After years of financial struggles, Oak Bluffs is poised to make up a $600,000 deficit in free cash by the end of June, town administrator Robert Whritenour announced to the selectmen last week. “If we only collect [the same revenue in June] as we collected last June . . . we will meet that goal,” of “wiping out” the deficit, Mr. Whritenour said. “FY 13 really was the year that we targeted to get things back on the cycle, and it’s really turning out that way.”
With 92.7 per cent of the fiscal year completed, the town of Oak Bluffs has collected 98.7 per cent of its budgeted revenues, and has spent only 89.8 per cent of its budget, Mr. Whritenour said.
Accordingly, Standard and Poor’s has elevated the town’s Financial Management Assessment from “standard” to “good,” affirming the financial health of the town. A report published by the financial services company on May 30 said the “town has improved in several financial management areas and we will continue to evaluate the effectiveness and whether the policy improvements become institutional and sustainable.” The town’s bond rating remained at AA, which indicates it has a “very strong capacity to meet its financial obligations,” according to the bond rating company. The highest rating is AAA.
Selectmen also approved a stabilization fund policy for the town, which establishes a five-year plan to set aside five per cent of the operating budget.