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Town treasurer gives quarterly financial briefing; select board directs staff to revise financial management policy
Summary
Town Treasurer Lynn Trappanese presented an unaudited fiscal-year‑end review, cash‑flow projections and reserve balances; the board agreed to revise the 9‑year‑old Financial Management and Investment Policy and asked Town Manager Shannon and the treasurer to produce redlines for the Oct. 7 meeting rather than form an outside ad hoc committee.
Town Treasurer and Tax Collector Lynn Trappanese presented the board with a comprehensive, quarterly financial briefing on Sept. 16 that covered bank balances, capital reserve funds, cash‑flow projections and undesignated fund balance calculations for the fiscal year ending June 30, 2025.
Trappanese cautioned that the fiscal year end figures are unaudited and subject to adjustment. “The fiscal year end June 2025 is not audited yet,” she told the board, and she explained that the town’s accounting system books the real‑estate tax commitment as a single lump sum, which required her to extrapolate receipts across months for a clearer cash‑flow…
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