STALLINGS — An additional bank account could give Stallings residents a better grasp on how their taxes are spent, according to Mayor Lynda Paxton.

“We have begun to earmark monies for capital improvements,” Paxton said, “but we have allowed that money to continue to sit in the general fund.”

Paxton addressed the Town Council Monday, saying she wants to move that money into a capital reserve fund and “specify clearly what it’s for.”

Setting aside an account specifically for capital projects would give residents “a truer picture of how their tax money is being used,” she said, and assure them that the town is addressing their needs.

Town Council members directed town staff to bring back more information on such an account.

So far, the town has earmarked $1.5 million for park development in both Stallings and Fairhaven parks, $1 million for a streetscape project, about $160,000 for drainage repairs in Spring Hill and $250,000 annually for street maintenance. Last year, taxes brought in about $150,000 for street maintenance when the town put 1 cent of the tax rate toward the improvements.

Combined, project money comes to about $3.06 million.

If a capital reserve fund is created, Town Manager Brian Matthews said, council members can change what the money is spent on within the account, “but they can’t take the money out and spend it on something that’s not capital.”

Capital projects include building construction, purchasing land and resurfacing streets. Other costs, such as salaries or police cars, are not capital expenses.

Paxton said her main concern with a capital reserve fund is to keep it somewhat flexible. “I’m not trying to tie the hands of any future councils,” she said.

The current council has three more meetings before new members are elected and brought on board. The possibility of a capital reserve fund has been on the table for a couple of years, Paxton said, but the council has never given staff members clear direction on what to do with the idea.

Paxton said she would ultimately like to see the town create a capital improvement plan, or CIP, which is a long-term plan to prioritize projects and set dates by which to complete them.

A CIP also helps determine how much money is needed for each project, Matthews said, acting as a way to “allocate and protect” the money set aside.

A capital reserve fund, on the other hand, is “a way of holding the money,” he said.

During the meeting, Councilman Mark Franza asked if capital funds can be used toward engineering costs.

“Possibly,” Matthews said, but added that it could depend on how much the engineering portion costs.

Most towns create a threshold amount to determine what is capital, he said. A project over $50,000, for example, might be considered capital.

Not all council members were fully in favor of the plan.

“I think it’s kind of a hurried deal,” said Councilwoman Barbara Anne Price, who is opposing Paxton in next month’s mayoral election. “I think we should’ve done it a long time ago, but I don’t think doing it in October before an election where you could have five new seats here ... is really well advised.”

Price said creating such a fund could tie the hands of future council members, making it seem as if “you don’t want the next governing body to govern.” Price recommended sorting out the details during the budget process.

Councilman Al Graham said he hopes the next board will “see the value” in such a fund and keep it going.