Skip to primary navigation Skip to main content

About all that money in Amherst

It's a good problem to have -- a town comes into so much money that it's hard to keep it all straight.

But here's our attempt at clarifying exactly how much money Amherst will receive from the State Insurance Fund, as noted in today's front-page story.

The State Insurance Fund will pay a total settlement of $31 million -- and as Amherst Supervisor Barry Weinstein said, not a penny more.

Of that $31 million, roughly $17 million will go to the town and $10 million to the town's insurance agency, Granite State Insurance.

That leaves between $3 million and $4 million in interest payments. The town says it should receive all those, but Granite wants them, as well. So the two sides will fight over the $4 million through arbitration or in the courts. 

Today's story referred to a roughly $4 million "profit" the town will make on the settlement. Here's what that means: The town spent $13 million of its savings to pay the verdict of the Bissell injury case. It is getting reimbursed the $17 million, thus a "profit" of $4 million, which includes mostly legal fees.

I hope that clears things up. In these austere times, it's not a bad problem to have. 

comments powered by Disqus
Advertisement

Subscribe

Advertisement