The good news is that the town is collecting exactly as much as it needs to operate the town. The bad news is that means that there’s been little money available for free cash.
“It’s a terrific practice in theory. It scares me because we don’t have a safety net. We haven’t been generating a substantial amount of free cash,” Finance Director Bill Fowler said at the Nov. 19 meeting of the Priorities Committee.
According to Fowler, the town collected $164,000 less than it estimated in fiscal year 2012 but collected $164,000 over their estimate the next year.
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"It’s good projections but if that bar is zero, we’re never going to generate free cash and we’re limping towards June 30," Fowler said.
Currently, the town has collected 44.88 percent of the revenue they said they would collect though 42.31 percent of the fiscal year. Fowler said that the town is on track for another dead even year finically.
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When asked if the town has a free cash calculation, Fowler said they do not have one but it would not be much due to the near even results of the past fiscal years.
Possible new revenue sources include the cell towers on East Foxboro Street and highway billboards but Fowler said neither are game changers.
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