Recent vote moves $1 million to stabilization fund


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.”

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of