WEST PARIS — Selectmen agreed to draw $100,000 from a reserve account to pay the bills for June until tax revenue is received.
At their meeting Thursday night, selectmen agreed to appropriate the funds from the undesignated account to the town’s checking account at the request of Town Manager John White, who said the town has $150,000 less in its accounts than it did at this time last year.
According to White, the town has $250,000 cash on hand; at the end of May last year it had $400,000.
He predicted the town would need $60,000 to pay for expenses in June.
Recent large expenditures, including a $200,000 repaving project and the purchase of a new grader, have drained capital, White said.
In addition to the expenditures, tax cuts coupled with a 25 percent decrease in state revenue sharing has changed the financial outlook, he said.
“I’m not really excited about it. I’d hoped we’d be in a better position, but that’s why we watch it from month-to-month.”
The funds, which are invested in low-risk money market stocks, will be replaced once revenue begins flowing into town accounts.
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