By Brett Yates
In January, Bridgewater residents will have an opportunity to vote on a proposal to ameliorate the town’s troubled finances.
According to local officials, anticipated federal reimbursements for flood recovery projects have not arrived on schedule. Amid delays in Washington, D.C., the town has relied on loans to keep cash in its coffers. Now it wants the public’s permission to consolidate the resulting debt.
“The town is in a bind due to the FEMA grants not being timely paid,” Selectboard Chair William O. Young summarized.
Officials hope to roll several ongoing payments to creditors into a single “three- or five-year note,” as Treasurer Melissa Spear put it. In doing so, the town may secure a reduced interest rate.
The plan has the recommendation of the town’s auditor. Ron Smith, a certified public accountant from the Maine-based firm RHR Smith & Company, spoke to the Bridgewater Selectboard on Dec. 6.
“We know that you guys have had some extraordinary events happening here that require a lot of capital outlay,” Smith said. “We believe that there’s a better way to finance these needs of the town, and we’re putting the math together for you guys right now.”
The board agreed to schedule a special town meeting on Jan. 13. It will likely take place at the Bridgewater Grange Hall.
Before townspeople vote on the proposal, they’ll have a chance to hear more about it at an informational meeting on Jan. 7 at the town office. Both meetings will take place at 7 p.m.
