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project will require. More accurate cash flow forecasting for capital projects <br /> will minimize short-term borrowing requirements and the associated costs. <br /> 3. CONSIDER USE OF SURPLUS CAPITAL PROJECT FUNDS <br /> The Town currently maintains capital project fund balances of approximately <br /> $ 283,000 for various projects which have been completed.. The unexpended <br /> balance in these funds may represent a funding source for current or future <br /> projects. The uses of unexpended bond proceeds are regulated by Massa- <br /> chusetts General Laws. <br /> i <br /> We recommend that the Town research the original intent and source of these <br /> funds and in doing so determine the allowable use of these funds in accordance <br /> with Massachusetts General Laws. <br /> Town's Response: The Town has researched the original intent and source of <br /> I <br /> surplus capital project funds and appropriated $ 150,000 of the surplus in fiscal <br /> year 1997 for school capital purposes. The remaining funds are expected to be <br /> i <br /> appropriated in fiscal year 1998. <br /> 4 <br />