Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Select Board adopts balanced-budget policy with edits; removes line-item transfer section
Summary
The Select Board adopted a revised balanced-budget policy but removed a proposed section on line-item transfers after discussion; the board voted 5'0to'0 to adopt the policy with that deletion.
The Select Board adopted an updated balanced-budget policy on March 11 after amending the draft to remove a provision concerning intra-budget line-item transfers.
Board members reviewed the draft policy and chose to delete the section that would have constrained transfers between budget line items at the close of the fiscal year; members cited concerns that the proposed language would make routine budgeting tasks onerous. The board made a motion to adopt the policy with that section removed, the motion was seconded and the board voted unanimously to adopt with the deletion.
Town staff will circulate the signed policy and incorporate the agreed edits; the board indicated standard budget closing procedures and capital-improvement processes would continue to guide end-of-year accounting.
