Finance Committee rescinds free cash policy, adopts new operating procedures

SUDBURY — October 3, 2022 — Sudbury Finance Committee scraps 2018 free cash guidelines as duplicative of town manual. Member Michael Joachim's motion to rescind passed 7-0, with the committee concluding that the town's updated financial policy manual already defines free cash, warns against depletion and ranks the stabilization fund as the top one-time use. The committee also adopted revised operating procedures 6-1, with Henry Sorett dissenting. Finance Director Dennis Keohane reported fiscal 2022 closed with $1,429,745 unspent against a $107.3 million adjusted budget, plus roughly $2.6 million in excess local receipts — motor vehicle excise alone ran about $900,000 over projection, with building permits $500,000 over and $339,000 from Camp Sewataro. Joachim called the old half-of-one-percent free cash floor "just an arbitrary number."