At the budget hearing on the town and school district budgets for the coming fiscal year Harry Judd, Selectboard Chair, announced that on February 12 the town delivered a check to PSNH for $5,722,373.
Judd said that amount covered the back taxes owed Public Service Company for 2012 and 2013, however, the interest accruing at 6% has not been paid. “By paying this money we stop interest from running” said Judd.
Estimates of about $2,000,000 in interest still owed were not confirmed nor how the town will come up with the funds to pay it.
Sources told this paper the town may choose to litigate the years 2014-2017, but would use a new expert on utility valuation. On several occasions in Superior Court Judge Richard McNamara’s opinion he found the town’s expert to lack credibility. The Supreme Court likewise hung its hat on the fact that it does not reconsider trial judge’s findings on credibility when it affirmed McNamara’s opinion.
When asked how many millions were involved in the years 2014-2017 Selectman Judd declined to even give a range from low to high.
The source of the $5.7 M was as follows:
1. Abatement overlay …………………….$1,400,000
2. Allocated fund balance ………………..$1,000,000
3. Unexpended balance in the town’s
“checkbook” termed the unassigned
fund balance …………………..$3,322,373
As for the future Chairman Judd said “It is unlikely there will be a global solution by town meeting.”