GREENE – Selectmen decided this week that it would not be necessary to hold a special town meeting to borrow money due to a revenue shortfall.

In May, the board considered the possibility of asking voters at a town meeting for permission to borrow money to offset a revenue shortfall caused by $410,000 in unpaid taxes between 1999 and 2002.

“We’re not going to have to borrow. We feel we’re probably going to have enough to make the payments so the board has opted not to go that route. It’s going to be pretty close but we think we’re going to have enough,” said Town Manager Stephen Eldridge.

The board first considered the possible need for a short-term loan from one of the town’s reserve accounts in March. There is about $600,000 in several reserve accounts. Those include the capital reserve, fire truck replacement account and the library reserve. If a special town meeting became necessary, the voters would have been asked to authorize the town to borrow from one or more of those accounts. The funds would be put back when tax revenues came in, according to Eldridge. He told the selectmen in May that it would not be prudent for the town to borrow from a bank and have to pay interest.

The town is obligated to make a monthly payment of $217,000 to SAD 52 to fund the cost of education. That along with the weekly payroll for municipal employees and other mandatory expenses depleted the town’s reserves.

Selectmen decided May 12 to wait until their first meeting in June to determine whether it would be necessary to call a special town meeting. At that time Eldridge told the board there was a possibility that the town might not be able to meet the SAD 52 payment in June.

In other business, the board re-elected Fire Chief Bruce Tufts to a second year as chief. Joe Brown will replace Bruce Sanford as assistant chief. The elections are held annually in May by the selectmen.

Also, Eldridge informed the board that all property owners with delinquent taxes that were at risk of foreclosure have made payment arrangements with the town. He said it does not appear that there would be any foreclosures at this time.


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