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Saugus

Recent vote moves $1 million to stabilization fund

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Town Manager Scott Crabtree says a recent vote by Town Meeting to move $1 million into the stabilization fund was another positive step for Saugus in restoring its financial health after the fiscal crisis of two years ago. The unanimous Town Meeting vote came on the recommendation of Crabtree and the Finance Committee. The $1 million transfer from free cash brings the stabilization fund — the town’s rainy-day account — to $1,875,000, according to Crabtree, up from $525,000 in 2012. He said that having a sizeable stabilization fund will help Saugus with its ongoing efforts to improve its bond ratings, which in turn would save the town and its taxpayers future borrowing costs. “This is going to help the overall financial health and flexibility of the town,” Crabtree said. “This is the largest one-time deposit in the rainy-day stabilization fund in Saugus.”

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