By Joan F. Simoneau, Community Reporter
Marlborough – Mayor Arthur Vigeant has congratulated the city’s finance team for work that led to state certification of more than $6.1 million in available funds, generally referred to as “free cash.”
Vigeant informed the city council of the announcement made by the Massachusetts Department of Revenue (DOR) at the council’s Oct. 20 meeting. In the communication he stated: “This achievement is an unequivocal sign of a well-managed community in exceptional financial shape.”
“The city of Marlborough’s financial strength and success has and continues to be a true team effort,” said Vigeant. “We are fortunate to have a strong team in City Auditor Diane Smith and Comptroller/Treasurer Brian Doheny. I wish to recognize each of them for their hard work and sound management of the city’s finances.”
Vigeant also thanked the City Council “for your excellent commitment to prudent financial management practices and policies.” Finance Committee Chairman Michael Ossing expressed gratitude for the certification and moved to accept the mayor’s communication.
The amount of “free cash” is based on the city’s balance sheet as of June 30. Free cash is defined by the DOR as a term used for a community’s funds that are available for appropriation. Specifically, free cash is generated when actual revenue collections are in excess of estimates, when expenditures are less than appropriations, or both. It can be a major factor when the city is reviewed by bond-rating companies.
In other business, the council also approved several appointments that had been recommended by Vigeant and approved by the Personnel Committee.
Those include: reappointment of Deborah Fox as City Collector to serve a term of one year; appointment of Anthony Arruda to the Board of Assessors for a three-year term; reappointment of Thomas Evangelous to the Recreation Commission for a two-year term; appointment of Santiago Vergas as a youth appointee to the Youth Commission for one year; reappointment of Larry Roy to the Conservation Commission, term to expire March 7, 2016 ; and reappointment of Susan Laufer to the Library Board of Trustees for a term to expire February 6, 2017
