Commissioners revise draft to require consultation before using unassigned reserves
After debate, the commission agreed to change the draft policy so that any use of the unassigned fund reserve must occur "upon consultation with the town manager and finance director" and must be accompanied by a fiscal recovery plan to restore reserves within three fiscal years.
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Commissioners spent significant time on whether the draft unassigned fund reserve language properly balanced staff input and ultimate commission authority. The draft initially said use of the unassigned fund "shall be equal to 10% ... and shall not be used ... unless a majority of the town commission votes to approve the use of unassigned fund reserve funds upon the recommendation of the town manager and finance director."
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