Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Selectmen adopt fund balance policy (8—14%) after CIP review; library AC and cistern noted as funding concerns
Summary
After a lengthy Capital Improvement Program review, the selectmen voted to adopt a formal fund-balance policy setting an unassigned fund-balance target range of 8% to 14%. The townfinance director warned of a higher-than-expected library HVAC estimate and a leaking cistern that will require emergency funds.
Cheryl (Finance Director) presented the towns unaudited year-end figures and led a discussion on a formal fund-balance policy during the Bow Town Board of Selectmen meeting on Sept. 23. The board voted to adopt a policy that sets a minimum unassigned fund-balance threshold and a target range of 8% to 14% of annual revenues.
Cheryl told the board that operating revenues for the past fiscal year were at approximately 93% of estimates and that expenditures were below budget at roughly 95.7% (figures presented as pre-audit). She reported an anticipated surplus in the general fund of about $202,130 (pre-audit) and noted the town's…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
