On Tuesday evening, the Finance Committee discussed some recent news they received regarding state aid and Chapter 70 funds. According to Jim Letterie, Chair of the committee, Winthrop will be receiving more than expected, and the amount of $600,795.15 will be put back into the reserve.
“Since the pandemic hit, we really thought that our state funds would get cut due to the loss of revenue to the state,” said Letterie, who worked with Town Manager, Austin Faison, proactively making changes to the town budget and reducing expenses that would prepare for the expected loss of funds to make up the difference.
The finance committee worked diligently and cut lines within department budgets including certain supplies, seminars and capital projects so they wouldn’t have to reduce the school appropriation and cut out enterprise.
“When we found out that we’d be getting $600,795.15 we decided that the best thing to do was put that money back in the reserve because it shows the bonding agencies that we are serious about maintaining levels and it will potential prevent our rating from being lowered.”