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Committee hears FY2025 close showing general-fund deficit, staff adds fund-balance detail to dashboard
Summary
Finance staff told the Budget and Finance Committee the FY2025 books were closed Aug. 31 and that the general fund ended in a deficit; staff added fund-balance restrictions and collection-rate metrics to the committee dashboard and said auditors will be asked about an unexplained COVID-era restriction.
Miss Sullivan, the staff member who presented the fiscal status, said the town closed the FY2025 books on schedule and reported a general-fund shortfall. "We did close FY '25 books last week," she said, adding that state law required closing by Aug. 31. She told the committee she had "planned on a 2 to $3,000,000 deficit and ended up being a little bit smaller," but noted the preliminary statement appears to show almost $8,000,000 because approximately $7,000,000 was reclassified to a 313 fund for a Fire Station…
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