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Templeton advisory committee pauses town-accountant bonding discussion; new accountant working through year-end reconciliations
Summary
After reviewing bonding questions and bonding-market reluctance, the committee agreed to drop the idea of bonding the town accountant for now and to let the new town accountant finish reconciling fiscal-year 2025 accounts before revisiting budget-versus-actual reports.
TempletonAdvisory Committee members discussed whether the town should require a fidelity bond for the town accountant after earlier payroll filing issues and an IRS inquiry. After staff reported that many Massachusetts towns do not bond their town accountants and that bonding companies sometimes refuse such bonds, the committee agreed to defer or drop the bonding proposal until the new town administrator and the new town accountant are settled. Committee members said bonding companies sometimes view bonding town accountants as outside their accepted exposures and that statutory or underwriting limits can make bonding an accountant…
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