Surplus

Throughout the past 5 years, Peacham has accumulated about $365,000 in surplus, mostly stemming from property taxes and general fund sources. Although all of the deficit for 2008 has been paid off (bringing the surplus amount down to about $270,000), voters were asked to appropriate the rest of the funds back into the town in order to reduce further debts.

The money will be going to 5 more areas:

• $20,000 will go to paying off the debt from the construction of the new firehouse
• $100,000 to reduce the amount needed to be raised by taxes
• $60,000 to the Town Retreatement Reserve, which oversees the paving of area roads
• $40,000 to Town Capital Building fund, which would bring renovation to the town garage and town hall
• Any remaining funds will go to a working capital reserve fund, which would reduce the amount of money the town borrows for operation