Finance director: revenues lag timing of property tax bills; board discusses formal fund-balance policy

Cheryl, the town’s finance director, briefed the select board on Jan. 28 on the fiscal year midpoint financial results and a proposed fund-balance policy.

Cheryl told the board the quarterly report covers October through December 2024 and that the departments use a 50% benchmark for both revenues and expenditures at midyear. She said revenues were a little below that 50% benchmark in part because property tax bills went out later than normal, which also reduced interest…