill by $23 next year.

The free cash is money that had been budgeted but not spent in previous fiscal years. Another article involving free cash that would have set aside money for anticipated teachers raises was indefinitely postponed by town meeting, as contract negotiations between Swampscott Public Schools and the teachers' union are ongoing.