WILMINGTON, MA — At last week’s Wilmington Board of Selectmen, Town Manager Jeff Hull announced that the Massachusetts Department of Revenue recently certified the town’s Free Cash Amount at $25,158,945 as July 1, 2020.
The town’s free cash amount (sometimes referred to as a “rainy day fund”) has steadily climbed over the past ten years, most recently increasing from $15.3 million (2015) to $18.3 million (2016) to $21.6 million (2017) to $23.6 million (2018) to $24 million (2019) to $25.1 million (2020).
In addition to the $25.1 million in free cash, the town has an additional $15,041,185.66 in its capital stabilization account, resulting in more than $40 million in total reserves.
“The capital stabilization account’s balance combined with the free cash is certainly advantageous for the Town,” Town Manager Jeff Hull told Wilmington Apple. “My expectation is that the Town will rely on these funds to varying degrees, in addition to borrowing, for the construction of a new senior center, town/school administration building, a fire/police substation and addressing the Wildwood School along with the other elementary schools over the next several years if residents approve one or more of these projects at an annual or special town meeting.”
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