The Commissioners have hired a firm, Reserve Advisers, to evaluate the long-term financial needs of the Town and to suggest appropriate reserve fund types and amounts for the Commissioners’ consideration. St. Michaels is in a strong cash position due to the sale of the electric utility system and the resultant cash proceeds. The Commissioners felt that the Town would benefit from a study that would give the town a comprehensive report of the townâ€™s infrastructure, its condition and life expectancy, and a projection of what it will cost to repair and replace it over the next 30 years.
The reserve study will be an extremely valuable planning and forecasting tool to provide the Commissioners and residents a long-term view of the Townâ€™s necessary expenditures. Reserve Advisors will be presenting the study to the Commissioners at the Commissioners meeting on Wednesday, March 8, 2017 at 6 pm. The meeting will be held at the Town Office Meeting Room, 300 Mill Street. The public is encouraged to attend.
Click HERE for a copy of the reserve study.