The town's adjusted 2023 net surplus of $754,142.48 will be transferred into the town's sagging tax stabilization reserve.

Last night, town council transferred the funds into the account that would have otherwise dropped to a mere $59,000 heading into the 2025 budget.

Sitting at a balance of nearly $900,000 in 2022, the fund has been utilized extensively to balance the last two town budgets, taking a hit of nearly $500,000 in 2023 and about $350,000 for the current budget year.

Alvin Allim, town chief financial officer, explained any transfers into the account in recent years have been from a result of interest it earns.

Before adjustments were made, the net surplus was $1,432,809 due to interest earned on town investments and some unexpected decreases in some operational expenses.  But the town has recently restated its tangible capital assets (TCA) for 2022 and 2023. The findings lead to $678,666.60 being reclassified as operating expenses that were originally capitalized.

tax stabilization reserveThis chart explains the sad state of the tax stabilization fund.