Finance committee approves year-end transfers, reserve fund moves totaling about $2.8 million

The finance committee on July 15 approved year-end transfers from unspent budget lines to cover operating and capital shortfalls and approved $270,000 in reserve fund transfers to cover unanticipated costs.

Committee members voted to approve $1,407,500 in general-fund transfers and $1,167,000 in enterprise-fund transfers presented by town finance staff, and later approved $270,000 in reserve-fund transfers, the committee-recorded votes show.

The transfers matter because, under Massachusetts law, the town can move unexpended amounts between budget lines at fiscal year-end but must secure approval from both the select board and the finance committee. As finance staff noted, the select board approved these moves earlier the same day.

Town finance staff member Brian, who presented the package, described the largest general fund adjustments. “We’re proposing transferring from town admin $15,000 to the finance committee operating,” he said, and listed other reallocations, including $120,000 moved from finance department…