Politics & Government
Canton In Good Financial Shape for Fiscal Year 2012
An increase in state aid helping town of Canton.
The Town of Canton will have a little extra cash for fiscal year 2012. According to , the town Finance Director, Canton is receiving $170,00 more in state aid for fiscal year 2012 and also saving an estimated $110,000.
"Combining the two amounts means we should benefit by (about) $280,000," Murgia said.
Murgia gave a state aid update to the Board of Selectmen last week.
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Canton is finally getting reimbursed for the March 2010 floods. That $110,000 will become free cash, according to the finance director.
State aid is also helping residents dig out of the financial mess incurred by the .
Find out what's happening in Cantonwith free, real-time updates from Patch.
"We expect a 75 percent reimbursement from FEMA in the near future," he stated. That allows for the FY 2011 snow and ice budget to be reduced by $125,000, he said.
"Down the road we should get the remaining 25 percent, or about $40,000 for this blizzard," Murgia said. "Essentially, these reimbursements add to our cash reserves, which are available to to appropriate."
Currently, there are no plans to use free cash, Murgia said.
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