Woodard said state law dictates the funds can be used on assests only, which would include purchasing facility improvements, vehicles and equipment.
Earlier in the presentation, he advised the town to start catching up on capital needs, which these funds could be used for.
"I don't think it was that anyone was hiding it, Woodard said of the $1 million, "It was just that there was nothing to talk about. Now there is."
The gravel pit funds were slated to help replenish the land once operations stopped, he said, but the town has now redirected efforts to selling the land to a developer.
The Melone property has been a hotly debated topic over the past few years as the town grapples to figure out the best use for the land.
Last year, Sudbury asked Larry Koff Associates, a land use planning firm, and its consultant team to investigate the potential land value if it were to be sold for private redevelopment. The greatest site value, according to the report, would be for either multifamily rental or garden condo development, closely followed by a townhouse condo complex.
The entire Melone property is 20 acres. About 12 of those acres would be used for development.
The site is located off North Road (Route 117), a rural but often busy road connecting the towns of Concord and Maynard, and is situated 2.5 miles from the train station in West Concord and 3 miles from the Lincoln train station.
Selectman Bob Haarde advised the Board to table the discussion and make it an agenda item for a future meeting.