Finance Committee approves $243K budget transfer for multiple departments

During the recent Lakeville Select Board meeting, a significant decision was made regarding budget transfers that will impact the town's financial management. The board approved a total budget transfer of $243,162, aimed at reallocating funds from various departments to cover necessary expenses without increasing the tax rate for residents.

The decision to utilize a budget transfer rather than passing costs onto taxpayers was made in light of a healthy budget this year. The funds will be sourced from several areas, including $5,000 from the planner's salary, $5,000 from the veteran's agent, $25,000 from group health insurance, and $2,312 from public works, buildings, and grounds. This strategic approach allows the town to manage its finances effectively while minimizing the burden on residents.

The board members engaged in a brief discussion about the process of approving these transfers, ultimately deciding to present the total amount rather than detailing each individual transfer. This streamlined approach reflects past practices and aims to maintain clarity in the decision-making process.

The approval of these budget transfers is a proactive step towards ensuring that Lakeville can meet its financial obligations while continuing to support essential services for the community. As the town moves forward, residents can expect continued efforts to manage resources wisely and maintain fiscal responsibility.