Town Council last night unanimously voted to put $600,000 of the town's $2.3 million recently certified free cash into reserves.
Before approving the appropriation, Councilor Tom Doak observed that the move seemed to be "rushing to take the money off the table."
"I'm just trying to be conservative given what I see coming down the road," said Town Administrator Jeffrey D. Nutting, who proposed the move.
The council's policy is to keep at least $5 million in the town's stabilization account, which had $4.1 million in it prior to last night's appropriations, Nutting said.
The council also transferred $300,000 from hotel tax revenue into the stabilization, putting the total back at $5 million.
The $300,000 can be used in the case of a mid-year reduction in fiscal 2009 local aid, to pay for unemployment costs, or to pay off the library repairs, for instance, Nutting said.
Read the full article in the Milford Daily News here
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