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School finance director cites 10% reserve guideline; committee votes to enter nonpublic session under RSA provisions
Summary
During the March 24 meeting the district's finance director said an auditor suggested at least a 10% reserve for a district of Manchester's size and provided model conversions; later the committee voted to enter nonpublic session under cited RSA provisions with roll call recorded.
Committee members asked the finance director during the March 24 meeting what level of reserves is prudent for a district the size of Manchester. The finance director said she consulted with the district auditor (identified as Cheryl in the meeting) and relayed that the auditor said a prudent target for a district of Manchester's size would be at least 10 percent of the budget.
The finance director and other speakers converted that guidance into rough dollar figures during the public…
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