Woolwich selectmen discovered they may not be able to use a $318,922 “rainy day fund” toward a town office addition. They discussed the matter and the layout for a potential town office addition during a special meeting on April 29.

Voters will choose between two proposed town office additions during the May 8 annual town meeting: one proposed by selectmen and the other proposed by the Building Committee.

Board member Lloyd Coombs notified chairman David King that the  “rainy day fund” (named “Investments” on page 98 in this year's town report) King thought could be used to fund their proposed project is part of undesignated surplus. Selectmen said that if they used this money to fund the addition to the town office, they would not be able to use it to reduce taxes. Also, the town's auditor estimated this money is earning between five and eight percent interest, King said.

Selectmen expect that if voters approve the concept of their proposed town office addition the town will borrow the money from USDA Rural Development. King estimates the annual payment would cost the town $35,000 each year on a $300,000 ten-year loan. When the town completes payments, the final cost to taxpayers would be about $350,000, he said.

The May 8 vote will determine if residents approve either concept for a town office addition by selectmen or the Building Committee. If either plan passes, the town will still need to hold another vote to approve the necessary funds.