Town Meeting Considers Establishing Revolving Fund for Libby Dock Project

The Wolfeboro Select Board meeting on July 16, 2025, highlighted significant financial discussions, particularly regarding the town's budget and the potential establishment of a revolving fund for the Libby Dock project.

During the meeting, the board reviewed the June budget report, revealing that the town has spent 46% of its general fund budget, with specific expenditures in other funds ranging from 46% to 64%. On the revenue side, collections varied, with the general fund at 48% and the water fund at 61%. These figures indicate a steady financial status as the town reaches the halfway mark of the fiscal year.

A key topic was the Libby Dock fund, which has been a point of interest in recent weeks. Currently classified as a balance sheet account, the fund's status has led to suggestions from auditors to transition it into a revolving fund. This change would provide clearer visibility in monthly reports and streamline financial management, avoiding the need for year-end adjustments. The board acknowledged that establishing a revolving fund would require a formal process, including approval at a town meeting.

Board members discussed the current balance of the Libby Dock fund, which stands at $36,030, and emphasized the importance of addressing this matter in future discussions, particularly when considering warrant articles for the upcoming town meeting.

The meeting underscored the board's commitment to transparent financial practices and proactive planning for community projects, setting the stage for further discussions on the Libby Dock fund and its future.