Bolton Select Board adopts revised Fund Balance Policy with consistent reserve language
The Select Board revised the town's Fund Balance Policy to clarify terminology for the unassigned fund balance, adopt a 15% contingency reserve, and set a 20% excess fund balance threshold. The motion passed unanimously.
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The Bolton Select Board voted to update and adopt a revised Fund Balance Policy that clarifies use of consistent terminology for the unassigned fund balance and establishes a 15% contingency reserve and a 20% excess fund balance threshold. Paula Gervia moved to adopt the revised policy; Ryan Farrell seconded the motion and the board approved it unanimously.
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